Digital collectibles are making a huge comeback. Why and how?
NFTs are resurgent. The sales of these blockchain-based digital ownership deeds have dropped after reaching over $2.5 billion in the first half of 2021. (And the criticism that it was all a bubble).
New initiatives and trends have recently made news, reviving NFTs. A look at the top NFT themes moving millions of dollars in crypto’s newest subculture
1. Bored apes
Bored Ape Yacht Club is a set of NFTs showing bored apes in different facial expressions.
According to CryptoSlam, a single Bored Ape NFT sold for $2.25 million ETH this week. Sotheby’s is currently selling over 100 Bored Ape NFTs for up to $18 million.
Pudgy Penguins, Weird Whales, and Gutter Cat Gang are driving the second wave of NFT purchases.
Turn away now, cynics who believe monkey and penguin art sells for thousands of dollars.
EtherRocks is a 100 NFT rock clip art series. The only difference is the colour. It was sold for nearly $100,000 in early August.
The 1970s Pet Rock craze inspired it. These are among the first non-fungible tokens created in 2017—and there are only 100 available.
3. Visa, Budweiser
Visa just bought a CryptoPunk NFT for 50 ETH (about $165,000).
Not just Visa, Budweiser just bought an NFT. The company’s Twitter profile picture is a $26,000 NFT beer rocket.
4. Fractionalized NFTs
While crypto billionaires gladly purchase Bored Apes and CryptoPunks, the average crypto consumer cannot.
Unlike traditional artworks, NFTs may be fractionalized (cut into smaller pieces).
5. Axie Infinity, Supdrive
Since June, the Ethereum-based Axie Infinity game has accumulated more NFT transaction volume than any other NFT collection or project.
It’s a monster-fighting game where the monsters are NFTs. Players win crypto tokens, which may be enough to survive in certain nations.
6. Art Blocks
A software or algorithm maintained on a blockchain generates unique artwork when minting.
A new NFT-focused investment company launched by Three Arrows Capital, Starry Night Capital, purchased Dmitri Cherniak’s Ringers collection for $5.66 million ETH. Tyler Hobbs’ Fidenza sold for $3.3 million ETH earlier that week.
Loot, a collection of Dom Hofmann’s invented fantasy weaponry and equipment. Yes. No artwork or guidance governs their usage. But it’s planned.
One week isn’t enough to tell. Loot NFT lists have already produced over $159 million in trading activity. It’s up to the community now.