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NFTmania backed up with millions pumping in from VCs

By now, everybody that has an internet connection has heard about NFTs…

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Photo: Google Images

By now, everybody that has an internet connection has heard about NFTs, this new digital craze that seems to be going viral faster than this fu****g virus that’s been canceling my trip to Bora Bora for the last year or so. Now that I got that out of my system, let’s get back on track to NFTs. 

So when it first started a couple of months ago, there were many skeptical opinions that it’s just a new one-hit wonder and it won’t be here for the long haul. Well, they just might be wrong. There have been fat checks coming into the NFT space from venture capitalists. In fact, the sum of all those oversized checks is $90 million in this year so far. The number is actually not surprising if we take a look at some other amounts that contain a lot of zeros.

Last year, the total value of NFT transactions was $250 million, just the past month that number was $220 million.

Obviously, there are still going to be haters and say “it’s just because of Bitcoin and Ethereum going up!” Sure, daddy Bitcoin and his prodigal son Ether might be the “culprit” for a lot of the buzz in the crypto world but we can’t deny that NFTs are an exciting idea that can make it on its own and change how the creative industry works.

Okay, let’s crunch some numbers and look at the TOP NFT VC deals in 2021 so far:

  1. Sorare $48.40M
  2. OpenSea $23.00M
  3. Boson Protocol $9.57M
  4. Colektia $4.20M
  5. Rarible $1.75M
  6. NFTFI $0.89M

If you think these numbers are impressive, then hold on to your hats cowboys, because this next one might just knock you off your horse. Dapper Labs, one of the NFT giants, is supposedly seeking $250 million cash injection. Let me rephrase that; they are seeking (allegedly) a quarter of a billion dollars, so they can sell JPEGs, MP3s and MP4s! Yup, that’s right…what a time to be alive eh? 

You might ask why I used words supposedly and allegedly…well, because Dapper Labs called it a baseless rumor and the potential investor Coatue, hedge fund from New York, opted to not comment the alleged move. But you know what they say, where there’s smoke, there’s fire and there is definitely a lot of smoke going on in the NFT world, so my bet is that there will a lot of fire until the end of 2021 and we will definitely be here to bring you the heat. 

To sum it all up, it is easy to see why investors are tempted by the NFT world. Its rapidly growing market and digital collectibles being sold for millions of dollars speak for themselves. Of course, there will always be some skepticism present from the critics and other negative Nancies that claim it is just another crypto fad that will gradually fade out into oblivion. Some of them worry about market manipulation, which, to be honest, are also found in the traditional art world, and there is no denying that it might happen, but let’s not kid ourselves and pretend that the world is a perfect place. Then there are also environmentalists who are alarmed on the account of the energy amount that is required to fuel the NFT market. 

But, as long as Elon Musk is selling a song about NFTs as an NFT, and Mark Cuban is thinking about using NFTs as tickets for Dallas Mavericks games, then I guess we better get used to it, because it looks like it’s here to stay and if you want to watch Luka Magic and Co. live, then you better buy some NFTs. We will touch on that another day, right now I’m out to look for an NFT with an image of Bora Bora on it.

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Enjin is Working on a Digital Version of Egypt’s Pyramids

Collectors will be able to deploy iconic Egyptian monuments, such as the Pyramids of Giza and the Great Sphinx, on virtual platforms as part of the NFT’s limited edition.

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According to the press release, Enjin, a leading participant in the virtual artifact and NFT market, it would develop NFT versions of the most iconic Egyptian landmarks, including the Pyramids of Giza and the Great Sphinx.

Virtual Worlds, Enjin’s project partner, has more than 20 years of experience digitizing historical objects. This will be the first time major historical monuments have been used as NFT tokens, allowing for new ways to engage with painstakingly authentic replicas of landmarks all across the world. The Unreal Engine will be used in the NFT renditions of the Egyptian monuments, along with photogrammetry scans of 60K resolution, to create the most accurate digital duplicate of the artefacts.

NFT Gaming Industry

Enjin and Virtual Worlds intend to use the knowledge gained from copying Egyptian monuments as NFT to create 3D worlds in which users can search for new NFTs that will be instantly transferred to them via smart contracts, as well as participate in treasure hunts that will reward them with Enjin tokens.

Real-world item models, such as the Picchu Mast, will have its own collection of NFT relics in addition to the typical computer game artifacts like sarcophagi, chariots, scepters, and sculptures. The NFT will then be integrated into Enjin’s VR and AR apps, as well as other 3D games.

They’ll be exchanged on unique NFT marketplaces based on the JumpNet Enjin blockchain, as well as more traditional analogs like Ethereum, Polkadot, and Efinity.

Expanding

They’ll be exchanged on unique NFT marketplaces based on the JumpNet Enjin blockchain, as well as more traditional analogs like Ethereum, Polkadot, and Efinity.

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Marvel NFT Marketplace Binance Smart Chain is the Newest Addition to the Binance Smart Chain Family

The Marvel Non-fungible Token Marketplace Aims to Bring Together Cryptocurrency Dealers and NFT Collectors.

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Fans of Marvel Comics and the Marvel Cinematic Universe (MCU) can now trade and collect on a new NFT marketplace. NFT Marvel is the world’s first and only token designed particularly for Marvel Comics fans who wish to interact with the characters while also earning investments.

The NFT Marvel Marketplace is a decentralized cryptocurrency exchange based on the Binance Smart Chain (BSC). Assets can be converted into NFT tokens by creators. The marketplace’s universe revolves around Marvel fan tokens (MV). Each engagement on the platform earns you MV tokens.

Interactions can include the creation of digital artwork and its dissemination to the general audience. Users can also send the NFT art they’ve developed as a gift. MV tokens are earned for each gift sent. The platform has stated that it will deliver MV token holders bespoke NFT presents at random.

While not hired by Marvel, the NFT Marvel founders anticipate that the Marvel community will help to keep the project going and expand it further. To reflect this, they created the token metric technique.

The transaction is subject to a 6% tax levy, which is divided into three parts, for each trade. MV will allocate 2% to all holders in order to increase the value and ownership of the company. To ensure the long-term viability of MV, 2% will be contributed to the liquidity pool on Pancake Swap. The remaining 2% will be incinerated at the end.

BSC enables the marketplace to provide low-cost, near-instant transactions. This is significant since NFT fees have been identified as a significant barrier to mainstream adoption.

Crypto-comic Books are on the Way

As interest in crypto grows, so does interest from new genres of popular culture. Comics and comic book collections are one of the most recent subgroups to emerge. Artists have a practically limitless number of options thanks to the large variety of comic books and characters available. When you consider that many true Marvel and DC artists are entering the NFT space, things start to look quite interesting for fans.

Despite the widespread interest in comics and nonfiction books, not all of it is favorable. While former Marvel or DC artists releasing new work of their famous topics pleases the fans, the businesses themselves are not thrilled. In reality, both Marvel and DC have gone to considerable lengths to punish artists who profit from their characters.

Jose Delbo, an 87-year-old artist who previously worked on Wonder Woman and Transformers, is the clearest example of this. Delbo built an NFT collection featuring largely Wonder Woman art, which he sold for approximately $2 million.

The artwork was described as a limited-edition, signed digital production, with non-commercial rights granted to the winner. While both Marvel and DC agree that in the past, comic book artists were permitted to earn from pencil and ink drawings as a professional courtesy, selling digital art for millions of dollars may be overstepping the mark.

“The offering for sale of any digital photographs incorporating DC’s intellectual property with or without NFTs, whether rendered for DC’s publications or rendered outside the limits of one’s contractual engagement with DC, is not permitted,” said Jay Kogan, senior VP of legal affairs at DC Comics.

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As New NFT Collection Drops Art Blocks Surges 500%

In the last seven days, sales totaled $1.4 million.

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Art Blocks, an Ethereum-based digital storefront for programmable art projects, has seen a tremendous increase in sales and transaction volume. The introduction of a collection in partnership with Sotheby’s auction house, which contains digital art from the first 19 selected projects on Art Blocks, has sparked the initiative.

The platform’s NFT sales have surged by about 200 percent to 952, resulting in $1.4 million in transaction volume. According to DappRadar, this surge in activity has pushed Art Blocks to 7th place in the overall NFT collection rankings. Surprisingly, the average price of an NFT sale on Art Blocks in the last seven days has been roughly $1,500. Importantly, Art Blocks is coming closer to Rarible, the premier NFT collections platform, as a result of the recent surge in traders and sales.

Natively Digital

Natively Digital is the name of the NFT art auction event, which is one of four high-profile NFT sales by Sotheby’s in 2021. The 19 pieces of art sold for a total of $81,900, with each item selling for roughly $4,300 on average. Looking at the individual component floor prices on Art Blocks, it appears that objects were sold for a low price. On OpenSea, a Ringer art NFT would sell for at least 4.5 ETH or roughly $9,000, while Nimbuds has a floor price of 0.49 ETH or roughly $1200. The winning bidder in the Sotheby’s auction appeared to have gotten a good deal on all 19 pieces.

Drops Run Activity

Each of the 19 artworks in the Sotheby’s collection is unique in its own right because it was one of the first to be created on the Art Blocks platform. The NFT marketplace has certainly benefited from the attention of both the crypto art community and the Sotheby’s art community.

Importantly, sales of digital art at Sotheby’s are not tracked on-chain, therefore the data displayed on DappRadar does not reflect this. What’s happening is that the high-profile collection is causing a domino effect, with another drop driving awareness and usage of the platform.

Another cause for the uptick in traffic could be a drop released in conjunction with Tyler Hobbs on June 7th. The Fidenza collection, created by a visual artist from Texas, is said to be the artist’s most adaptable algorithm to date. “While the program maintains focused on organized curves and blocks, the variety in scale, organization, texture, and color utilization it can employ creates a vast range of creative possibilities,” the creator adds.

As a surge of interest in digital collectibles swept the globe in 2021, we saw both Sotheby’s and Christie’s connect with NFT art collections. Sotheby’s was also engaged in the recent sale of a rare Alien CryptoPunk, which sold for more over $11 million. More intriguing is the fact that, despite the fact that the cryptocurrency market appears to be entering a bear market, NFT sales are still strong. Last week, sales of NBA Top Shot increased by 50% week over week, but digital collectibles on Wax appear to be untouched by the price drop.

What is Art Blocks?

Users choose a style they prefer, pay for the job, and an algorithm creates a randomly generated version of the content that is transferred to their Ethereum account. A static image, 3D model, or interactive experience could be the end product.

Each output is unique, and the sorts of content that may be developed on the platform are virtually limitless. The generative script is written to the blockchain, which distinguishes the Art Blocks platform from others. The NFTs that are minted as a result are not controlled or curated by the artist, and the program’s output is a complete surprise to everyone.

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