ART & COLLECTABLES
NFTs are Changing the Collectibles Market by Reimagining Art
The market is expected to mature as more professionals enter the NFT space, making digital art a part of traditional collectibles.
Throughout history, art has served as the greatest source of inspiration for many people. Trends evolve faster than ever in the age of cryptocurrency and the digitized world. For years, a number of artists have attempted to enter increasingly evolving playgrounds and claim a piece of the pie, but now is their moment.
The NFT craze has swept the industry, transforming visual artists and influential meme makers into millionaires. It’s difficult to predict when this euphoria will fade, but we’ll almost certainly see more market records and exciting experiments in this field before the hype train ends.
From a few pennies to a fortune
The market cap of nonfungible tokens, or NFTs, has grown nearly tenfold between 2018 and 2020, indicating rapid growth. From small forums to the oldest auction houses, the transition was lightning quick. Christie’s has foreseen the trend and has launched successful NFT sales after successful NFT sales. Various artworks and collectibles have fetched six-figure sums — and more. The artist Mike Winkelmann, also known as Beeple, recently set a new world record by paying over $69 million for a JPEG file. Is it possible that this might have been expected a few decades ago?
Nine rare CryptoPunks NTFs will be auctioned off at the world-famous auction house on May 11. The auction house exclaimed, “For the first time, 5,184 pixels worth of a groundbreaking NFT project will go up for auction at a conventional auction house.” The overall selling price is expected to be between $7 million and $9 million, but it may be even higher, given that one of these tokens sold for $7.5 million in March.
The new boom in the NFT market is exemplified by CryptoPunks. Matt Hall and John Watkinson, founders of the New York-based software company Larva Labs, started the project by creating 10,000 24×24 pixel photographs of people. It’s hard to believe that the project’s creators gave these NFTs away for free to members of the crypto group. After half a year, the price has risen to several thousand dollars, and these collectibles are now being sold for millions of dollars. What drives people to spend the equivalent of a garage full of luxury cars on unusual pixel digital art?
The excitement stems from the growing importance of cryptocurrencies around the world, as well as the fact that these limited editions are among the first collectibles on the crypto market.
The motivations were demonstrated by Tatiana Stiskina, an art historian and adviser:
“Even before Christie’s announced their sale on May 11, I wanted to buy a CryptoPunk. As a result, my husband and I purchased it the day Christie’s revealed the sale. Since CryptoPunks are created using an algorithm, they are a deeper symbol not only of cryptoart, but also of the tech industry. The algorithms are idolized by those who brought us everything relevant to hi-tech and home theater.”
Getting to the bottom of NFT’s popularity
What makes NFT merchandise so attractive and unique? Blockchain is a game-changing technology that affects almost every industry. The ownership record cannot be falsified, and NFTs cannot be copied and pasted. These tokens, which are operated by distributed ledger technology, are nonreplicable and cannot be substituted, with only one owner at a time. Despite being labeled “nonfungible,” NFTs are liquid and can be bought or sold on Ethereum-based markets due to their interchangeable features and fungibility.
CryptoPunks were among the first NFTs, launching on the Ethereum blockchain in 2017. These tokens are nonfungible since they follow the ERC-721 protocol standard, which means they are one-of-a-kind and cannot be replaced by another.
Why are some tokens worth pennies, while others gain tens of thousands of dollars in value, and still others are worth millions? The price is determined by analyzing the rarity of unique qualities that are valued in the crypto art and culture. Despite the fact that CryptoPunks have been the forerunners in the field, there are other examples that can rival their success. This sector, like any other lucrative opportunity, has become overcrowded with sharks looking to profit from the situation by defrauding customers and collectors. This pattern is unsurprising when you consider that the overall volume of NFT transactions quadrupled to $250 million last year.
A glimpse into the future
It’s impossible to say how long the anchor of NFTs will continue to entice wealthy investors. Some believe the bubble would burst sooner than the initial coin offering craze did. Right now, a fresh perspective combined with good taste can be able to make a difference and improve things. A new ship would arrive at the NFT’s blockchain harbor, promising such transformations.
The crypto world went nuts last week over a new NFT collectible project — The Bored Ape Yacht Club, a group of 10,000 Bored Ape NFTs living on the Ethereum blockchain — of one-of-a-kind digital collectibles that sold out on the primary market. This is an exciting project that tries to incorporate gamification and group elements, and it will be fascinating to see where it goes from here.
After just a few days, the Ksoids project, which debuted on April 22 as an NFT project, rocketed to the top of the OpenSea rankings. Over 900 of the 1,000 tickets were sold, but some are still available at auction. Ksoids are algorithmically unique creatures whose breath of fresh air and best-in-class imagination did not go unnoticed by digital art lovers, collectors, fans, and investors, calling it a true indie project. Ksoids are the first generative art of 3D characters who not only build their own world but also assist in the protection of ours. Orangutan Outreach, a charitable organization dedicated to saving orangutans in their natural habitat, will receive 20% of each sale.
The new Larva Labs NFT range has been the talk of the crypto world in recent days, with the public sale selling out in hours. A custom generative algorithm recorded on the Ethereum blockchain creates the Meebits, which are 20,000 unique 3D voxel characters. Larva Labs made a whopping $72,976,613 from the public offering, according to data from Dune Analytics.
What’s behind the digital collectibles craze?
Any new record in a highly speculative market becomes less remarkable than the previous one. People would still be able to pay exorbitant sums of money for experimental ideas simply to satisfy their curiosity or to stand out from the crowd.
NFTs are seen by some high-profile investors as a way to diversify their crypto portfolios and shape new types of elite clubs, and the majority of new market participants believe that digital art will become extremely expensive in the future. The only logical next step is for the market to mature and progress, as well as for professionals to step in and set quality standards.
ART & COLLECTABLES
NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art￼
Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.
The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.
First edition beyond expectations
“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.
“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”
NFT Show beyond Europe
#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.
With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.
The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.
Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.
Conclusions & Trends
“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.
NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.
“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.
There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.
The producers of NFT Show Europe are already planning the next stages for 2023.
ART & COLLECTABLES
Logan Paul’s unsuccessful NFT Investment: Over $620K to $10
Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.
Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.
Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.
Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.
However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.
Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.
It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.
Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.
Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).
Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.
When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.
He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.
KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.
BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:
“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.
ART & COLLECTABLES
Ford is getting ready to enter the Metaverse with digital cars and NFTs
A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.
Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.
Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.
The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.
Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.
The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.
Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”
Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.
Ford isn’t the first automaker to enter the Metaverse market.
While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.
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