Connect with us

NFT

NFT and Meme Stocks’ Popularity Attracts Multi-Million Dollar Investments

Published

on

The overall spending on NFTs in the first quarter of 2021 was more than $2 billion. While the figure may appear insignificant in comparison to the total crypto market, it represents a 2,100 percent increase over the figures recorded in Q4 2020. “I’ve decided to stop ignoring and dismissing meme investing and start attempting to understand it better,” says seasoned investor Fred Wilson.

NFTs and Meme Coins are Gaining Popularity

While the number of meme currencies is increasing, they are also getting more mainstream. Christie’s, which was founded in 1766 in the United Kingdom, is one of the world’s oldest and most prestigious art auction houses. Everyday: The First 5,000 Days, a fully digital artwork by Beeple, also known as Mike Winkelmann, sold for more than $69 million at Christie’s. “Christie’s has never offered a new media artwork of this scope and importance before,” says Noah Davis, a specialist in postwar and contemporary art. The auction marked the beginning of a new era in the field of tokenized digital or online art.

Gamestop’s stock price jumped from $4 to $220 in February. WallStreetBets, a Reddit group, pushed users to acquire GameStop stock in order to counter hedge funds who were shorting or betting against the stock. In the same vein, SatoshiStreetBets decided to artificially inflate the price of several cryptocurrencies. These concentrated efforts benefited DogeCoin, which is named after the Shiba Inu “Doge” meme. Doge, according to one poster, is the Crypto GME. In a single day, Doge’s market capitalization increased by more than $7 billion. Gamestop is preparing to launch its own NFT platform, inspired by the spirit of the crypto market, which looked to Gamestop as an example to follow.

Some of the biggest names in the crypto realm are also interested in capitalizing on the rise of NFTs and meme stocks. Binance, the world’s largest cryptocurrency exchange, recently opened its NFT marketplace. The auctions for Andy Warhol’s Three Self Portraits and a digital NFT of Dali’s “Divine Comedy: rebeget” kicked off the auction house’s existence. The Bitcoin symbol, Binance CEO’s signature, and the Binance logo were all added to Dali’s artwork. These inclusions could only be seen by zooming in.

While the crypto community is enthralled with NFTs and meme coins/stocks, the euphoria is expanding to groups that have previously opposed or questioned crypto. It is the public sector.

The United States Space Force (USSF) was established as a branch of the armed services under Donald Trump’s administration. The USSF planned to issue a series of NFTs in the middle of June. The campaign was run in collaboration with the community-oriented NFT platform Ethernity chain. Digital versions of patches and coins were released to coincide with the debut of the company’s fifth vehicle in the GPS block III.

Memes/NFTs are Attracting a Lot of Investment

Investment inflow occurs as a result of growth and development into new territory. Meme.com, for example, has raised $5 million and is known as the CoinMarketCap for Memetic Coins. Meme.com prides itself on being the go-to source for great memes and trends. It allows users to assess the worth of memes, a concept that has piqued their interest.

But how does this one-of-a-kind concept operate in practice? To take advantage of everything meme.com has to offer, all you have to do is go online and look for memes that you believe are noteworthy. Following that, you must present your findings to the meme council for approval. Each month, you can receive incentives for contributing the finest findings. Overall, it aspires to create a long-term crypto-economy for memes that rewards both authors and collectors.

By sponsoring your favorite memes with the meme coin, you can help them grow. Marble Cards uses Memecoin as its official token. You can use Memecoin to generate an NFT with a central image made out of URL links from all across the internet.

With a developing industry, the uniqueness of meme.com’s innovation was enough to garner $5 million in funding from a collection of blockchain-focused venture capital funds and angel investors.

Many reputable investment firms have stepped forward to support meme.com, particularly those working with innovative and high-growth crypto projects. Outlier Ventures, Digital Finance Group (DFG), Morningstar, Blockhype, and Spark Digital Capital are a few of these companies. Even Gabby Dizon, CEO of mobile company Altitude Games, and Sandeep Nailwal, co-founder of Polygon, have invested in the platform. Meme stocks and NFTs are here to stay, as seen by the attention of such a seasoned crypto community.

When Joanna Liang, DFG’s head of investment, remarked that her firm believed in the potential of “meme markets, such as Meme.com,” she validated the growth predictions. ” They’re a “promising and novel method to empower users who discover or generate trends,” according to the researchers. Joanna went on to say.

Mattias Tyrberg, the founder of Meme.com, explained the platform’s aim by saying that “humor and memes have the capacity to link individuals and create unique shared experiences, unified by a common culture.” Other meme coins, such as DOGE and SHIB, will be hosted on Meme.com.

ART & COLLECTABLES

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.

Published

on

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.

Continue Reading

NFT

MoonPay has officially launched HyperMint, a utility NFT minting service

MoonPay, a cryptocurrency payments company, announced Tuesday the debut of HyperMint, a new service that allows businesses to mint up to 100 million non-fungible tokens (NFTs) at once.

Published

on

Creators and companies can use the new service to attach photos, music, video, and other metadata to a token on their own platform.

MoonPay had been expanding its service since April, according to The Block. Its official debut is another step in the company’s strategy to build a full suite for businesses looking to release their own digital assets, which it previously referred to as “Amazon Web Services for NFTs.”

“Why take your intellectual property and list it on a secondary platform first, whether you’re Dolce & Gabbana, Selfridges, or Death Row Records?” In an interview with The Block, MoonPay CEO Ivan Soto-Wright said, “You might want to oversee that issuance yourself.”

Fox Corporation, Creative Artists Agency (CAA), Universal Pictures, Death Row Records, the United Kingdom-based luxury store Selfridges, lifestyle and gaming platform FaZe Clan, and music artist Timbaland’s Beatclub are among the companies that have already signed up.

Proof of attendance tokens, for capturing how many individuals attended an event, is one possible use case, according to Soto-Wright.

These digital assets would be utility tokens, as opposed to security tokens, according to MoonPay. Security tokens must be registered with regulatory organizations such the Securities and Exchange Commission in the United States.

MoonPay’s product portfolio already includes a fiat onramp infrastructure that allows people to buy NFTs using a debit or credit card, as well as a concierge service that educates high-net-worth individuals about cryptocurrency. MoonPay has also been rumored to be working on its own wallet in the future.

The introduction of HyperMint comes at a time when many of the most popular NFT projects have seen significant price declines due to the crypto bear market.

Because of their use cases, Soto-Wright believes NFTs will become shielded from broader market situations.

“I believe NFTs will be unpaired [because to crypto market conditions].” But I believe that will be unpaired in part due to the innovation that will accompany this asset class – you’ll see a slew of various NFTs that aren’t solely focused on the price movement of these assets.”

Continue Reading

NFT

Crypto and NFT-related accounts are prohibited on WeChat in China

Secondary NFT trading is also included by the policy, as the firm adds that “accounts that provide services or material connected to the secondary transaction of digital collections shall be dealt with.”

Published

on

WeChat, China’s most popular social media platform, has revised its policy to prohibit accounts from providing access to crypto or nonfungible token (NFT)-related services.

Accounts involved in the issue, trading, and financing of crypto and NFTs will be restricted or prohibited under the new standards and will fall under the “illegal business” category.

The corporation notes that “accounts that supply services or material relevant to the secondary transaction of digital collections will likewise be handled in accordance with this rule.”

On Monday, Hong Kong-based crypto news writer Wu Blockchain (Colin Wu) noted the move, pointing out the significance of the move given WeChat’s 1.1 billion daily users in China.

“Once such breaches are identified, the WeChat public platform will depending on the severity of the violations, instruct the violating official accounts to rectify within a time limit and restrict some features of the account until the permanent account is banned,” according to the new policy.

Between May and September of last year, the Chinese government implemented a phased ban on the local crypto sector. Given the time of the most recent WeChat policy amendment, it’s possible that the platform has been allowing some crypto activity to go undiscovered since then.

Furthermore, because the assets can be purchased in fiat, there is still a regulatory gray area in the country when it comes to NFTs. Nonetheless, to prevent potential regulatory difficulties related to the financialization of technology, most organizations and platforms prohibit secondary trading.

In April, the China Banking Association, the China Internet Finance Association, and the Securities Association of China issued a joint statement warning the public about the “hidden hazards” of investing in the assets.

Since March, popular platforms such as WeChat and the Ant group-owned WhaleTalk have been distanced from the technology, purportedly eliminating or banning NFT services from their networks due to a lack of regulatory clarity and fear of a Beijing crackdown.

Despite this, a local media report published on Thursday highlighted data revealing that the number of digital collectable platforms in China has increased by fivefold since February 2022, to over 500.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 21,127.00 0.82%
ethereum
Ethereum (ETH) $ 1,196.43 1.52%
tether
Tether (USDT) $ 1.00 0.46%
chiliz
Chiliz (CHZ) $ 0.099155 1.70%
enjincoin
Enjin Coin (ENJ) $ 0.540075 0.72%
decentraland
Decentraland (MANA) $ 0.948675 3.07%
flow
Flow (FLOW) $ 1.68 1.53%
the-sandbox
The Sandbox (SAND) $ 1.15 6.86%
wax
WAX (WAXP) $ 0.098374 0.13%
ecomi
ECOMI (OMI) $ 0.001312 3.33%
terra-virtua-kolect
The Virtua Kolect (TVK) $ 0.034264 1.33%