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ART & COLLECTABLES

Rare CryptoPunks NFT Rakes In $11.75M at Sotheby’s

Sotheby’s just sold a rare Alien from Ethereum’s most coveted NFT collection for eight figures.

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The NFT craze isn’t going away anytime soon (at least not for CryptoPunks).

Sotheby’s Supports CryptoPunks

The piece was Punk 7523, one of the classic Larva Labs series’ nine Aliens. The eight-figure selling tag makes it the most valuable Punk, beating a previous record of $7.57 million set earlier this year by another Alien.

The NFT was part of Sotheby’s Natively Digital collection, which included pieces by cult crypto artists Pak, XCOPY, and FVCKRENDER, among others (the collection also featured an Autoglyph, another sought-after LarvaLabs creation). The item was purchased by Shalom Meckenzie, a stockholder at DraftKings. Sillytuna, an NFT fanatic, was the previous owner.

Non-fungible tokens are a sort of asset that enable artists to tokenize digital art, music, and any other sort of online commodity. They provide a mechanism to demonstrate asset ownership and scarcity, which is especially useful for digital artists who have historically struggled to market their work. The current NFT ecosystem is mostly built on Ethereum.

The collection dropped as a result of a market-wide downturn that also hit the NFT sector. Bitcoin and Ethereum are both down over 40% from their all-time highs, while NFT tokens like NFTX and B20 are in free fall. The same can be said for many NFT projects; weekly sales of some of Ethereum’s most popular NFT projects peaked at over $176 million in early May, before drastically declining for the remainder of the month. Sales are barely touching $10 million this week (note that this figure excludes the Sotheby’s collection).

CryptoPunks NFTs, such as the one sold at Sotheby’s, are still prized in Ethereum’s early history. Last month, Christie’s sold nine Punks. On the Larva Labs marketplace, the current floor price for a Punk is 14 ETH, or $34,868. Although this is a drop from the peak, it is still a significant increase over this time last year.

Sotheby’s said that five more CryptoPunks would be auctioned later this month following the sale. Each NFT will come with a certified print signed by co-creator John Watkinson, as part of a limited edition of just 24 Punks released in physical form.

ART & COLLECTABLES

Salvatore Ferragamo, an Italian luxury brand, has an NFT booth in SoHo

Customers can create and mint their own Ethereum-backed non-fungible tokens (NFTs) on OpenSea at a booth set up by Salvatore Ferragamo, an upscale clothing company with its headquarters in Florence, New York.

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The Salvatore Ferragamo concept store in the city’s SoHo neighborhood opened its doors on Friday, and the booth is a part of a bigger debut of the business. All visitors are eligible to receive free NFTs, which are limited to 256 in total. The brand will pay all associated costs up front to mint an NFT.

For the launch, the company is collaborating with artist Shxpir, who has previously created holographic handbags for businesses like Coach. Shxpir has produced 3D digital graphic elements for the NFTs for Salvatore Ferragamo.

Just one day after NFT, there will be a launch.

After a week of discussions about how fashion businesses may tap into the Web3 and NFT arena, NYC, a conference about non-fungible tokens in Times Square, comes to an end. Famous companies have lately debuted their own NFT collections, including Gucci, Prada, Bulgari, and many others.

Salvatore Ferragamo has previously entered the online space.

The company collaborated with Obsess, a virtual and augmented reality software platform that aids businesses in the establishment of interactive online storefronts and virtual experiences, last year. Customers could explore a virtual mansion that featured Ferragamo goods at the online store dubbed “House of Gifts.”

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ART & COLLECTABLES

The crypto decline may be used by Binance to increase its market share in NFT

Football fans will soon have the opportunity to buy “an iconic piece of sports history” thanks to a collaboration between Cristiano Ronaldo and Binance.

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CR7 is starting to participate in NFTs.

The football phenom revealed his exclusive collaboration with Binance today. The multi-year contract, according to Ronaldo, will provide fans the chance to “own an iconic piece of sports history” and take part in his Web3 community.

In a video, Ronaldo stated, “Today we are going to transform the NFT game and move football to the next level.”

The Binance-controlled exchange and the Binance Smart Chain are two of the largest elements of one of cryptocurrency’s largest ecosystems (BSC). With 407 different protocols built atop it and $5.92 billion in value locked, BSC is the second-most used blockchain (after Ethereum).

Binance has had trouble creating a thriving native NFT ecosystem despite these great figures. With only $79 million in total trade volume, PancakeSwap, the decentralized exchange and flagship protocol of Binance, ranks twenty out of the NFT markets (OpenSea and LooksRare, two Ethereum marketplaces, had respective trading volumes of $31.24 billion and $23.23 billion).

Therefore, the alliance with Ronaldo might be interpreted as an effort by Binance to add value to BSC and start growing the NFT market share of the blockchain. On this retweet of the formal announcement, Binance CEO Changpeng Zhao “CZ” may have hinted as much: “Now, we start.”

This week saw the announcement of several noteworthy NFT partnerships, such as Pharell Williams’ recent appointment as Chief Brand Officer for the Doodles line.

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ART & COLLECTABLES

NHL Opens Hockey Collectibles NFT Marketplace

The NHL, along with its Alumni Association and Players’ Association, said on Thursday that it has joined with NFT platform Sweet to build a distinctive NFT marketplace and libraries of NFTs—individual blockchain tokens that denote ownership.

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The NHL’s market will fall between a full-fledged NFT trading platform and a website that enables momentary NFT drops, according to David Lehanski, the league’s executive vice president of business development and innovation.

By creating an NFT marketplace with exclusive releases, the NHL hopes to give fans a little bit of both. In preparation for the commencement of the 2022–2023 season, the NHL’s Sweet marketplace is anticipated to launch in October.

The NHL aims to gamify NFTs with “questing and collecting” components so that fans will interact and can be rewarded with benefits like other NFTs, according to Lehanski, who spoke to Decrypt.

Depending on a player’s performance, some of the NFTs will also be dynamic and alter over time. According to a statement, NFTs will also include “cinematic game highlights from past and present NHL seasons” or surprise packs of NFTs that may be seen in “3D interactive trophy rooms.”

Lehanski claimed that the NHL wasn’t yet ready to reveal which blockchain it would be constructing on. Though it might be on Polygon or Tezos if Sweet’s offerings are any indicator.

Lehanski stated, “We’re looking at everything,” and that the NHL’s top priorities in its search for a blockchain include “cheap gas expenses” and “environmental sustainability.”

The NHL is one of the most recent major professional sports leagues to enter the NFT market, following the NBA’s Top Shot NFTs, the NFL’s “play and own” NFT game, and MLB’s impending NFT contest.

Lehanski commented on the NHL’s approach to NFTs, saying, “There was clearly a lot of temptation to potentially moving very rapidly […] but we thought that was a little shortsighted.” He added that, in his opinion, spending the time to investigate indicators like fan behavior was worthwhile. Especially in relation to digital collectibles and gaming, NFTs have a long-term future as relevant and meaningful items for enthusiasts.

But according to Sweet CEO Tom Mizzone, the NHL’s NFTs won’t simply be targeted at hockey fans who are unfamiliar with cryptocurrencies; seasoned NFT collectors will also be able to participate in a way that feels natural to them.

It will undoubtedly appeal to that degen culture, he continued, but not to the extent that it excludes fancier consumer bases.

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