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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

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

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This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

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NFT

How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

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The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

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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.

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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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