2021 has already seen a number of eye-catching milestones reached for the nascent nonfungible token (NFT) market, which has seen an increase in value of 2,100% from Q4 2020, with consumers spending over $2 billion. While headlines have been dominated by record-breaking sales, what’s often overlooked is the growing demand from new investors. According to NonFungible, which tracks NFT transactions, there were 73,000 NFT buyers and 33,000 NFT sellers in Q1. Although these numbers may seem impressive, they are in fact relatively small compared to the global art market, which was valued at $64.7 billion in 2018, with the United …
Nonfungible token, or NFT, became such a tech buzzword in 2021 that even Collins Dictionary declared the abbreviation its word of the year and Google searches for NFTs spiked to record levels. Behind the term is a market that approaches $17 billion, according to Cointelegraph Research. And the NFT marketplace OpenSea is responsible for processing most of these transactions, with a trading volume that recently surpassed $10 billion. NFTs’ potential reaches far beyond art to include music, sports collectibles and video games, while its utility encompasses ownership as well as exclusive access to unique functions and features. From CryptoPunks and …
Since their explosion last year, nonfungible tokens (NFTs) have shown their appeal to collectors, investors and traders alike. They have especially gained attention in the art world, where an item’s provenance is everything, and owning the official, unique version of an item is much more valuable than a copy or duplicate. Some have postulated that artists creating and storing pieces on-chain can use the technology as proof of ownership for popular art forms. Among the various artforms to take advantage of NFTs, photography has also found its place, but what is the immediate value it brings for artists and consumers? …
Nonfungible tokens (NFTs) have come a long way in a relatively short period of time. In 2017, the NFT project CryptoKitties made headlines as the largest decentralized application on the Ethereum network. While CryptoKitties accounted for a notable portion of Ethereum transaction volume in 2017, these NFTs mainly served as digital collectibles geared toward the crypto community. It wasn’t until March 2021 when NFT artwork started gaining traction due to the financial potential behind these creations. This was demonstrated when digital artist Mike Winkelmann, also known as Beeple, sold his NFT piece titled “Everydays: The First 5,000 Days,” which raised …
Decentralized blockchain-based metaverse The Sandbox has held its first hybrid digital and real-life wedding on its Metaverse. The bride and groom, Singaporean couple Joanne Tham and Clarence Chan, CEO of music company Bandwagon, celebrated their matrimony on Sept. 17 in a “70s disco glam” themed wedding, which took place in a digital replica of Singapore's famous Alkaff Mansion. ❤️ A @TheSandboxGame wedding just happened a few hours ago. Congratulations @clarcrypto ! A special thank you to @borgetsebastien . A feature video dropping today. @thecobbleland #wedding #metaverse pic.twitter.com/141o915Hew — Smobler Studios (@smoblerstudios) September 17, 2022 While the couple was physically present …