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Why China’s NFT Market Has Seen Explosive Growth: Alibaba, TikTok, and NetEase Join The Craze

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As many prominent companies and players enter the market, the NFT craze has reached unprecedented heights worldwide. Sino Global Capital, a Chinese investment firm, feels the sector is “expanding rapidly.”

Alibaba, Visual China Group (VSG), NetEase, a prominent internet technology business, and ByteDance, the parent company of social media platform TikTok, are among the Asian Giants that have already announced a stake in the NFT sector.

This has corresponded with an equal number of western firms and high-net-worth people participating. VISA, the payment behemoth, just purchased one of the NFTs that made up the famed CryptoPunks collection. This might spark a fresh round of mass adoption, ushering in a new era in the NFT craze.

There are important occurrences, according to Sino Global Capital, that point to this probability. The first is the purchase of CryptoPunks from key company founders like Meitu founder Cai Wensheng, Dragonfly Capital founder Feng Bo, and others.

These individuals purchased CryptoPunks #8236 and #7252 for 125 ETH and 1600 ETH, respectively.

Furthermore, retail investors’ participation in the market. For example, small investors hoping to flip their assets quickly and millennial investors who like to spend their money on digital assets as luxury goods have fueled the NFT craze.

Another rise is possible as platforms worldwide try to capitalize on the fractionalization of popular NFT collections to attract new members. For example, according to Sino Global Capital, a social network named People’s Punk was developed in China with the assistance of 173 users.

Many people can co-own a CryptoPunk in this fashion. It’s number 173 in the instance of People’s Punk, as represented by the fragmented token $DDDD. Surprisingly, the cryptocurrency was accepted as a payment token by the marketplace OpenSea.

Collections of NFTs and New Initiatives to Promote Adoption

Fractionalizes At the time of writing, NFTs are valued millions of dollars, and individuals are discovering new ways to connect with them, as evidenced by the campaign described above. However, a few more could help move the NFT Market towards its next level of adoption.

The firm’s “CryptoPunk Pair” initiative, which aims to “convert Punks into a couple,” has raised much money from individual investors. According to the firm, the project raised over 400 ETH in a short period of time.

Arthur Hayes, the former CEO of BitMEX, recently stated in a blog post that the NFT market might help the art business by lowering transaction costs, removing intermediaries, and reaching a wider audience.

People also invest in these assets, according to Hayes, to gain social standing and access to the “exclusive communities” that the NFT owner can only access.

In any event, the NFT revolution appears to be in its infancy, with people debating whether the market is a bubble or the future of entertainment, gaming, movies, and other content creation and distribution channels.

NFT

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

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  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

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Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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