Investors appear to have drastically lessened their demand for non-fungible tokens, reaching all-time highs in August. Indeed, the NFT-based trade volumes at Ethereum did not exceed $100 million in the last three days, while in August, they exceeded $500 million for one day.
The Volumes of NFT Trade to the South
According to Alex Thorn, head of firmwide research at Galaxy Digital, a recent study has shown that daily volumes of non-food tokens have been falling steadily every day since the start of September.
For example, the NFT marketplace was about 300 million dollars on September 1 and 2; however, the marketplace was less than 100 million dollars after September 10. On the contrary, the trade volumes recorded successive all-time highs, exceeding $500 million daily on 29 August.
Talking of the amazing peak last month, OpenSea – a significant peer-to-peer marketplace that is not fungible – was an enormous milestone as its trading volume reached the 1 billion dollar mark.
Previously, the platform had a total transaction volume of about $100 million in 48 hours. Moreover, this figure was four times higher than that registered by the Open Sea during 2020.
However, the NFT industry has increased its popularity this year despite the fall in trading volume in September. Athletes, singers, entertainers, musicians, and other notable people who started their different digital arts became highly attractive.
Who Was Part of the NFT Craze
Some are particularly concerned with the mania that is not fungible among these renowned persons. For example, the famous quarterback Tom Brady is like this.
In April, the 43-year old, probably America’s most successful football player, said that his own NFT platform, Autograph, would be released. By doing that, Brady planned to bring together important names from diverse industries, such as sports, fashion, pop culture, and entertainment. They might produce individual digital pieces of art.
Since Naomi Osaka, Tiger Woods, and Tony Hawk joined the platform, his plan appears to have been tremendously successful.
Eminem, a hip-hop giant, also stepped onto the NFT bandwagon. After working with the digital art auction platform, Nifty Gateway, the 15-time Grammy winner, unveiled a collection of his own, dubbed Shady Con.
One of the latest examples of this is the American comic book powerhouse Marvel Entertainment. Firstly, in early August, the organization joined together to release Spider-Man NFTs with the blockchain digital collectibles market – VeVe. Shortly thereafter, new digital collections, including Captain America, Barnes’ Bocky, and Red Skull, were added to expand their not-fungible token universe.
The Metaverse, According to Paris Hilton, Will be the “Future of Partying”
At ‘The Tonight Show,’ the pop-culture princess presented everyone in the audience with an NFT from her upcoming Superplastic line.
Paris Hilton, the original influencer, has continued her quest into the metaverse, calling it the “future of partying, going out, mingling with people, and being sociable.”
Hilton was a guest on Jimmy Fallon’s Tonight Show on Monday, where she discussed her experiences in the NFT ecosystem.
Hilton told Fallon that she would be releasing her first NFT collection with Superplastic on the Origin Protocol “soon,” although she didn’t provide a date. Superplastic is a firm that makes vinyl toys and digital memorabilia.
She showed the audience the collection, dubbed “Forever Fairytale,” a collage of memories with her new husband, Carter Reum. She then presented Fallon with the collection’s first NFT, as well as additional NFTs to each member of the crowd.
“I believe that was the first NFT giveaway ever on television,” Fallon added. On January 18, Superplastic released its “Headtripz” NFT collection, which included a piece created in collaboration with Hilton.
Even though this will be her first collection, it will not be her first journey into the NFT world. Hilton sold her “Iconic Crypto Queen” NFT for $1.1 million in April 2021.
In a November 2021 interview with The Guardian, Hilton stated that she began investing in cryptocurrency in 2016 after “becoming acquainted with the founders of Ethereum.” Since then, she’s amassed an impressive NFT collection of 141 pieces, including a “Bored Ape” and works by Grimes and Steve Aoki.
In recent years, the pop culture figure has become an unexpected advocate for the metaverse. Hilton’s “Paris World” debuted on the online gaming platform Roblox on New Year’s Eve 2021, with Hilton performing a DJ set in front of a virtual audience.
“I believe individuals must be present in both the physical and digital worlds,” she told Bloomberg on Friday.
Users can buy clothing from her closet or hang out on her yacht at Paris World, which includes an amusement park, petting zoo, nightclub, and home.
According to Roblox statistics, the metaverse island has only drawn roughly 63,900 visits thus far. Roblox’s “ALDC Studio” world, which was inspired by the American reality TV show Dance Moms, has over 30.5 million visitors.
Hilton’s Instagram, Twitter, Facebook, Snapchat, and YouTube accounts have a combined total of 55 million followers.
Despite the dismal statistics, Hilton expressed optimism for the island’s future. “I anticipate Paris World expanding into a year-round destination for many events,” she said, citing Valentine’s Day, the Super Bowl, and New York Fashion Week as examples.
Following the popularity of her reality TV show The Simple Life in 2003, the rich heiress soared to stardom. She recently debuted a new show, Paris in Love, as well as a podcast, This is Paris.
Ethereum’s Main Rival in NFT According to JPMorgan
NFTs headquartered in Solana have been able to sell $1 billion worth of NFTs.
According to JPMorgan analysts, Ethereum’s supremacy in the NFT industry is under threat from the Solana blockchain, which has grown rapidly last year.
Ethereum dominance in NFT is being threatened
The bank stated in the research that Ethereum’s dominance in areas where it formerly reigned supreme is now threatened by competitors such as Solana. To be more precise, the bank stated that the expansion of Solana threatens Ethereum’s dominance in the NFT space.
According to analysts at the bank, Ethereum accounted for about 95% of all transactions and new NFT creations at the start of 2021. However, due to the proliferation of other blockchains, that percentage has reduced to 80%.
How Solana puts Ethereum’s dominance in jeopardy
Though it still has a significant lead, the bank said that Solana-based NFTs grew significantly during the period because their network is more sustainable. After all, it employs a single mechanism to validate transactions.
Aside from that, the analysts pointed out that Ethereum’s current reliance on the proof of work process makes it unappealing to investors concerned about the technology’s environmental impact. On the other hand, minting fresh tokens on Solana appeals to them since it consumes far less energy.
Another reason why Ethereum’s competitors are chosen is the cryptocurrency’s record-high transaction fees. On Ethereum, a typical transaction could cost $50 or more, but transactions on competing blockchains cost less than $1.
Because the NFT market is the fastest-growing segment in the crypto business, the bank decided that investors and aficionados of the ETH blockchain should be concerned.
Despite the crypto industry’s slow start this year, the NFT area has seen a surge in transaction volume, with the largest NFT marketplace, OpenSea, already surpassing its previous transaction high.
Sales of Solana NFT have surpassed $1 billion
Solana’s journey to the top of the NFT market began in the second half of last year when the Ethereum network was experiencing gas charge troubles. Due to the high cost of these fees, competing blockchains such as Solana and others grew in popularity as investors sought ways to avoid paying the exorbitant fees.
NFTs on Solana saw its first $1 million in sales in no time. Then a Degenerated Ape Academy NFT was sold for the same price, and a SolMonkey was sold for more than $2 million less than a month later.
As a result of the rising interest in the digital token field this year, total sales of Solana-based NFTs have now surpassed $1 billion in January.
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).
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