Non Fungible Tokens (NFTs) have been taking the crypto world by storm. Famous people have been rushing to the crypto space in large numbers in 2021, drawn in by the recent NFT craze.
Musicians, musicians, professional athletes, and others have all plunged their toes into the NFT ecosystem in recent weeks. Everyone wants to own a piece of digital art. And these arts have been selling for incredible amounts of money.
Major Signals
- There have been 27,850 sales of NFT within the past week, with a total worth of $42 million, with an average price per NFT sale of $1,520.
- There has been an increase in the number of celebrities that are getting on board the NFT craze.
- Beeple's artwork was priced at nearly $70 million during an auction at Christie's.
Non-fungible tokens (NFTs) are limited-edition collectibles that are identical to playing cards or fine art. They are scarce and unique due to Ethereum's advanced one-way cryptography. People can swap these digital one-of-a-kind products in the same way they exchange baseball cards or fine watches. And they cannot be duplicated and can always be tracked back to their creator.
Recently, there has been a craze for NFTs. Beeple, an NFT artist, sold a digital artwork for $69.3 million this week. These collectibles often fetch six or seven figures on online marketplaces, attracting more enthusissta whoo stockpile these digital arts in the hopes of gaining value in the future.
According to industry data from nonfungible.com, there have been 27,850 non-fungible tokens (NFT) asset sales in the past seven days. As at March 14, 2021, the 27,850 sales totaled $42 million, with an average price per NFT sale of $1,520. Almost every day, a new NFT milestone deal, a new celebrity establishing an NFT, and a slew of new NFT markets are announced. The NFT craze prompted a slew of celebrities to launch their non-fungible token assets in March.
Jack Dorsey has put up some of his first tweets up as NFTs.
At an auction this weekend, four-time Super Bowl champion Rob Gronkowski's NFT trading cards sold for a total of 830 Ether (worth over $1.6 million). Even musicians like Lil'pump, music band King of Leon, and Latin superstar Ozuna have jumped on this latest bandwagon.
But some critics have been calling this latest move a bubble and a pyramid scheme, claiming that most of the artworks were not at all worth the value that was being attached to them.
Many more of these artworks are slated to be released in the nearest future, with the NFL player set to release one on the 17th. Whatever the future may hold for these digital artworks, they are hotcakes, and they are selling out fast.
