The last bull run was set in 2017 with an original coin dance show that got worse with the predictable consequences of overpriced projects involving few other than a team and a poorly written white paper. While many useful businesses have been able to thrive since the ICO era, including Ethereum and others, most have come and gone with the wind, leaving thousands of forgotten investors with sacks of worthless tokens.
The full market cycle is later and there is another rally now that seems to be spreading across several sectors of the cryptocurrency industry, especially decentralized finance. A lot has changed since 2017. Regulators have refused, investors have become smarter, and the space has matured.
While ICOs are still relevant today, after they switched to other forms of fundraising events such as security token offerings, initial exchange shows and initial decentralized exchange offerings, DeFi and non-exchangeable tokens or NFTs are now popular with children. In the block.
NFTs appear to be the next hot topic in cryptography, and while their numbers are still relatively small, interaction and interest seems to be growing rapidly. This indicates that the sector has room to grow.
NFT is another class of cryptocurrency tokens. Unlike Bitcoin (BTC) or Ether (ETH), they are used to represent different types of assets that differ in value from one another. These assets can be digital or physical. Common examples include artwork, land or real estate, and even people.
Trump-inspired artwork sold for $ 6.6 million
Inspired by the 45th President of the United States, the artist known as Beeple created an NFT called Crossroads. The cover, a 3D animation depicting a defeated Donald Trump lying naked in the grass, sold in November 2020 for $ 66,666. However, it was recently sold to an anonymous buyer for $ 6.6 million, breaking the previous record of $ 1.5. Million. NFT One is on sale.
Beeple is also on the verge of breaking a new record: the highest sales of single NFTs by the auction house. His new work – with 5,000 unique photographs about the dark aspects of technology, politics and wealth – is up for auction until March 11 for $ 2.2 million.
Cointelegraph Magazine: NFT Art Revolution: Beeple After 5040 Days of Love
NFTs are growing rapidly
Recent developments are just the latest in a series of great games related to the NFT space, and it’s not just artists who take advantage of these types of icons. Thanks to the independence and originality of NFT, many celebrities, musicians and filmmakers are also involved.
Perhaps the most prominent example of this is the Pokemon-inspired NFTs recently released by Logan Paul, a popular YouTuber who grossed over $ 3.5 million in one day. The release contained 3,000 NFTs inspired by the Pokemon card game, and there was a 44 limited-edition 3D release featuring Logan Paul himself as Pokemon.
On February 28, a new record was broken when popular musician 3LAU sold NFT’s debut album for $ 3.6 million. Other notable examples include musician Grimes and Mike Shinoda of the rock band Linkin Park. Even the popular TV show Rick and Morty now has its own cryptographic art stamped on the blockchain, which makes sense given the large overlap between display demographics and the crypto space.
Real art movement or money grip?
The potential symbolism behind Biple Trump’s odd dollar resale figures ($ 6.6 million), plus the fact that a recent buyer wished to remain anonymous, leaves some questions unanswered about the legitimacy of the NFT art movement in general – especially. When you think about how the rich have traditionally used art as a way to cut tax costs.
While the value of NFT stems from the scarcity, not everyone agrees on the astronomical implications, as several industry commentators describe buying digital art as pointless.
Is NFT art being used as a vehicle for money laundering or tax evasion, a practice not uncommon in the traditional art world, or is it really the latest craze in the world of crypto and art – could it stay?
Sebastien Bourget, co-founder of the NFT-based gaming platform The Sandbox, believes there is a core behind the NFT movement, and the injecting drug we are currently seeing has been slowly wandering around for years. Cointelegraph reported that a new paradigm is emerging due to the limited supply of digital collectibles:
“Those of you who see a large number of industry records earlier this year may not understand how long this construction took.