Non-fungible tokens (NFTs) have been gaining traction in recent cryptocurrency news. If you are considering them for your next venture, you must understand what they are. Moreover, you must stay on top of their latest developments.
NFTs are assets with unique qualities that make them impossible to replace or swap for something else. They have no tangible form, but they can be sold or bought like any other digital world property. NFTs often represent different assets, such as art, collectibles, and in-game purchases. Discover the latest news about these popular tokens.
February 2021 NFT Trading Volume Beats 2020’s Total Volume
Non-fungible markets hit their highest month so far in February with a trading volume of more than $342 million. This is a huge leap from December’s $12 million. In fact, NFTs only recorded around $200 million in 2020.
The increase was a result of the rising market for the assets that NFTs represent. Cryptocurrency news websites predict that the momentum will continue in the coming months.
The trend pulled many investors into trading with NFTs. So far, in 2021, they pumped over $90 million into non-fungible tokens and digital collectibles businesses. And this is almost triple the sum ($35 million) NFT start-ups raised in 2020.
The biggest NFT venture capital (VC) deals involved Sorare, OpenSea, and Boson Protocol.
The market may be on its way to attract millions more in VC funding. For instance, Dapper Labs, a blockchain company, is in the market for a $250 million cash injection. This follows the spike in demand for its NBA Top Shot digital collectibles platform.
NFT has been making waves in the crypto space since January. Big-time players from different industries have started adding the token to their operations.
Auctioned: The New York Times’ NFT Column and Other Publication Pages
The New York Times turned one of its columns into an NFT and put it up for 24-hour auction on March 24. The publication will feature the buyer in an article, but they can choose to remain anonymous.
The money will go to the NYT’s Neediest Cases Fund, which helps social cases worldwide. NFT marketplace Foundation hosted the auction, and bidding went up to 21.00 ETH (around $33,185) at its peak.
The NYT is not the first publication to use non-fungible tokens, according to cryptocurrency websites. On March 22, Quartz sold the first-ever NFT news article in a four-day auction for 1 ETH ($1,800).
Meanwhile, TIME Magazine auctioned three of its magazine covers in the form of NFTs on March 24. The iconic front pages up for grabs were the 1966 cover asking, “Is God Dead?” “Is Truth Dead” from 2017, and a new one asking “Is Fiat Dead?” The highest bid was at 88 ETH (around $138,650).
Capitalise on Non-Fungible Tokens With Key Coin Assets
More and more blockchain technology companies are taking up NFTs. So it is only a matter of time before it hits mainstream status. So why not take the opportunity to get ahead of your competition? Add non-fungible tokens to your ventures. After all, the sooner you integrate them into your business or portfolio, the more you will earn in the long run.
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