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Blog: NTFs Turn Heads After Impressive Week Of Momentum
This week saw a rapid ascent of NFT tokens into headlines and marketplaces, and often in association with big dollar values. Before we detail all the impressive sales that have happened this week — first let us address briefly, what are non-fungible tokens (NFTs)? In essence, an NFT is a one of a kind collectible digital asset that has value as a form of cryptocurrency. Unlike standard cryptocurrencies (like Bitcoin), NFTs cannot be exchanged or swapped for something else. They also have no tangible form.
Marking a huge stride in the world of intellectual and artistic property, NFTs are “tokenized” in order to create digital certificates for their ownership; it is that very certificate that can be sold and bought. Just like cryptocurrencies, the record of ownership is transcribed on the blockchain.
Christie’s and Beeple Make History by Selling A Digital Work of Art
Some of the impressive NFT sales that have taken place this month are priced in the tens of millions of dollars, signaling huge interest in the unusual asset. For example, a Christie’s auction of a work entitled, “Everydays: The First 5000 Days” saw the sale of the digital-only piece of artwork for a whopping $69.3 million; unlike traditional sales, the buyer will not be receiving a piece of art in exchange for this payment but rather an NFT. The digital product was created by a graphic designer known as Beeple, and the buyer will now own the rights to it rather than the physical object itself.
And Christie’s is not the only big name auction house to jump on the gold rush of NFTs, Sotheby’s has also announced that they will be expanding into the NFT world with their collaboration with digital artist, Pak. Sotheby’s CEO also revealed that the house was looking into allowing cryptocurrency payments.
The Music Industry Buzzes With NFT Potential
Also noteworthy this week is US rock band Kings of Leon managing to raise more than $2 million by auctioning off NFT versions of their latest album, “When you see yourself”. These tokens allowed buyers to own something rare, as well as granting them access to unique collectibles like a lifetime long “golden ticket” to front row seats at all future Kings of Leon concerts, collector editions of the vinyl version of the record, as well as photos taken by the band member. In this scenario, the NFT allows for perks and experiences that are verified and authenticated, in addition to the token of ownership. This token was sold on the auctioning platform YellowHeart, and their CEO was quoted saying that this sale was “ushering in the new music era”.
Of course jumping on the bandwagon is none other than Tesla CEO Elon Musk, who has been a big name in the cryptocurrency world as of late. Musk is currently producing an electronic music track as an NFT. The twist? The song just so happens to be about NFTs as well. Musk made the announcement on his Twitter account in a tweet that has over 200 thousand likes thus far.
In the video included in Musk’s tweet, the words“Vanity Trophy” can be seen orbiting around a golden trophy that is annotated with the letters HODL, an acronym associated with holding cryptocurrencies long term for maximum gains. Electronic music can also be heard in the video, with the voice of a female singer saying, “NFT, for your vanity, computers never sleep. It’s guaranteed, it’s verified”. It is unclear whether this is the official song or if it is merely a gag by Musk who is known for his interesting sense of humor.
Canadian singer Grimes also recently sold an audiovisual collection of her work as NFTs for $6 million, while popular author Bret Easton Ellis teased an upcoming NFT of his own, creating quite the Twitter buzz.
NFT Tokens Surge, and the Sky’s the Limit
In light of all this interest, top NFT tokens and marketplaces have surged and also amassed great general interest as of late. Possibly the most impressive of the bunch was the blockchain game token ALICE which surged 60,000% from $.1 to $60 within a minute of being listed on Binance. This listing comes at a time when NFT assets are taking off as a whole, and the game provides both a gameplay experience for users as well as an ecosystem for those wanting to trade and collect NFTs.
Another token reflecting growing interest, Exeedme (XED) — a blockchain powered gaming tournament that allows players to unlock NFTs — saw a price surge of 97% over this past month with the trend not showing signs of slowing down. Similarly, the Terra Virtua Kolect (TVK) which brands itself as the world’s first immersive digital collectible platform also saw impressive gains and a wealth of attention this month. TVK holders can earn unique NFTs on the Terra Virtua marketplace, with a special focus on top entertainment brands. With collectible NFT games becoming more central in the crypto world, a project also attracting a good deal of attention this month is Blockchain Cuties Universe (BCUG) with it having undergone an IDO (Initial Dex Offering) just days ago.
In a way, many feel as though NFTs have democratized access to the art world by cutting out the middle man. Since anyone can go online and buy an NFT, this allows people who do not traditionally rub shoulders with high art society types to also gain access to art ownership, all the while ensuring authenticity of their purchase. With NFTs, artists are also given a new way to monetize their content, thus stimulating more creativity in the industry. It will be interesting to see what other commercial areas NFTs bleed into as time goes on.
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