NFTs exploded into the world just a short while ago...and now everyone wants in on the game
It's no secret that NFTs changed the art game. Every motion designer knows where they were the moment they heard the news. On a warm Spring morning, the art industry held its breath as Mike "Beeple" Winkelmann sold an NFT at Christy's Auction...worth $69 Million.
NFTs, or non-fungible tokens, enable artists from around the world to sell rarified versions of their work to collectors—and fellow artists—for cryptocurrency. The process is complicated, but we've talked about the fundamentals of crypto art already.
After Beeple's historic sale, NFTs took on a global rush. Artists, investors, and just about anyone with a computer wanted to get some skin in the game. While the market is certainly shifting, we can't help but marvel at some of the inventive ways people are mining for gold.
We're not here to judge, or really comment on the viability of certain fields entering the market. We just want to show you how wide the NFT umbrella spreads. Everyone—from sneaker manufacturers selling virtual kicks, to the creators of famous memes, to global brands—wants to get in on the fun.
NFTs in the News
TECH
Tim Berners-Lee auctions off the source code to the World Wide Web (yes, that one). Sotheby's in New York sold the 30-year-old code to the program that changed the world, launching the creation of the Internet we have today.
Lindsay Lohan provides seven tips on how to succeed with NFTs. The star of Liz and Dick believes NFTs are here to stay, and she wants to help newbies set out on a path to success.
MASS MEDIA
Beeple joins forces with Time, Universal Music, and Warner Music Groups to launch a new website that sells NFTs...of the news. WENEW mints moments in time as an NFT, such as an iconic hole-in-one at the PGA, or a killer serve at Wimbledon.
MUSIC
Meanwhile, JAY-Z teams up with Jack Dorsey and Tidal to bring NFTs to music contracts. With Tidal's planned model, artists would use the blockchain to establish a contract on the initial sale of their music, as well as any future sales down the line.
REAL ESTATE
Will the future include tokenized property rights? Can a building be sold on the Blockchain? A few savvy real estate investors think the future is crypto.
SUPPLY CHAIN LOGISTICS
Logistics and supply chain systems are bulky, expensive operations. Could a decentralized program be the solution for future businesses?
How can NFTs be used to revolutionize the luxury goods industry? With traceable merchandise and numerous finance options, crypto may be the future of high-end retail.
COMICS
Providing fans a choice when it comes to the fate of superheros is nothing new, but the days of analog are over. InterPop plans to offer a wide variety of customization to its audience...using NFTs.
SPORTS
The Union of European Football Association moves to a digital trophy system, bringing the league's highest awards to the blockchain.
Hall of Fame Resort and Entertainment see the future of professional sports awards heading to a virtual space.
Tom Brady launches Autograph, an NFT-based site that creates digital trading cards from professional sports. Considering that Brady's rookie card sold for $2.25 MM, there might just be a market for the idea.
TOYS/GAMES/COLLECTIBLES
A virtual world where "getting gud" can lead to real crypto dollars. Decentraland is an online space combining virtual reality with blockchain technology.
Marvel and VeVe collaborate to take the collectible marketplace into a virtual world. VeVe envisions a future where collectors can display their vast virtual wares for all to see and enjoy.
POSTAGE
Build up your crypto wallet while sending a thank you note to grandma. Crypto Stamp 3.0 combines a digital token with a real, functional stamp.
PIZZA?
Move over NFT. It's time for NF...P! Pizza Hut Canada launches the world's first Non-Fungible Pizza.
Despite all this, NTF recently dropped...
If you're old enough to remember when hiding in a fridge was a deathtrap, you no doubt have seen volatile markets before. From Beanie Babies to Dot Coms to a glut of delivery apps, hot markets attract a lot of attention...and can burn down quick. However, these fires never really die out. While NFTs might be down for now, it's only because the market is course correcting.
In time, NFT values will climb again...though maybe not to those original heights, at least for a while. Until then, we'd suggest you focus on putting out your best work, minting when you feel the market is hot or the product is solid, and listening to trustworthy sources.
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