Category: NFTs

Categories
Crypto Art NFTs

Top 10 Art NFT Projects

Top 10 Art NFT Projects
Uncovering the top 10 art NFT projects worth looking into.

Art NFT Projects have been exploding onto the scene recently as they represent an opportunity for artists to generate “money” through their digital art creations that can be sold for cryptocurrency tokens.

These Non-fungible tokens (NFTs) are unique digital assets that are minted on the blockchain using smart contracts to prove ownership and authenticity. They can be either digital versions of physical artworks or purely digital works.

This article will provide you with a list of what we think are the Top 10 Art NFT Projects at the moment. We’ve compiled the list based on popularity, profitability and creativity to help you explore some of the amazing NFT communities available to you.

1. Cool Cats

Just a few of the available Cool Cats

Cats on the Ethereum blockchain seem to be popular among those looking to get involved with NFTs. Cool Cats have a lot to offer in terms of personalising your unique tokens. With 9,999 randomly generated and curated cats, you’ll be on the hunt for the rarest facial expressions, colours and outfits.

Cool Cats have a current trading price of 7.6969 ETH (approximately A$46k). Beyond the price, Cool Cat holders can get involved with community raffles and giveaways, along with exclusive NFT claims. The goal is to locate the coolest cats you can find. With each feline composed of different outfits, bodies, hats and faces, these fun and colourful creations may just be worth your cash.

Check out: The Cool Cats site home page has a delightful interactive map that all digital art and NFT lovers should explore.

2. CryptoPunks

10 out of 10,000 pixelated punks

Developed in 2017, CryptoPunks has gone on to perform incredibly well on the Ethereum blockchain. With 10,000 little pixelated punks available for you to collect, this is one of the original art projects that fostered developments in modern crypto art. Originally, if you owned an Ethereum wallet, you could claim one for free. However, if you are seeking CryptoPunks now, you will need to purchase them through the market.

Currently, the lowest-priced punk you can get your hands on is worth 83.95 ETH (approximately A$512k). So, while these punks aren’t affordable for everyone, if you have the available crypto they may be worth the purchase.

Check out: The backgrounds of these CryptoPunks are important. Blue denotes not for sale, red is for sale, and purple has active bids taking place.

3. Decentraland

NFTs and gaming merge in Decentraland

Decentraland presents the concept of using NFT art to create an alternate reality on the Ethereum blockchain. The NFT aspect allows you to buy and sell land assets on its NFT marketplace; it is then up to you what you choose to build on the land that you own. Mana is the currency used for Decentraland. Given the size of this project, this article only has enough space to scrape the surface. There is so much to explore within this project that we recommend taking time out to get to know the opportunities Decentraland can offer.

While Decentraland uses Mana, the current ETH price is 0.001193 (approximately A$7). Therefore, if this is a concept that interests you, now may be the time to consider buying in.

Check out: Decentraland is equally compatible with web browsers and VR technology; if you have the equipment, why not get properly immersed?

4. CrypToadz

Find amphibious creatures with CrypToadz

If you like your art projects in the public domain, with fun background stories featuring amphibious creatures, CrypToadz might be for you. There are 6,969 of these small, pixelated toad friends, all with unique colours, facial expressions and seeming personalities. Gremplin, the creator of CrypToadz, and his group of acolytes are no longer creating more Toadz, making these NFTs more expensive than others.

The floor price is 3.45 ETH, which is roughly A$20k. However, as CrypToadz has strived to waive as many copyright laws as possible to keep the Toadz part of the public domain, what you use them for is up to you.

Check out: The fun origin story is a must-read if you’d like to gain an appreciation for Gremplin and his NFTs.

5. VeeFriends

VeeFriends: simple doodles with business connections

Are you a fan of meaningful intellectual property? If so, you may want to know more about VeeFriends, composed of a series of animal doodles on various colourful backgrounds. Most of these drawings are very basic line art, mainly in black; however, different line colours can be found across different friends.

Owning VeeFriends also gives you access to VeeCon, which is essentially an exclusive multi-day event focused on business, entrepreneurship, friendship, etc.

Check out: The number of extras included within VeeCon may be extremely useful for business-minded people looking to learn from each other.

6. The Sandbox

Minecraft and NFTs meet in The Sandbox

Perhaps you want something that feels more like a game in a similar way to Decentraland; in which case, The Sandbox has future potential. Rather than a typical image NFT, The Sandbox allows you to purchase land that you can use in whichever way you like. The game is very Minecraft-style with a blocky terrain; there are 166,464 land assets available for purchase.

The floor price of 0.781 ETH (almost A$5k) allows you to break into the game. Once you own land, you have the option of hosting events and contests. You can also create your own games and have your say in the metaverse governance.

Check out: The art style of this metaverse is intriguing and despite sharing similarities with Minecraft, the games look quite different.

7. CryptoKitties

Cat lovers rejoice with these fluffy NFTs

The second cat-related entry in this list is CryptoKitties. CryptoKitties are slightly different from some of the other works available as they allow you to find your unique tokens through purchasing and breeding these colourful cats. Each Kitty has a unique genome, and you can find differences in eye shape, chin shape, fur colour, etc; the possibilities are endless.

CryptoKitties aren’t always cheap, ranging from one dollar to thousands, with it being difficult to narrow down the ETH floor price. CryptoKitties is on the Ethereum blockchain and, while popular, they’re not as popular as you might think, meaning there’s plenty of time to buy in if that’s what you wish to do.

Check out: The tutorial can be played on the CryptoKitties site without signing up for anything. If you want to get a feel for these NFTs, it may be worth starting there.

8. Bored Ape Yacht Club (and Mutant Ape Yacht Club)

Experience exclusivity with the Bored Ape Yacht Club

Bored Ape Yacht Club has a slightly edgy feel to its sought-after cartoon apes. You can find 10,000 Bored Apes in circulation on the Ethereum blockchain, each of which displays high levels of sass, and (as you’d expect) boredom. Regardless of the attitude of the apes, yacht clubs are always exclusive affairs. Art NFT Projects like BAYC give you membership and access to ‘that bathroom’ – a collaborative graffiti board.

Unfortunately (if you don’t yet own one), these apes aren’t cheap; with a floor price of 47.98 ETH – approximately A$298k – it’s a highly successful and thus valuable collection. If you do have a Bored Ape, exposing it to ‘mutant serum’ will allow you to join the Mutant Ape Yacht Club, a parallel NFT strain.

Check out: The gently animated background art for the Bored Ape Yacht Club needs to be seen to be appreciated.

9. The CryptoDads (and CryptoMums)

10,000 potential CryptoDads are in circulation

If you have a great dad or are looking for one, CryptoDads may be the NFT for you. With 10,000 dads in circulation, the paternal possibilities are abundant. The dads are popular with those seeking 100 percent of the innovative and commercial rights. Not only that, but real dads are putting these out into the world – to add a little more authenticity.

The current price floor for the CryptoDads is 0.225 ETH, or slightly over A$1k. However, if you’d prefer a more feminine touch, the CryptoMums are free to mint for all NFT holders.

Check out: CryptoDad holders may be eligible for merchandise discounts – if you’re interested.

10. The Littles NFT

Tiny teddies in the Littles collection

Finally, if small, pixelated bears are more your style, the Littles could be a good option for you. They may not be so appealing to those who take life seriously; however, if you fancy collecting colourful and diminutive movers and shakers, there are 10,000 “dreamers, explorers, and mischief makers” available.

Check out: The wide range of outfits, facial expressions and background colours that accompany these little teddies.

Conclusions

And there we have it, some creative NFTs projects to help put you on the path to choosing from thousands of available options to add to your digital art collections. You can also buy digital art now via online nft art auctions where you can bid using cryptocurrencies such as Ethereum. There is so much potential for the future of blockchain and art, especially as NFTs move into game development which adds utility for them.

Categories
Crypto Art Crypto News Ethereum Metaverse NFTs

Budweiser Launches NFTs That Unlock Future Benefits in ‘The Budverse’

Delivering on a promise made three months ago, iconic American beer brand Budweiser has launched its debut NFT collection … with one eye firmly on the metaverse.

A total of 1,936 collectibles (the number referencing the year Budweiser began marketing its beer in cans) will serve as access points to an as-yet-unrevealed ‘Budverse’. Sound familiar?

Priced from US$499 (core edition) to $999 (gold, limited to 36), each NFT features elements of classic photos, ads and design aspects charting the history of the brand. Tokens can be bought only via the official website with fiat currencies, credit card or bitcoin/ether via Coinbase Commerce, with a maximum purchase of US$10,000 per person per day, including fees and sales tax.

No Transaction Fees (Except a Gas Fee, That Is)

“These NFTs [minted on the Ethereum network and sold on leading NFT marketplace OpenSea] will act as your key to the Budverse and can unlock exclusive benefits, rewards and surprises,” Budweiser announced on its official Discord server. In a move ostensibly designed to shield buyers from exorbitant Ethereum transaction fees, Budweiser will itself mint the NFTs before distributing them. However, each NFT purchase attracts an additional charge to cover a gas fee of US$75. Go figure, as the Americans say.

Phallic Symbols Fly Through the Cryptosphere

Parent company Anheuser-Busch has also changed Budweiser’s Twitter name to “beer.eth”. At the same time as it purchased a Bud-themed piece from Tom Sachs’ Rocket Factory collection and used it for the brand’s official Twitter page in August, Budweiser bought its new Twitter handle from the Ethereum Name Service (ENS). An ENS name is used to point to an Ethereum wallet, in the same way a URL or domain name points to a website.

The Tom Sachs-designed Budweiser rocket ship. Source: decrypt.co

However, within hours of posting its Rocket Factory NFT, Budweiser’s wallet was bombarded with similarly penis-shaped NFTs sent by other collectors. All very adolescent, really, so it comes as a shock to be reminded that buyers of alcohol-branded collectibles must be certified as being over 18 years of age.

Categories
Crypto News Crypto Wallets Economics Investing NFTs Travel

Thailand Wants to Attract Crypto Millionaires to Revive Tourism

The Tourism Authority of Thailand (TAT) is looking into ways of boosting the country’s post-pandemic economy. Enter cryptos. The South-East Asian kingdom aims to attract crypto-millionaires to spend their newfound wealth in the hopes of becoming a “crypto-positive society”.

Thailand Facilitates the Use of Crypto

According to Bloomberg, Thailand is looking to attract individuals who have “become wealthy from holding digital currencies” to its shores in an effort to boost its pandemic-ridden economy. As a result of Covid-19, the tourism contribution to the country’s GDP dropped from 18.21 percent in 2019 to 6.78 percent in 2020. The Thai tourism authority will now seek to recoup some of the US$80 billion lost in revenue due to the pandemic.

The TAT has indicated that it is working with regulators and a local crypto exchange to make it easier for crypto holders to spend their currencies in Thailand. According to TAT Governor Yuthasak Supasorn, the authority will set up a new unit to issue its own crypto, develop a wallet and build a new tourism ecosystem in 2022.

The Governor said crypto holders may now be looking to spend their riches and added: “If they can use their currencies here without having to exchange [them], or be faced with government taxes, then it would create convenience for them.” Supasorn also noted that embracing cryptos would help the country recover its tourism sector.

Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists. 

Yuthasak Supasorn, Governor, Tourism Authority of Thailand

Crypto Acceptance Could Help the Global Tourism Sector

The pandemic has had a far-reaching global economic impact, and none more so than in the tourism sector. Despite a major global economic downturn over the past year, cryptos have surged to new heights and can now help industries recover as the acceptance of cryptos also grows.

Earlier this year, luxury hotel chain Kessler Collection announced it would be accepting payments in cryptocurrencies going forward. The announcement was made after it had taken up a partnership with BitPay, which will oversee the payment processing part of the deal.

Hand-in-hand with aiding the tourism industry, cryptos have also been deployed in wildlife conservation. The endangered Seychelles magpie robin is now available to purchase digitally in the form of non-fungible tokens (NFTs). Funds generated from sales will help finance conservation efforts for the rare bird, indirectly boosting tourism in the Indian Ocean archipelago.

Categories
Blockchain Crypto News DeFi Gaming NFTs Solana

MonkeyBall Play-to-Earn NFT Game Set to Launch on Solana Blockchain

MonkeyBall, the next-gen esports metaverse that enables players to create, play, compete and earn, is ready for kickoff. Based on the Solana blockchain, the play-to-earn soccer game combines high-production values, multiplayer gaming, NFTs, and decentralised finance.

Monkeys are the teams’ players, introduced by NFT assets owned by game players. The Monkeys serve as an income generator, allowing a player to earn MonkeyBucks ($MBS) by winning matches.

MonkeyBall.com

The Three Modes of MonkeyBall

  • Player vs Environment: This is a training mode to increase your Monkey’s overall abilities and allow you to practise and develop your in-game Monkey’s soccer skills.
  • Player vs Player: This mode is the classic game where each player controls the entire team of soccer monkeys.
  • Team vs Team: In this mode, each team is being played and controlled by multiple players at a time.

MonkeyBall will do an NFT drop (of the game’s Monkeys) in December, with the in-game launch set for release in the first quarter of 2022. The IDO is currently open. Check the MonkeyBall website for more information.

MonkeyBucks ($MBS) is the in-game currency powering the game economy. Players can earn MBS by interacting in the game: completing missions, winning matches, watching games as spectators, or hosting games in their stadiums. You can also spend MBS to breed new Monkeys and buy consumable game items (NFTs) in the game’s store.

There is major hype surrounding the pre-release of this game, as you can see by the sharp increase in the price of the StarLaunch token, $STARS. Starlaunch is the launchpad for MonkeyBall.

STARS Price Chart. Source: Coingecko

Watch the video below to learn how to get into the MonkeyBall IDO, launching on StarLaunch next week.

As the NFT space continues to grow, and excessively high fees continue to plague the Ethereum network, we are increasingly seeing Solana challenge Ethereum for NFT project launches.

Categories
Blockchain Crypto News Ethereum NFTs Play to Earn Solana

First Projects Set to Launch on ‘StarLaunch’, Solana’s IDO Launchpad

The creators of CardStarter have delivered “StarLaunch”, an initial DEX offering (IDO) launchpad for the Solana (SOL) blockchain, and new Solana based projects are ready to launch.

StarLaunch is an incubator for blockchain projects built atop Solana, which aims to connect them with their community of backers. As the first insured IDO launchpad and incubator for Solana blockchain projects, its stated goal is to connect its “community of backers with trusted and thoroughly vetted Solana blockchain projects”.

What is an IDO?

An initial DEX offering platform, or IDO platform, is one where crypto projects are listed and work as an investor pool. Investors can then invest in projects listed on the launchpad with the IDO model, whereby the crypto coin or token is launched via a decentralised liquidity exchange to fund the projects.

Think of an IDO as a sort of decentralised and permissionless crowdfunding platform, which now opens up a whole new way of fundraising in the cryptosphere.

About StarLaunch

starlaunch.com website

The StarLaunch model could be compared with that of Polkastarter which has been successful at crowdfunding Polkadot-based projects in a similar way over the past year or so. Check out the StarLaunch Slide Deck to learn more about the project.

StarLaunch promotes these three key aspects:

  • Selective listing – employing stringent and formulaic project vetting.
  • Insurance fund – offering insurance to protect its community. Your IDO investments are insured for the first three months after staking.
  • Propulsion program – offering advisory support for its approved projects.

For comparison, and to see what sets StarLaunch apart, this table will prove insightful:

Comparison between StarLaunch and CardStarter. Source: StarLaunch

The $STARS token itself has seen quite an increase, rising from under US$3 to more than US$15 within the past week or so.

STARS/USD – source coinmarketcap.com

How to Participate

Disclaimer: Before you get started with these new projects and tokens, please understand that you may lose all your capital. DeFi projects get rugged all the time and some investors lose everything.

In order to get started with StarLaunch, stake your $STARS tokens to generate $N2H4, which is the token used to participate in the initial IDOs that launch on the platform.

So a typical process for option 1 might look like this:

  1. Do your own research
  2. Make your plan
  3. Complete KYC on starlaunch.com
  4. Buy SOL (from your exchange or such)
  5. Send SOL to your Solana Phantom wallet (or such)
  6. Use Raydium.io to swap SOL into STARS (or such)
  7. Go to app.starlaunch.com and stake your STARS
  8. When the IDO launches, you can stake your $N2H4 into the project

There is a more detailed explanation of everything on the Starlaunch blog post.

IDOs Set to Launch Soon

It has been announced that MonkeyBall, a SOL-powered play-to-earn game, has been selected as the launch partner of StarLaunch, courtesy of the game’s large community, investor backing and strong fundamentals, all of which cement it as a top play-to-earn game in the future.

We’ll keep you updated on any other IDOs set to launch on the platform as soon as we find out about them.

Categories
Crypto Art Crypto News NFTs Tokens

Axie Infinity Land Plot NFT Sells for Record-Breaking $2.4 Million

The crypto community is witnessing what seems to be the largest sum ever paid for a single plot of digital land – 550 ETH, or US$2.48 million, was the price for which an Axie Infinity land plot was sold this week.

$2.5 Million for a Piece of Digital Land

The plot is a “Genesis” piece of virtual land, which is a rare type in Axie Infinity, located in the centre of the game’s map and with only 220 in existence.

ASX Hotter than Ever

Axie Infinity’s utility token ASX has been one of the top performers in the market. The game has been leading the P2E (Play-to-Earn) space by becoming the highest revenue-generating game in the market.

Last month, the game launched a staking rewards program that catapulted its token to new all-time highs of US$135. The game airdropped $60 million to early users, and in-game sales saw 50 percent gains in the following days.

Tokens such as MANA, AXS and SAND have soared in the past couple of weeks following the advent of the metaverse – virtual reality worlds where users can interact socially and economically using in-game digital assets. In a report released on November 24, Grayscale analysts valued the wider metaverse at US$1 trillion, with Facebook’s recent rebranding to Meta seen as “a catalyst”.

Categories
Crypto News Ethereum Gas NFTs Sports Tokens

ConstitutionDAO: PEOPLE Price Pumps 200% as New ‘We The People’ Token Unveiled

When ConstitutionDAO was outbid in its effort to buy a rare, first-edition copy of the United States Constitution earlier this week, the community announced it would give donors a choice – either accept refunds, or remain in the DAO and receive a new “We The People” (WTP) governance token.

Refund Option Largely Ignored

Left with US$47 million worth of crowdfunded ETH reserves in its multi-signature wallets, ConstitutionDAO was probably unsurprised when many among its Discord community opted against refunds because of the associated high gas fees.

Most instead chose to receive WTP tokens without having to pay a gas fee at the rate of 1 PEOPLE per WTP, pumping the former token’s price by 200 percent. Meanwhile, ConstitutionDAO got to retain the capital in ETH. Win-win, with the bonus that the future price of WTP would rise in tandem with Ether.

DAOs Prove the Sky Is the Limit

DAOs are proving what a community can do when it chooses to achieve a collective goal. The day after ConstitutionDAO’s failed bid for the US Constitution, Krause House – an internet group named after late Chicago Bulls manager Jerry Krause – announced its intention to buy an NBA franchise, funded by the sale of NFTs. The group hit its goal of 200 ETH in the first 15 minutes of launching the sale via Mirror.

And earlier this year, Australian DeFi trading platform Tracer DAO managed to raise US$4.5 million in a strategic round of funding backed by various crypto companies.

Categories
Blockchain Crypto News Ethereum Gaming Hackers NFTs Scams

Blockchain Gaming Company ‘Animoca’ to Repay Users 265 ETH After Fake NFT Discord Hack

Hong Kong-based gaming software and venture capital firm Animoca Brands has reassured victims of the recent hack of its upcoming “Phantom Galaxies” game’s Discord Server that the company intends to cover their losses.

Losses incurred totalled 265 Ether (ETH), worth about US$1.1 million. The details of the reimbursement have yet to be announced, according to the company’s website.

Fraudulent Minting Leaves Users Out of Pocket

The “Phantom Galaxies” game, which is being developed by Animoca Brands’ Australian-based subsidiary, Blowfish Studios, was hacked at around 3am on November 19. The hack involved stolen money in a fraudulent non-fungible token (NFT) sale on Discord.

The hack involved 1,571 fake minting transactions over the course of three hours. According to Animoca, there was no evidence that smart contracts were compromised, and no money was stolen from the game, its developer, or its publisher. Hackers directed users to a website charging users a 0.1 ETH fee, which then sent the funds to the hackers’ Ethereum address.

The Phantom Galaxies Discord server has about 94,000 members to date. Animoca Brands has said the method of compensation for their lost ETH will be determined following discussions within the Phantom Galaxies community. Both Animoca and Blowfish took to Twitter to apologise to their users:

Hacks and Scams on the Rise

Hacks on Discord are becoming increasingly common. Similar to this hack, earlier in the year MetaMask wallet was hacked for US$10,000 by a deceptive Discord member. One user lost about US$10,000 from their MetaMask Wallet at the hands of a scammer in Discord using a fake WalletConnect app.

Last month, Crypto News Australia reported on a 17-year-old who sold fake NFTs in a US$500,000 scam. Iconic Sol, an NFT project built on the Solana (SOL) blockchain, had apparently rugged investors after failing to deliver the promised NFTs and disappeared with US$500,000.

The teenager had promised to deliver 8,000 NFT artworks on the project’s Discord channel, and some of the tokens were supposed to be available in a presale on October 1. A total of 2,000 NFTs were up for grabs for a price of 0.5 SOL each, and many of them sold out quickly.

Categories
Crypto News DeFi NFTs Sports

What’s Behind Manchester City and FC Barcelona Dropping Their Crypto Sponsors?

Two of the world’s most highly valued professional football clubs, Manchester City and FC Barcelona, have discarded their crypto sponsors in eyebrow-raising circumstances.

After just over a week, Manchester City has suspended its partnership with shadowy cryptocurrency start-up 3Key Technologies. On November 15, the company was named by City as an “official regional partner in decentralised finance (DeFi) trading analysis” as part of a commercial expansion by the English Premier League champions.

Manchester City/3Key deal is no more. Source: retailtechinnovationhub.com

However, that process has now been halted, with the decision believed to be based on 3Key’s lack of online presence and an apparent absence of due diligence, although a City spokesperson has denied the latter charge.

“Manchester City conducts due diligence in respect of all of its partnerships,” the spokesperson said. “[The club]’s partnership with 3Key Technologies has been announced but has not been activated in respect of any specific products or services in any part of the world.”

Manchester City will retain its deal with Socios Fan Token App, which it signed in March this year.

FC Barcelona Cancels Deal With Ownix

In the case of FC Barcelona, the Catalan club announced on November 19 that it had cancelled a deal with NFT marketplace Ownix after the arrest of one of its consultants, Moshe Hogeg, owner of Israeli football team Beitar Jerusalem.

Moshe Hogeg faces charges of crypto fraud and sexual assault. Source: Flash90

Police arrested Hogeg and seven other people this week on suspicion of involvement in an alleged massive crypto fraud running into “tens of millions of shekels”. Hogeg is also facing separate charges of historical sexual assault involving an Israeli model.

On November 5, Ownix announced it was partnering with FC Barcelona to launch NFTs that would have allowed owners to buy digital certificates of authenticity for virtual items linked to the team’s history. This week, the club issued the following statement:

In light of information received that goes against the club’s values, FC Barcelona hereby communicates the cancellation of the contract to create and market NFT digital assets with Ownix, with immediate effect.

FC Barcelona official statement

Ownix tweeted in response that it had terminated its deal with Hogeg to provide consultation services, saying the decision had been made at Hogeg’s request. Ownix also denied any connection to Hogeg’s arrest and that he held any shares in the company.

Lawyers representing Hogeg said in a November 25 statement that he “vehemently rejects” all charges and is “cooperating fully” with investigators.

FC Barcelona’s ‘Debt Crisis’ No Closer to Resolution

Earlier this month, FC Barcelona announced it would be auctioning NFTs of memorable moments from the club’s 122 years in the game. It was whispered at the time that the club was in the midst of a debt crisis, reportedly around US$1.57 billion in the red this northern summer. The club’s previous leadership was accused of reckless spending on players who have subsequently underperformed.

With the cancellation of its deal with Ownix, those purported NFTs may be some way off yet.

Categories
Crypto Art Crypto News NFTs

‘NFT’ Named Collins Dictionary Word of the Year

In announcing its annual 10-word shortlist in a November 24 blog post, Collins Dictionary has officially declared “NFT”, albeit an acronym, as its word of the year. “NFT” surpassed the likes of “crypto”, “metaverse” and “double-vaxxed” to claim the top spot.

2021: The Year of the NFT

Although technically an abbreviation, “NFT” is accepted shorthand for non-fungible token. Collins defines an NFT as “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible”. NFT is a noun that describes “an asset whose ownership is recorded by means of a non-fungible token”.

Collins continued to explain its view of what NFTs signify:

A chunk of digital data that records who a piece of digital work belongs to … what’s really captured the public’s imagination around NFTs is the use of this technology to sell art.

Collins Dictionary

This has truly been the year of the NFT, with the assets amassing almost incomprehensible amounts of money and enticing a wave of celebrities, influencers and Web 3.0 fanatics to engage in the space. The market surged to new heights when it reported a trading volume of US$10.67 billion in Q3 alone – a 700 percent increase over Q2 2021.

Total sales for collective and art NFTs have surpassed US$7.4 billion for Q4, while art and collectible sales respectively generated US$17.8 million and US$55.5 million in comparison.

Collins cited infamous NFT artist Beeple as a key contributor to the space and made specific reference to his landmark magnum opus, “Everyday: The First 5000 Days”. The piece was auctioned off for a staggering US$69 million in March this year.

Other noteworthy crypto projects such as CryptoPunks and Bored Ape Yacht Club have also sold for unthinkable amounts of money and the avatars have become a “flex” for celebrities on Twitter. The likes of Quentin Tarantino and Martha Stewart have joined the race to launch their own set of NFTs, along with big brands such as Nike and Vodafone.

Scepticism Over NFTs is On the Rise

Although the NFT market has boomed in recent times, many are starting to doubt whether its massive upside can be sustained. Gary Vaynerchuk, aka Gary Vee, anticipates a bear market ahead for NFTs. He posits that too much short-term greed will likely result in a market downturn and a significant pullback in NFT valuation. Nonetheless, he has stated that he remains bullish on NFTs.

Many agree with Vee and consider the market is overheated. SynFutures is now looking to address concerns over the purpose of NFTs by launching NFTures, a product that will allow users to short the future prices of NFTs.