NFTs are supposedly dead, according to most of the media.
Protos, Gizmodo, Hypebeast, the New York Post, and Quartz all reported in the first week of June that the NFT market was a bubble that burst in May, citing statistics from NonFungible.com. Other tracking sites’ data suggests that the price-volume peaked much earlier, in April. According to DappRadar, the total pricing volume on NBA Top Shot, one of the most popular NFT markets, has decreased by 33% in the last week, and the total number of traders has decreased by 14%. The figures back up the notion that blockchain-based collectibles are just a transitory craze.
However, we believe that the demise of NFTs has been unduly exaggerated.
When we talk about NFTs, we tend to bundle them all together under one big umbrella, combining different sorts with varying levels of popularity and stickiness, such as music, art, gaming, and sports. However, there are examples of both fascinating and shrug-worthy items in each area.
We think we’ll see some amazing applications for NFTs that we haven’t seen before in the long run. A new influx of collegiate athlete NFTs could bring money and attention to space shortly.
The AP Men’s College Basketball Player of the Year, University of Iowa senior Luka Garza, sold his own NFT one week after Iowa lost in the NCAA tournament three months ago. Garza had to wait until the end of his final college season due to NCAA “amateurism” restrictions prohibiting athletes from forming business arrangements.
Everything has changed since then. The NCAA has allowed athletes to earn from their own name, image, and likeness as of July 1st (NIL). It’s a major shift in collegiate sports that many predicted would never happen.
On the first day, the floodgates opened at midnight. University of Wisconsin quarterback Graham Mertz and University of Oklahoma quarterback Spencer Rattler tweeted their new personal brand logos. At the same time, Hanna and Haley Cavinder, twin basketball players at Fresno State University, had 3.3 million TikTok followers, signed with Boost Mobile.
McKenzie Milton of Florida State University and D’Eric King of the University of Miami co-founded an NFT firm.
Of course, not all of the NFTs we’ll see from college athletes will be beneficial applications of the technology.
There will be money grabs from collegiate stars hoping to cash in on their short-lived celebrity on the court or field. And that’s perfectly fine. There may also be meaningful and conscientious efforts from athletes who are genuinely interested in connecting with their fans.
Spencer Dinwiddie, an early proponent of cryptocurrency, aims to recruit collegiate athletes for his crypto-powered influencer platform Calaxy, which recently acquired $7.5 million in funding.
He does, however, have some advice for sportsmen who sign hasty endorsement deals. “Obviously, it’s a gold rush right now,” Dinwiddie said in an interview this week. “People are rushing to sign everything they can, make whatever money they can. There will be a reversion to the mean, and people will become more strategic in how they evaluate and value their brands, as well as which companies they partner with.”
Dinwiddie expects to see a lot more athlete NFTs in the future, both in college and in the pros. As a result, the major leagues will be forced to embrace cryptocurrency.
“You’ll see the NFL make more of a push with NFL athletes doing their NFTs,” Dinwiddie adds. “No league wants to be in a scenario where they feel like the players are going to rush off and front-run something they can’t control. It’s inevitable that the NFL will become involved in the game.”
With Top Shot, the NBA is already in the game, while MLB Crypto Collectibles has been in the game since 2018. (that one fell flat).
NIL guidelines will encourage many more college athletes (and possibly even the NCAA) to participate in the NFT game, thus reigniting an industry that many have pronounced dead.
Why Did an Investor Spend $170,000 on a CryptoPunk NFT?
In a recent interview, NFT collector “Gmoney” explained why he spent so much money on “a 24 × 24 pixel image.”
In January, the anonymous NFT collector “Gmoney” spent $170,000 on a CryptoPunk NFT.
In January, a “Puerto Rico-based, karaoke-loving investor” purchased a CryptoPunk NFT for 140 $ETH (approximately $170,000 at the time). This move was dubbed “a flex” by Gmoney. “A general partner of Delphi INFINFT, a fund formed with crypto research and investment firm Delphi Digital that is focused on investing in NFT initiatives,” according to Gmoney.
Gmoney stated why he had spent so much money on the rare NFT in the following way:
In the real world, people do not pay thousands of dollars for a Rolex because of the watch’s practical value. A $5 watch might be used for the same purpose. It’s to ‘flex’ their social standing. I can easily ‘flex’ with an image by using an NFT as my avatar on Twitter and Discord.
Owning an NFT, according to Gmoney, has the same effect as wearing a Rolex in person, “but digitally.” He went on to say that owning a digital collectible also meant being a part of the NFT and crypto communities:
It’s natural to want to be a part of something and to want to be a part of a group, especially when their values are aligned.
Cooper Turley, well-known crypto and NFT investor, agreed that the developing NFT community was the “single most important component” of digital collectibles, telling CNBC that it was the “single most valuable aspect” of digital collectibles:
The most valuable component of NFTs is the community… NFTs are worthless without a community. The strength of an existing community, or the possibility for one to grow, is the primary basis of my NFT investment thesis.
NFTs for Good Causes will be Showcased at a Hong Kong Event
The usage of digital tokens to advance UN sustainability goals is demonstrated at an NFT art exhibition.
Christie’s auction house sold a non-fungible token (NFT) image of a green-faced pixel avatar known as ‘Cryptopunk 9997’ for roughly US$4.3 million. Investors and collectors are currently interested in all types of NFTs, whether a simple pixel avatar or a finely crafted digital work of art.
NFTs are proven to be successful digital assets in various areas, including gaming, entertainment, and real estate. But, on the other hand, some people are starting NFTS to support issues like the environment and local communities.
By displaying NFTs for good, a new NFT exhibition in Hong Kong hopes to pioneer that positive spirit. The ImpactNFT Exhibition, which opens this Friday, will allow collectors and NFT aficionados to view and purchase digital artworks based on the United Nations’ 17 Sustainable Development Goals, including climate action, equal access to education, and gender equality.
Genesis Drop is one of the NFT artworks from Project Ark that will be on display during the show, and Romanian culture’s hand-painted eggs inspire it. In addition, project Ark, a carbon-neutral NFT marketplace, donates half of all earnings from Genesis Drop to the WWF in Romania, which is working to return the endangered European Bison back into the wild.
“By creating a win-win for artists, charities, and our partners, we want to show Hong Kong and the rest of the globe the power of NFTs for social and environmental impact,” said Roy Weissbach, Project Ark’s business development advisor.
NFTs from Earth.Org and the charitable art organization Sovereign Art Foundation will be on display, as will artwork by VintageMozart in support of the Nashulai Maasai Conservancy in East Africa NFTs minted for charity by eight Mexican artists.
The South China Morning Post (SCMP), based in Hong Kong, will also highlight its upcoming NFT auction in support of Operation Santa Claus (OSC), including new works by Hong Kong’s iconic visual and performance artist Frog King. SCMP and Radio Television Hong Kong (RTHK) run Operation Santa Claus every year to raise funds for a local charity.
Aside from displaying NFT artworks, anti-wildlife trafficking organization Break The Chain will host an augmented reality (AR) demonstration produced by gaming and entertainment metaverse portal The Nemesis.
In support of the ImpactNFT exhibition, RioDeFi’s chief marketing officer Stephane Villedieu said,
“The world already knows that blockchain technology provides a decentralized infrastructure for a more transparent, safe, and efficient financial system.”
ImpactNFT Alliance, in collaboration with Project Ark and Sovereign Art Foundation, will curate the exhibition, which will run from October 15 to 24, at the Soho House Hong Kong. Online viewers can watch the show at OpenSea.io, Project-Ark.co, and ImpactNFT.org.
Shiba Inu Announces an NFT Sale
The $SHIB coin’s developers have announced the launch of a non-fungible token (NFT) sale.
Shiba Inu announced the launch of an NFT collection called “Shiboshis” in a recent Medium post. The subject of the NFT collection will be similar to that of the SHIB coin, highlighting the coin’s tongue-in-cheek nature.
According to the article, 10,000 Shiboshis will be created for the debut, which will happen this week. Users will acquire NFTs using $LEASH for the first 24-hours, then with a mix of $ETH and $LEASH after that.
According to the post, the first purchase will be made through the ShiboshiSwap website, customized to sell Shiboshis. After that, users will be able to transfer and exchange their NFTs on secondary markets like OpenSea.
The NFT collection will first be sold in tiers, with prices doubling when the first 3,000 Shiboshis are sold.
According to the report,
“Shiboshi costs are based on tiered pricing. The first 3,000 Shiboshis will cost 0.1 Eth (BUT must be purchased in Leash for the first 24 hours). Shout out to XFund once again providing an incredible Oracle to help with this calculation. The next 5,000 Shiboshis will cost 0.2 Eth (in Leash for 24hrs) and the final 2000 Shiboshis will cost 0.3 Eth (in Leash for the first 24hrs).We don’t expect that floor to last for long.”
According to the post, users will be able to rename their Shiboshis with $SHIB, with the spent funds resulting in a coin burn.
The report continues,
“Initially [Shiboshis] just have generic names like 00001, but you can name it Flytoshi Kahn or whatever you like for an additional fee of $100 paid in Shib. Whenever the name is changed, these funds are burnt to the Shib burn wallet. If everyone names their Shiboshis that will be a $1 MILLION dollar burn.”
Shiboshis will eventually be converted to characters in the Shiboshi game, allowing users to deploy their NFTs in strategic gameplay, with each having the potential for unique qualities, according to the blog post.
The Shiba Inu team posted a video yesterday explaining how individuals can purchase $LEASH tokens:
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