NFTs

The rise and fall of NFTs – Forbes Advisor Australia

Published

3 months ago

4 May, 2024

The rise and fall of NFTs – Forbes Advisor Australia

Despite the significant slowdown in the NFT market, there is a reasonable argument to suggest that NFTs have a future, although it may look different from the frenzied peak of their popularity. The lasting value of some of the original NFTs suggests that the concept of digital property and NFTs still retains appeal and potential.

The key to understanding the future of NFTs lies in recognizing their fundamental technology and the unique value proposition they offer. Blockchain technology, which underpins NFTs, provides a level of authenticity, scarcity and security in the digital world that was previously unattainable. This technological backbone means that NFTs have potential utility that extends far beyond the speculative art market.

For example, CryptoPunks, one of the first major NFT collections released in Ethereum, still maintains a significant value. This can be attributed to their status as pioneers in the space, offering both historical significance and a digital rarity. These original NFTs have become akin to collectible art in the traditional sense – valued for their place in the medium’s history and their scarcity.

Furthermore, the potential applications of NFTs are vast and varied. In addition to digital art, NFTs have potential use cases in areas such as digital identity, property rights in virtual worlds, and authentication and monetization of digital content for creators of music, literature and other arts. These applications suggest a shift from speculative trading to practical utility, which could provide a more stable foundation for the future of NFTs.

Additionally, challenges facing the NFT market have led to the reevaluation and potential maturation of the space. The market downturn has highlighted the need for greater regulation, transparency and a focus on environmentally and economically sustainable practices. As these aspects evolve, they could lead to a more stable and credible NFT market.

Additionally, the intersection of NFTs with emerging technologies like augmented reality (AR) and virtual reality (VR) presents new opportunities. In virtual worlds or “metaverses,” NFTs can bridge the digital and physical realms, offering new ways to interact and own digital content.

While the NFT market has undoubtedly faced significant challenges, the underlying technology and potential utility of the concept suggest that NFTs have a future. This future will likely be characterized by a shift towards more practical applications, greater stability and a focus on sustainable growth.

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NFTs

https://news.google.com/./articles/CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4NtIBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4 Ni5hbXA?hl=en-US&gl=US&ceid=US%3Aen

Published

58 mins ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiKmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4NtIBLmh0dHBzOi8vd3d3LmJiYy5jb20vbmV3cy9idXNpbmVzcy02NzI5NTc4 Ni5hbXA?hl=en-US&gl=US&ceid=US%3Aen

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NFTs

AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

Published

2 hours ago

27 July, 2024

TokenTalk Staff

https://news.google.com/./articles/CBMiVGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9haS1wb3dlcmVkLWRpc2NvdmVyeS1uZXR3b3JrLWZvci1uZnRzLWxhdW5jaGVzLXB1bHNyLXRva2VuL9IBAA?hl= en -US&gl=US&ceid=US%3Aen

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NFTs

Solana Monkey Business Leads NFT Sales with $875,91K

Published

4 hours ago

26 July, 2024

TokenTalk Staff

Solana Monkey Business Leads NFT Sales with $875,91K

Floptober NFT from above

Image: AI-generated via Midjourney

Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.

The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.

This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.

The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.

The second best performing collection of the day was gETH Locked Deposit.

This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.

The asset was brother-in-law just moments before the transfer is made.

In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.

The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.

Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.

While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.

Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.

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NFTs

ArcadeXYZ Secures $450,000 in Ringers NFTs

Published

6 hours ago

26 July, 2024

TokenTalk Staff

ArcadeXYZ Secures $450,000 in Ringers NFTs

NFT lending remains strong despite the overall downward trend in prices.

Arcade.XYZ, a non-fungible token (NFT)-based lending protocol, secured $450,000 worth of NFTs from Dmitri Cherniak’s Ringers collection on July 24.

The loan is structured with a principal of $16,000 per NFT, and the current highest bid on the Ringers collection on Opensea is 8 wETH, equivalent to approximately $26,000.

The big loan comes at a time when darlings of the generative art scene like Ringers and Fidenzas continue to see their floor prices drop. Bells It is Fidenzas both have surpassed the 2021 minimum price of 100 ETH and are now at just 17 ETH and 32 ETH.

Collateralized Ringers – Arcade.xyz

Despite the slowdown in sentiment and prices around NFTs, the lending market continues to process consistent volume.

Some of the largest platforms, Blend, Gondi, NFTfi, and Arcade process over $80 million in outstanding debt combined. The NFT lending market broke volume records in Q1 2024, surpassing $2 billion in total volume.

Q1’s extraordinary lending volumes can be attributed to Blend’s Blast airdrop incentive and the rise of Ordinals loan in the Arcade.
The largest NFT loan belongs to CryptoPunk 8219 by NFT collector Gmoney, which was guaranteed for $1 million in Gondi XYZ, and holds a current principal of $700,000. A far cry from the claims made in the mainstream media that “Your NFTs are actually, finally, totally worthless.”

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