The acronym NFT refers to Non Fungible Tokens, a technology that uses cryptocurrencies and the blockchain to guarantee that something in particular is immutable and original. In other words, NFTs are a way of transferring the authenticity of a certain product from the analog world to the digital world. A kind of autograph or intellectual property certificate applied to the Internet, where the rapid and massive dissemination of content usually causes the authorship or value of it to be lost. And yes, with their increasing adoption, the surprising rise of NFTs seems to have no end.
It was on March 11 when NFTs (Non Fungible Tokens) went from being a niche among cryptocurrency fans to rising to fame. When digital artist Mike Winkelmann, known as Beeple, sold his Everydays: The First 5000 Days artwork at Christie’s for $ 70 million, a record-breaking historic event. Beeple became, along with Jeff Koons and David Hockney, one of the most valuable living artists.
What about NFT tokens?
With this fact, there are in turn, the collectible tokens and NFT within the crypto market. Which have been trending due to the growing NFT boom. According to what was published by CoinMarketcap, during the last 24 hours the main tokens have had a decreasing variation of -4% and -11%.
Among them are: Chiliz (-6.41%), Decentraland MANA (-4.32%) and Enjin coin ENJ (-2.88%). The opposite case has been for RFOX (10.36%), WAXP (4.56%) and OGN (25.12%) which have risen between 4% and 25% respectively.
India’s Largest Cryptocurrency Exchange Launches Non-fungible Tokens
India’s largest cryptocurrency exchange WazirX has launched a non-fungible token market for the exchange of digital art, assets, intellectual property and more, reports the Economic Times of India.
The launch comes on the heels of a month in which WazirX’s internal exchange token, WRX, gained nearly 2,000% in value as its price jumped from $ 0.27 to $ 5.66. The exchange itself was subject to the same trajectory for the past six months. Since their website visitors increased by 631%, based on publicly available information in browser tools.
WazirX founder Nischal Shetty celebrated the launch, which he claimed was the first of its kind in India, saying: “We are delighted to launch one of the first NFT markets in India. Since our inception, we have been at the forefront of innovation and have empowered our clients with value-added offerings.».
NFT creation and listing will reportedly be free on the platform, and work is apparently underway to override base gas fees that accrue from minting NFTs on various blockchains.
«As of now, we are working around certain details to make NFTs more lucrative for our clients.Shetty said.
First NFT digital property is sold for more than USD 500,000
Non-fungible tokens (NFTs) continue to make headlines in the cryptocurrency world and beyond. There is a lot of attention and demand for them, and it seems to be on an upward trajectory. Enthusiasts continue to invest millions of dollars to acquire NFT in a trend that seems to have no end.
An NFT hobbyist bought a virtual real estate asset for $ 512,712. The user completed the mega purchase on the authentic digital art market, SuperRare.
The Toronto-based buyer received clips and 3D files for its acquisition. With the files, you can load the house into the metaverse. You can also recreate the property in the real world.
Krista Kim designed the property called Mars House during the quarantine. According to a press release from SuperRare, Kim was inspired by the desire to promote wellness through meditative design. An excerpt from the press release reads:
«Kim ventured into NFT while exploring meditative design during quarantine; their hope was to use the influx of digital life as an opportunity to promote well-being. Composed entirely of light, the visual effects of your crypto-home are meant to omit a zen and healing atmosphere.».
An Axie Infinity player set the record for the most expensive virtual real estate in February. The user paid $ 1.5 million in ETH to purchase nine Genesis parcels.
Since then, a large number of large purchases have followed suit. Beeple’s digital art broke the record for the most expensive NFT, selling for more than $ 69 million. So it appears that the surprising NFT boom indicates that it is just beginning.
NFTs are accelerating Topps’ digital transition
Topps, one of the world’s leading merchant card manufacturers, recently announced its intention to go public after an explosion in the digital market.
In an interview with CNBC’s Squawk Box, Topps president Michael Eisner said that the sports and entertainment aspect of the business – the company also produces candy like gum – is 25% digital and growing. Eisner said that the explosion of non-fungible tokens, or NFTs, on the blockchain will likely appeal to everyone as the company goes public.
«The digital side of the business is growing very fastEisner said:
«With the blockchain we will be able to participate in the secondary market. Before, we only participated when we took out the analog cards».
Topps plans to go public by merging a Special Purpose Acquisition Company, or SPAC. In this case, Mudrick Capital, which is already listed on Nasdaq, would acquire Topps. This would effectively avoid the traditional IPO route. The SPAC reportedly values Topps at $ 1.3 billion, with the deal expected to be finalized this year.
What do you think of the surprising rise of NFTs? Let me know in the comment box.