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ART & COLLECTABLES

NFT sales reach $200 million in March, more than in the whole previous year.

Is this is only the beginning?

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Photo: Google images

As the NFT boom continues, crypto art pieces are selling like crazy, with figures for March reaching record highs of over $200 million.

Digital artwork sales totaled over $200 million in March alone. According to the data provider, this number is higher than the previous 12 months combined. February’s revenues were around $91 million, with January’s sales being even smaller at around $12 million.

With $140 million in revenue, the Nifty Gateway was the largest marketplace when it comes to sales, in front of SuperRare with nearly $30 million in sales in March.

What’s the big deal with NFTs?

If 2020 was the year of decentralized finance (DeFi), then 2021 is the year of NFTs.  They allow athletes and celebrities to create one-of-a-kind collectibles that fans can own and display their allegiance to.

They are primarily based on the ERC-721 Ethereum standard, which recognizes non-fungible assets on the blockchain. They can be used to display anything from digital art to virtual property, gaming objects, music, or even traditional assets like cars or real estate.

Crypto collectibles, which can range in size from a single pixel to an animated animal, are the current hot topic. NFTs are valued based on their rarity; if there is only one in the world, it is considered valuable and can claim a high price.

Beeple, a well-known digital artist, knows this all too well, as his 5,000-piece collage sold for a staggering $69 million in mid-March.

When the Ethereum-based CryptoKitties network came to a standstill in December 2017, it was the first real NFT collection to gain traction. Hundreds of them have appeared since then, with some bringing large sums at online auctions.

NBA Top Shots, which are basketball collectors’ items of great moments from the game, are currently among the most sought-after NFT collections. Other peculiar collections like Hashmasks, CryptoPunks, MoonCats, and Polkamon are purchased and sold on platforms like OpenSea and Rarible.

NFT platforms increasing.

The number of new blockchains and platforms that appeal to NFTs is rapidly increasing. ConsenSys, a supplier of Ethereum solutions, recently unveiled Palm, a new NFT Studio.

Nifty’s NFT social network has received significant funding from venture capital firms, gaming token platform Enjin has unveiled a new NFT blockchain based on Polkadot, and Circle has released a comprehensive payment solution that enables NFT marketplaces to accept credit card and crypto payments.

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ART & COLLECTABLES

Salvatore Ferragamo, an Italian luxury brand, has an NFT booth in SoHo

Customers can create and mint their own Ethereum-backed non-fungible tokens (NFTs) on OpenSea at a booth set up by Salvatore Ferragamo, an upscale clothing company with its headquarters in Florence, New York.

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The Salvatore Ferragamo concept store in the city’s SoHo neighborhood opened its doors on Friday, and the booth is a part of a bigger debut of the business. All visitors are eligible to receive free NFTs, which are limited to 256 in total. The brand will pay all associated costs up front to mint an NFT.

For the launch, the company is collaborating with artist Shxpir, who has previously created holographic handbags for businesses like Coach. Shxpir has produced 3D digital graphic elements for the NFTs for Salvatore Ferragamo.

Just one day after NFT, there will be a launch.

After a week of discussions about how fashion businesses may tap into the Web3 and NFT arena, NYC, a conference about non-fungible tokens in Times Square, comes to an end. Famous companies have lately debuted their own NFT collections, including Gucci, Prada, Bulgari, and many others.

Salvatore Ferragamo has previously entered the online space.

The company collaborated with Obsess, a virtual and augmented reality software platform that aids businesses in the establishment of interactive online storefronts and virtual experiences, last year. Customers could explore a virtual mansion that featured Ferragamo goods at the online store dubbed “House of Gifts.”

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ART & COLLECTABLES

The crypto decline may be used by Binance to increase its market share in NFT

Football fans will soon have the opportunity to buy “an iconic piece of sports history” thanks to a collaboration between Cristiano Ronaldo and Binance.

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CR7 is starting to participate in NFTs.

The football phenom revealed his exclusive collaboration with Binance today. The multi-year contract, according to Ronaldo, will provide fans the chance to “own an iconic piece of sports history” and take part in his Web3 community.

In a video, Ronaldo stated, “Today we are going to transform the NFT game and move football to the next level.”

The Binance-controlled exchange and the Binance Smart Chain are two of the largest elements of one of cryptocurrency’s largest ecosystems (BSC). With 407 different protocols built atop it and $5.92 billion in value locked, BSC is the second-most used blockchain (after Ethereum).

Binance has had trouble creating a thriving native NFT ecosystem despite these great figures. With only $79 million in total trade volume, PancakeSwap, the decentralized exchange and flagship protocol of Binance, ranks twenty out of the NFT markets (OpenSea and LooksRare, two Ethereum marketplaces, had respective trading volumes of $31.24 billion and $23.23 billion).

Therefore, the alliance with Ronaldo might be interpreted as an effort by Binance to add value to BSC and start growing the NFT market share of the blockchain. On this retweet of the formal announcement, Binance CEO Changpeng Zhao “CZ” may have hinted as much: “Now, we start.”

This week saw the announcement of several noteworthy NFT partnerships, such as Pharell Williams’ recent appointment as Chief Brand Officer for the Doodles line.

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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.

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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.

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