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.
Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs
Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.
Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.
“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.
Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.
Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.
Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”
Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.
In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.
He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).
Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High
In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.
According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.
Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.
According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.
NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.
Axies and OpenSea are leading the way
In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.
According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.
According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.
According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.
Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.
According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.
AXS is pushed to ATH by NFT Fever
Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.
According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.
The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs
Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.
Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.
While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.
Buffett claims that she only accepts the dollar for physical art:
“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”
Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”
His granddaughter says that investing in art is similar to stock or bond investing:
“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”
Buffett says she wants her NFTs to remain inexpensive in terms of price.
Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.
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