Non-fungible tokens (NFTs) are the new craze in the digital asset market, which is sweeping the globe. In Asia, the NFT craze is likely to heat up even further.
In the last 24 hours, two separate NFT projects in Hong Kong and Singapore have been revealed. In the third quarter of this year, Hong Kong Digital Asset Exchange (HKD.com) plans to introduce a one-stop NFT trading platform for artists.
The second is a new collaboration between Media Publishers — Singapore’s publishers of Vogue, Esquire, Robb Report, and Buro — and blockchain-powered advertiser VIDY to launch an NFT network for the fashion, arts, and music industries in the third quarter of this year. VIDY is a digital advertisement platform that pays viewers in VIDYCOIN, a native cryptocurrency.
An NFT one-stop-shop for artists
The Hong Kong Digital Asset Exchange announced on April 8 that it plans to be one of the first digital asset exchanges in Hong Kong to offer an NFT trading platform.
The soon-to-be-launched NFT trading platform will offer artists an online platform for publishing, marketing, trading, and payment of their artworks in a variety of product categories, including digital art and encrypted collections of animation, music, and movies.
Users will be able to make offers and bids on NFTs, as well as trade and exchange tokens, using the trading platform of the Hong Kong Digital Asset Exchange. Artists will also be able to use the site to publish their own digital artworks. Hong Kong Digital Asset Exchange also plans to offer physical store exhibition facilities for artists in order to act as a one-stop-shop.
The lack of a robust trading platform for NFTs in Hong Kong’s current market is cited by Kelvin Yeung, founder, and CEO of HKD.com, as the reason for his company’s launch.
The platform, according to Yeung, will not only help local artists earn more money from their talents, but will also help the region’s art market develop.
Fashion shows, virtual Oscars, and the Met Gala
Separately, Media Publishers and VIDY announced the NFT website, which would focus on the fashion and luxury industries. The platform aims to create a virtual world that can be navigated in 360 degrees to showcase digital fashion, art, music, and architecture.
The platform’s core features, according to their official announcement today, will include the ability to mint, trade, and auction NFTs via a tokenized system, as well as the ability to host social interactions.
“Since 2020, the NFT market has grown by over 229 percent to over US$500 million. However, it is still in the early stages of growth and has a long way to go in terms of infrastructure,” said Matthew Lim, a Singaporean tech entrepreneur and co-founder of Vidy, in a press release. “People will be able to live in a parallel virtual universe where they can own a digital identity and buy products not only as a digital file but as any specific asset in their virtual land, close to their physical world, thanks to the metaverse and the emergence of digital models.”
The VIDY-Media Publishares NFT platform aims to appeal to a digitally savvy audience seeking luxury goods with low environmental impact, as well as engage creators interested in developing a virtual identity for their work and exploring new revenue streams.
“What we see is a modern artistic renaissance,” said Michael von Schlippe, president of Media Publishers. “By building an NFT platform, which basically serves as a virtual marketplace between creatives and users, we are able to provide a one-of-a-kind shoppable platform as well as community content in the forms of education, engagement, and entertainment.”
Von Schlippe described in greater detail how the platform would be used.
“We’ll be concentrating on three verticals in particular. Giving users the opportunity to build on the web is one of them. And you can build. You don’t have to be an expert to exchange, purchase, sell, mint, and tokenize your digital products — be it fashion, art, beauty, music design, or anything else,” he explained. “Then there will be a vertical that will be a more curated space where we want to establish authenticity and provide restricted access, so it becomes a scarcity and a sign of quality you can trust. And this curated space where our Vogue editors in Singapore will be able to host such events — say, a monthly digital fashion show — that will be curated by them.”
“We would add a third vertical later on,” von Schlippe said, “which would certainly add the entertainment aspect to it.” “You can make something digital, tokenize it, and show it if you’re a developer. You want to express your enthusiasm. You want to be noticed and to be seen by others. You may be able to attend a virtual Academy Awards or Met Gala.”
NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art￼
Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.
The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.
First edition beyond expectations
“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.
“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”
NFT Show beyond Europe
#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.
With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.
The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.
Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.
Conclusions & Trends
“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.
NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.
“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.
There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.
The producers of NFT Show Europe are already planning the next stages for 2023.
Logan Paul’s unsuccessful NFT Investment: Over $620K to $10
Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.
Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.
Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.
Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.
However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.
Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.
It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.
Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.
Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).
Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.
When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.
He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.
KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.
BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:
“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.
Ford is getting ready to enter the Metaverse with digital cars and NFTs
A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.
Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.
Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.
The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.
Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.
The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.
Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”
Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.
Ford isn’t the first automaker to enter the Metaverse market.
While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.
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