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.”
NHL Opens Hockey Collectibles NFT Marketplace
The NHL, along with its Alumni Association and Players’ Association, said on Thursday that it has joined with NFT platform Sweet to build a distinctive NFT marketplace and libraries of NFTs—individual blockchain tokens that denote ownership.
The NHL’s market will fall between a full-fledged NFT trading platform and a website that enables momentary NFT drops, according to David Lehanski, the league’s executive vice president of business development and innovation.
By creating an NFT marketplace with exclusive releases, the NHL hopes to give fans a little bit of both. In preparation for the commencement of the 2022–2023 season, the NHL’s Sweet marketplace is anticipated to launch in October.
The NHL aims to gamify NFTs with “questing and collecting” components so that fans will interact and can be rewarded with benefits like other NFTs, according to Lehanski, who spoke to Decrypt.
Depending on a player’s performance, some of the NFTs will also be dynamic and alter over time. According to a statement, NFTs will also include “cinematic game highlights from past and present NHL seasons” or surprise packs of NFTs that may be seen in “3D interactive trophy rooms.”
Lehanski claimed that the NHL wasn’t yet ready to reveal which blockchain it would be constructing on. Though it might be on Polygon or Tezos if Sweet’s offerings are any indicator.
Lehanski stated, “We’re looking at everything,” and that the NHL’s top priorities in its search for a blockchain include “cheap gas expenses” and “environmental sustainability.”
The NHL is one of the most recent major professional sports leagues to enter the NFT market, following the NBA’s Top Shot NFTs, the NFL’s “play and own” NFT game, and MLB’s impending NFT contest.
Lehanski commented on the NHL’s approach to NFTs, saying, “There was clearly a lot of temptation to potentially moving very rapidly […] but we thought that was a little shortsighted.” He added that, in his opinion, spending the time to investigate indicators like fan behavior was worthwhile. Especially in relation to digital collectibles and gaming, NFTs have a long-term future as relevant and meaningful items for enthusiasts.
But according to Sweet CEO Tom Mizzone, the NHL’s NFTs won’t simply be targeted at hockey fans who are unfamiliar with cryptocurrencies; seasoned NFT collectors will also be able to participate in a way that feels natural to them.
It will undoubtedly appeal to that degen culture, he continued, but not to the extent that it excludes fancier consumer bases.
The CryptoPunk Sale raises $100,000 in Ethereum to support the war effort in Ukraine
Before the recent crash, the NFT was worth about three times that when it was donated in March.
The Ukrainian government stated today that their Aid for Ukraine crypto fundraising campaign sold a donated Cryptopunk NFT and raised over $100,000 to support the country’s anti-Russian war efforts.
In March, Cryptopunk #5364 was donated to a Ukrainian crypto fund. The fund sold the NFT to an unidentified buyer for 90 ETH yesterday. NFTs are digital or physical assets that are represented by blockchain-based tokens.
In a tweet today, Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation—the office in charge of supervising the country’s crypto fundraising throughout the war—announced the sale.
In late February, just after Russian troops entered the country, Ukraine began receiving crypto and NFT donations. Since then, the country is said to have raised more than $135 million in cryptocurrencies through cryptocurrency donations and the selling of given NFTs.
A crypto organization collected $6.75 million for Ukraine’s military effort in early March by selling a single NFT of the Ukrainian flag. The Ukrainian rap group Kalush Orchestra, this year’s Eurovision champions, auctioned off their trophy to generate nearly $1 million in ETH for the foundation a few weeks ago.
The cryptocurrency fund assists Ukraine’s military in purchasing non-lethal goods such as protective vests and medical kits. The Ukrainian government does not hold or spend the funds; it just approves and monitors the initiative. The fund’s treasury is run by the Ukrainian crypto exchange Kuna, which is used to assist support volunteer purchases.
Ukraine’s use of cryptocurrency throughout the crisis has acted as a case study for the potential benefits of crypto in geopolitical conflicts where fiat currency (such as US dollars) is difficult to move fast.
It’s also brought up some possible downsides. Although U.S. Treasury Secretary Janet Yellen claims the practice hasn’t been widely seen, the International Monetary Fund warned in April that Russia could circumvent economic sanctions by mining cryptocurrency.
Furthermore, the present crypto bear market has completely exposed crypto and NFT donations. The price of Ethereum has dropped about 70% in the previous ten weeks, severely limiting the fundraising possibilities of NFT collections based on Ethereum, such as Cryptopunks.
The Cryptopunk that was sold yesterday raised just over $100,000 for Ukraine’s war effort; the same amount of ETH would have been worth almost $267,000 on the day the NFT was given in March.
Jay-Legendary Z’s Sneakers Are Worth More Than 1 BTC As an NFT, go to auction
Relevant Customs, a well-known shoe brand in celebrity circles, has launched an auction for a “artist-proven” pair of the iconic Brooklyn Zoo sneakers. On the ClubRare platform, the auction will take place on June 21.
Only ten pairs of Brooklyn Zoo sneakers were ever made, and thanks to Jay-Z, one pair went viral, selling for more than $24,000, which is now more than the value of a single Bitcoin. Now, the artist has shown the sneaker’s initial prototype, the same pattern that was used to make the other ten shoes. On June 21, the “Brooklyn Zoo” Jordans will be auctioned off as an NFT-supported, Metaverse-compatible item. This is the only pair of Brooklyn Zoo sneakers with web3 functionality.
Despite the fact that the cryptocurrency market is currently experiencing a major downturn, NFT assets are the first to be sold by investors, losing the greatest value. As the preceding news shows, NFT aficionados and entrepreneurs are unconcerned about the current state of affairs. On the contrary, based on their activities, they appear to want to give NFT collectibles greater weight and establish them as a whole entity. As a result, Paul Chung, the CEO of ClubRare, planned a Brooklyn Zoo Jordans auction conference on the future of e-commerce on blockchain.
This is an extremely crucial question. NFT assets are no longer associated with anything other than conjecture and pricey photos, thanks to their original high buzz. But it’s crucial to emphasize that, first and foremost, it’s a fantastic tool for registering ownership and e-commerce, and that every digital area of products and services turnover can benefit from these features.
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