Myths, Challenges And Opportunities, Understanding NFTs
April 2, 2022 - 9 min read
April 2, 2022 - 9 min read
IT’S BEEN IMPOSSIBLE to avoid hearing about NFTs in recent months. Hype for the tokens—pitched as proof of ownership of a digital item—has reached a fever pitch, while billions of dollars have poured into the market for them. To some, these non-fungible tokens are the hottest new collectible hobby, to others a powerful investment tool, and still more, they’re the future of the internet. So without further adieu, let’s get into it:
Non-fungible tokens (NFTs) have exploded out of the ether this year. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars. But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dot-com craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever. Read more on Forbes.com
It is raining money in the world of non-fungible tokens (NFTs) with prices inching closer to the $100-million mark. NFTs are crypto-assets that record ownership of digital files of real-world objects such as art, music, and videos, among other things. They connect creators and artists directly with investors eliminating the need for intermediaries, and making deals quick and easy. The NFT space has exploded of late with the largest marketplace OpenSea recording sales of nearly $5 billion in January, per reports. Let’s look at the nine most expensive NFTs ever sold starting from the cheapest of the lot. Read more on CNBCTV18.
Who would pay $1,000,000 for a JPEG? Many people have been confused by the meteoric rise in some NFT prices and skeptics have claimed that NFTs have “no value.” While value is subjective, one certain thing is that the use case for NFTs goes far beyond digital art. NFTs have many uses aside from an image on a screen. For example, they can be used for real estate transactions, creators monetizing their work over the long term, or managing tickets and membership more smartly. One interesting and recent use case involves using NFTs to bring physical collectibles onto the blockchain, or on-chain. Read more on Forbes.com
Sales of nonfungible tokens jumped to more than $17 billion in 2021, according to a new report from NFT data company Nonfungible.com. The study, developed with BNP Paribas-owned research firm L’Atelier, said trading in NFTs hit $17.6 billion last year, reflecting an eye-watering 21,000% surge from 2020′s total of $82 million. NFTs are tradable assets that keep track of who owns a certain digital item — say, a work of art, or a video game avatar — on the blockchain. They entered mainstream consciousness in a big way last year. Read more on CNBC.Com.
NFTs are a prime area for innovation in the entertainment industry. Already we’re seeing mass movements to monetize scenes, art, and whole pieces of content - from films or other pieces of programming - for commercial growth.
It has even brought with it legal challenges between filmmakers and studios over the rights for so-called “digital collectibles”.
Reese Witherspoon’s Hello Sunshine recently signed a deal with World of Women (WoW), an NFT collective celebrating inclusivity and diversity through over 10,000 pieces of art across its platform. WoW’s NFT collections have now generated over $120 million in revenue, according to Vanity Fair. Read more on Forbes.com.