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NFTs Have a Bright Future After “Death”

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The NFT bubble, according to recent assessments, has burst (again). As a result, doomsayers are once again writing the obituary for non-fungible tokens, but, like Bitcoin, which has been pronounced dead over 400 times and never remains buried, don’t be surprised if NFTs continue to survive to thrive in the months and years ahead.

To summarize, non-fungible tokens (NFTs) are a type of digital asset. Still, unlike cryptocurrencies like Bitcoin, which are fungible in nature, each Bitcoin is valued the same — each non-fungible token is unique. This year, NFTs have gotten a lot of attention because of their rapid rise in the digital art sector. The market capitalization of NFT projects increased by 1,785 percent in the first three months of the year, but if that wasn’t enough, a single NFT artwork sold at Christie’s for $69 million in March.

Growth

Some observers appear to have predicted that the NFT market will continue to expand in popularity without interruption, but not all niches flourish in the same way. Many markets, particularly in crypto, have peaks and troughs, and the NFT sector is not immune to the whims of speculators.

Several news agencies, including CNN, determined in April that NFT pricing had plummeted and questioned whether the NFT market had already gone bust. The same tale resurfaced at Surface in June, and now Protos has said that the NFT bubble has burst once more, this time with chart data to back up their assertions. “NFTs peaked on May 3, when $102 million worth of them were sold in a single day,” according to Protos.

That’s not too shabby for a bubble that popped in April, according to CNN.

Protos’ analysis’s first problem is that not all of the chart data is clear cut; the second is that market declines are rarely as deadly as is commonly asserted. The third is that a broadening of what NFTs can accomplish will ensure the market’s long-term health. That is to say; the existing NFT market has barely begun to touch the surface of the technology’s potential.

Is NFTs’ Era Coming to an End?

Looking past the hyperbole and editors’ eagerness to create a sensationalist title, the Protos data may indicate the beginning of the NFT market diversifying beyond collectibles. Although the collectibles market as a whole appears to be in decline, “NFTs related to the so-called “metaverse” — such as digital real estate and other virtual artifacts — are actually outselling tokens tied to crypto-art,” as Protos points out.

This isn’t always a bad thing; NFTs have applications far beyond digital art. Furthermore, as technology advances and the list of applications for which NFTs can be used expands, the NFT market will become significantly more resilient.

The Present and The Future

The NFT market may be currently in a period of stabilization. Gauthier Zuppinger, the Chief Operating Officer of Nonfungible.com, proposes this view. “The issue is, every time you witness such a rapid surge on any trend, you’ll see a relative decline, which basically represents for a market stabilization,” he told CNBC in June.

As the NFT market moves past the speculative stage, new applications for the technology are emerging in fields as diverse as music, real estate, banking, gaming, e-Sports, documentation, and even logistics. Music is a great example and quickly becomes one of the most popular uses for NFTs, with musicians like Grimes selling $6 million worth of NFTs in less than 20 minutes. Meanwhile, Steve Aoki went away with $4.25 million from his NFT transaction, while 3LAU took home $11.6 million. Platforms like Mozik are letting lesser musicians tokenize their tracks, so it’s not just the big names who are getting in on the fun. We’ve also witnessed the start of earnable NFT usage, as evidenced by apps like NFTrade’s NFT farms. Although trading activity in the NFT market has decreased slightly since its high earlier this year, earnable NFTs remain hotter than ever, indicating that interest in this space and asset class is only just getting started.

NFTs are also expected to revolutionize land ownership, both in the real world and in virtual worlds like Decentraland, where non-fungible tokens represent plots of land on a map that also serve as the foundation for an entire virtual reality world. Furthermore, NFTs can be used as proof of ownership in areas other than land, and in the future, they may even be used as proof of identification, such as digital passports.

There are reasons to believe that NFT technology has yet to realize its full potential everywhere you look. But, unfortunately, those who assert differently may be deficient in perspective.

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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