Blockchain
Main article: Blockchain
NFT Marketplaces
2023
A Moscow court arrested the artist who turned out $6 million for digital paintings. He was accused of fraud
In December 2023, the Nikulinsky Court of Moscow arrested NFT artist and blogger Sergei Galanter in a large-scale fraud case (part 4 of article 159 of the Criminal Code of the Russian Federation). He will stay in jail until at least February 12, 2024. Read more here.
Ukraine adopted a law on the launch of digital postage stamps - they will be in the form of NFT
On November 22, 2023, the Verkhovna Rada of Ukraine adopted a bill on the launch of digital postage stamps - they will be offered in the form of NFT cryptographic tokens. Read more here.
NFT market finally collapsed - 95% of collections completely depreciated
More than 95% of NFTs are valued in terms of market value at $0. Such data in September 2023 are provided by dappGambl in its study of the NFT market. According to researchers, almost 23 million people are the owners of economically useless assets.
 | This frightening reality should have a sobering effect on the overall euphoria surrounding the NFT market. Reading stories of digital art sales for millions, it's easy to forget that the industry is full of dangers and potential losses, the study authors write. |  |
NFT is a digital artwork tied to cryptocurrency, most often Ethereum. In addition, thanks to blockchain technology, NFT has a unique signature that cannot be forged. In 2021 and 2022, the NFT market increased sharply, trade volumes per month reached $2.8 billion. At this time, popular collections such as Bored Apes and CryptoPunks were selling for millions of dollars, and various sports and show business stars were involved in promoting the market. The boom in the digital art market coincided with the peak of bitcoin value - in mid-September 21, the value of bitcoin on the exchange was estimated at almost $70 thousand. As of September 2023, bitcoin is trading at $27 thousand.
The authors of the study note that 79% of NFTs remain unsold. Even if you remove low-quality and unattractive products from the sample, most works of digital art have practically no value. Of the 8,850 collections, the best in market attractiveness, 18% have no value, and 41% are valued at a maximum of $100. Less than 1% of works can be traded at about $6,000.
According to the researchers, it becomes clear that most of the market is characterized by speculative and optimistic pricing, very different from the real value of goods. In addition, the big difference between the declared prices and real trade suggests that the majority of market players are waiting for another market explosion, the same as in 2021. However, the researchers argue that such an explosion is no longer possible.[1]
"Interros" launched NFT on art objects
Interros and the Hermitage launched a project to release NFT for art objects. It is called "Digital Art" and involves the creation and release of digital financial assets in the format of non-refundable tokens, which will reflect the process of restoration of works of art. The funds raised are planned to be spent on the restoration of new works from the Hermitage collection, Interros reported on September 11, 2023. Read more here.
VKontakte users will be able to confirm their education using NFT diplomas
Vkontakte announced on July 17, 2023 that users of the social network will be able to receive the confirmed status of a university graduate in the form of NFT. Graduates of ITMO University will be the first to receive their own NFT diploma - students who graduated from the university in 2023 will be able to verify their education on the VKontakte profile. Confirmation of the formation of VKontakte will work on Soulbound Token Technology (SBT). Read more here.
German intelligence released its own NFT collection
On June 5, 2023, the German Federal Intelligence Service (Bundesnachrichtendienst, BND) introduced its own collection of NFTs - non-replaceable tokens. Read more here.
NFT audio collection of previously unpublished performances by poet Joseph Brodsky released
For the birthday of Joseph Brodsky - poet, essayist, playwright and translator, teacher - an unusual NFT audio collection entitled "Brodsky's Voice" was released. This collection consists of recordings of the poet's performances in 1990 in Paris, at the Ecole Normale Superieure. The audio recording has not been published anywhere before and exists in only one copy - on a cassette that has been in the archives for more than 30 years and was digitized only in 2023. This was reported to TAdviser on May 19, 2023 by representatives of the Russian NFT marketplace Kefirium, on which this audio collection is available for purchase. Read more here.
Completion of the first large-scale sale of tokens in Russia for rubles
VKontakte held the first large-scale sale of tokens for rubles in the VK NFT service in Russia and summed up the sale of collectibles from the first CryptoSpotty collection. The press service of the social network announced this on May 11, 2023. Read more here.
The owner of the most expensive NFT collection in a few hours lost all his assets by clicking on the malicious link
On January 15, 2023, the famous crypto investor and digital picture collector NFT God announced a hacker attack. As a result of the hack, he lost all of his digital assets. Read more here.
SuperRare cuts 30% of state
On January 6, 2023, the SuperRare platform, one of the largest trading platforms for non-replaceable tokens (NFTs), announced a staff reduction. Due to the current market situation, the company is forced to lay off approximately 30% of employees. Read more here.
2022
Forrester: Forecast for NFT development in 2023
On October 25, 2022, Forrester presented a forecast for the global NFT market - non-replaceable tokens that serve to confirm the ownership of any digital assets and determine the rights to use them.
According to estimates, in the first nine months of 2022, NFT trading volume decreased by 97%. The economic downturn and high inflation may lead to a further deterioration in the situation in the NFT industry. Brands that launched consumer-oriented NFTs at one time expected them to look spectacular and innovative. However, according to Forrester experts, such days have already passed.
Consumers are losing interest in NFTs in the form of computer art or collectible digital items. Therefore, the next stage in the development of the global NFT market will be customer loyalty programs. Analysts predict that in 2023, many brands will follow the lead of Louis Vuitton and Starbucks, which use non-interchangeable tokens to provide access to exclusive customer experiences and privileges.
According to Dune Analytic statistics, the volume of trading in NFT tokens in September 2022 amounted to approximately $467 million, while in January 2022 a maximum of $17.2 billion was registered. The situation is aggravated by NFT thefts and other fraudulent schemes. Against this background, trading floors for non-replaceable tokens are forced to lay off employees: in particular, the OpenSea service in mid-July 2022 laid off 20% of the staff. In addition, increasing regulatory control has a negative impact on the NFT market. Against this background, some companies began to curtail projects to distribute non-replaceable tokens: for example, the Chinese giant Tencent in August 2022 announced the closure of the NFT platform Huanhe.[2][3]
Attackers stole $2.5 million in NFT
The ringleaders stole $2.5 million dollars in the NFT. This became known on October 17, 2022.
The main targets of the attackers were the owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club tokens.
Prosecutors allege the suspects defrauded victims with a phishing site that is allegedly supposed to add animation to their NFT. Five suspects between the ages of 24 and 30 have been charged with the following:
- Fraud committed by an organized group;
- Concealment of fraud;
- Criminal community organization.
The suspects carried out their phishing campaign between the end of 2021 and the beginning of 2022. Two of them, said to be ringleaders, are being held in pre-trial detention.
Christophe Durand, deputy chief of France's Central Directorate for Combating Information and Communication Technology Crimes (OCLCTIC), said authorities had joined the investigation launched by a Twitter user under the nickname "ZachXBT."
ZachXBT calls itself a "chain finder" and a "rug pull survivor who has become a 2D detective" and has created an image of himself as an online detective investigating fraud incidents in cryptocurrency and NFT areas.
In its blog, ZachXBT detailed the investigation. It began with an appeal from the user "Dilly Dilly," who told an online detective that the attackers stole BAYC tokens from him after he clicked on a link that was sent to him by a "verified" member of the BAYC community in Discord. According to the user, he approved the transaction on the site, which was allegedly supposed to create an animated version of his NFT.
Summing up, ZachXBT told how attackers tried to launder money earned from stolen NFTs. To do this, they took advantage of the now closed Tornado Cash[4].
Global trade down 97%
In September 2022, the global volume of NFT trade amounted to only $466 million, while in January 2022 it reached $17 billion. This is evidenced by data from the research company Dune Analytics. The source of information was the platforms OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible and Foundation, on the basis of which conclusions were drawn.
According to Bloomberg, the decline may be explained by the tightening of monetary policy by many central banks in the world, which reduces the amount of cheap borrowed capital available for investment in high-risk or speculative assets. The first signs of a fall in the NFT market were noted back in the spring of 2022. If at the end of January 2022 there were 21,296 sellers in the NFT segment, then at the beginning of April 2022 only 7,210.
{{quote 'Obviously the enthusiasm and interest we've seen quite recently has disappeared... I believe we achieved something that didn't have enough margin of safety. Many token owners report that investments in NFTs are very dubious, because after buying their price drops rapidly, "said Pablo Rodriguez-Fraile, a major American digital art collector. }} Dune Analytics experts believe that the collapse in the NFT market is associated with a more general trend of a sharp decline in the crypto asset market, which has lost about $2 trillion since the beginning of 2022. This, in turn, can be explained by the tightening of monetary policy by many central banks in the world, which reduces the amount of cheap borrowed capital available for investment in high-risk or speculative assets.[5]
Some analysts reported a sharp drop in NFT sales in the summer of 2022. At the same time, the OpenSea platform categorically rejected the results of DappRadar calculations, according to which the activity of the marketplace decreased by more than 90%. According to OpenSea financial director Brian Roberts, analysts used incorrect methodology and unreliable sources. Roberts argues that the number of active users and the volume of transactions on the site remained virtually unchanged.[6]
LG launches NFT platform that allows you to buy and sell digital works of art
On September 3, 2022, LG Electronics released LG Art Lab's NFT platform, which allows users to find, buy, sell and exchange NFTs on LG smart TVs. Read more here.
In the 1st half of the year, $2.7 billion was spent on NFT on Ethereum
In the first half of 2022, 963,227 ethers worth $2.7 billion were spent on creating NFT on the Ethereum network.
About 66% of NFT projects collected less than 5 ethers, and 140 collections received more than 1000 ethers.
eBay and Shopify have created NFT trading platforms, while Uniswap and OpenSea buy NFT aggregators
By mid-July 2022, despite 3 difficult months for the NFT sector, Web3 and Web2 platforms continue to master the market for non-replaceable tokens. Important movements in the industry include the fact that the decentralized exchange Uniswap and the OpenSea platform bought NFT aggregators, and the large e-commerce players eBay and Shopify created NFT trading platforms.
NFTs have become one of the main uses of cryptocurrency: as of June 2022, the number of unique NFT traders was more (375,000) than unique traders of decentralized exchanges or DEXs (369,000). NFTs, in turn, play an important role in attracting the next wave of Web3 users. The purchase of Genie and Gem aggregators by Uniswap and OpenSea platforms shows the important role such aggregators play in the industry. With these acquisitions, OpenSea and Uniswap position themselves as leading NFT trading platforms.
It is extremely important for aggregators to quickly ensure compatibility with new marketplaces, otherwise users will abandon the platform in favor of other resources with better compatibility. A similar scenario occurred with the Genie aggregator - it lost a significant part of the user base due to the fact that it could not quickly provide compatibility with the LooksRare trading platform at the time of launch.
Now most marketplaces accept ethereum as the only form of payment for NFT. Uniswap's DEX infrastructure and previous experience with NFT liquidity pools likely means that multi-coin payment methods and liquidity pool trading will be the main ways for NFT to trade in the future.
Shopify's NFT platform aims to be the ultimate online showcase for NFT projects, making it easier to develop, deliver and pay for goods. eBay is looking to further strengthen its rare collectible trading niche by offering 150 million users to buy NFTs on the platform.
"We will see more and more traditional online platforms integrate NFT into stores," said Hanson Chiang, an analyst at Huobi Research Institute. - To compete with existing marketplaces, they will have to offer niche and exclusive NFT collections to build a loyal customer base. Companies like Shopify and eBay will play an important role in massively implementing NFTs, reducing entry barriers and simplifying crypto payments to the public. "
Waves Enterprise Launches Raritet - NFT Marketplace
Waves Enterprise announced the launch of the Raritet NFT platform on July 18, 2022 . Read more here.
eBay bought the NFT KnownOrigin marketplace
On June 22, 2022, eBay announced the purchase of the KnownOrigin NFT marketplace. The company did not disclose the value of the transaction. KnownOrigin presents itself as a non-interchangeable token (NFT) platform. Read more here.
Crypto community tricked hacker and returned stolen NFTs
The crypto community deceived the hacker and returned the stolen NFTs. This became known on May 28, 2022.
The cybercriminal in the resale received only 2% of the requested price.
The World of Solana (WOS) crypto community tracked down and returned some of the NFTs stolen for resale.
It all started with the hacking of the Discord channel of the crosschain development studio Uncharted NFT. The scammers managed to empty 109 user wallets and take away more than 150 SQL tokens, as well as 25 World of Solana (WOS) non-interchangeable tokens (NFT), including 3 rare about very valuable digital collectibles.
After the hack, the WOS community developed a perfect plan to recover the NFT, increasing royalties for stolen non-replaceable tokens to 98% percent from the traditional 5%.
Two days later, the attacker put up for sale all 25 NFTs on the platform. World of Solana members were able to buy 15 items from him, the remaining 10 were bought by another user.
Later, this buyer was sent a message stating that he had purchased stolen items and would not be able to sell them. The user was offered a refund and agreed to help return the NFT.
There are more than 2,000 different heroes in World of Solana. The most expensive avatar for May 2022 is sold for 123 SOL (5600 dollars). The current minimum price of the collection is estimated at 2.03 SOL[7]
Users of the NFT project AkuDreams lost $34 million due to an error
On April 25, 2022, it became known that users of the NFT project AkuDreams lost $34 million due to an error.
Money was permanently blocked in a smart contract and is not available even to developers
As a result of a technical error, users have lost 11,539 Ethereum coins forever.
As a result of the auction, the losing participants had to pick up their ETH, but due to an error in the logic of the contract, they cannot use the emergencyWithdraw function responsible for withdrawing funds. The project team also does not have the ability to withdraw assets "due to incorrect increment mathematics."
The founder of the Gangster All Star NFT project wrote on his Twitter that unknown persons were able to disrupt the processRefunds function by betting on a contract. The authors of AkuDreams say that unidentified persons did not do this maliciously, and also promise that they will pay all victims 0.5 ETH in compensation[8].
Hackers stole NFT from Bored Ape Yacht Club collection for $3 million
On April 26, 2022, it became known that unknown attackers hacked into an Instagram page (the social network is recognized as extremist in Russia, banned and blocked in the Russian Federation) of the well-known collection of non-replaceable tokens (NFT) Bored Ape Yacht Club and published a link to a phishing site, thanks to which they managed to steal NFT users for the fishing rod in the amount of $3 million. Read more here.
The world's largest NFT collections have merged into one company
In March 2022, Yuga Labs, creator of the popular Bored Ape Yacht Club series of NFT images, announced the acquisition of the CryptoPunks and Meebits series, as well as all rights to them from their creator Larva Labs. Thus, now one company will be responsible for the development and sale of all three series. This transaction is characterized as a merger of the world's largest NFT collections. Read more here.
OpenSea marketplace reports $1.7 million NFT theft
On February 19, 2022, the OpenSea marketplace reported the theft of non-replaceable tokens of some users as a result of a phishing attack. In three hours, 254 tokens worth more than $1.7 million were stolen. According to the co-founder and CEO of the marketplace Devin Finzer, only a part of the stolen tokens were returned to the owners. Read more here.
UN approves NFT standards for the first time
On February 9, 2022, a draft technical framework for non-replaceable tokens Tencent Holdings (NFTs), led by Ant Group and others, was approved by a specialist agency, making UN it the world's first UN-approved draft standards for digital tokens, according to the company.
The project, titled "Technical Framework for Digital Collection Services Based on Distributed Registry Technology (DLT)," has been approved by the International Telecommunication Union, the UN's information and communication technology agency.
More commonly known in China as "digital collectibles," NFTs are non-interchangeable units of data stored on the blockchain that can be sold and exchanged. Blockchain is a type of distributed registry technology, a digital record that guarantees the accuracy and security of writing data without the need for a trusted third party. Blockchains are used for decentralized cryptocurrencies such as bitcoin and provide secure accounting for transactions on a peer-to-peer network.
China's NFTs do not use publicly available decentralized blockchains as China's government has banned cryptocurrencies and the country is developing its own networks to support digital collectibles that are mined on locally controlled blockchains and must buy for the yuan. China's state-run Blockchain Services Network (BSN) has rolled out infrastructure to support the rollout of non-cryptocurrency NFT projects.
Led by internet giant Tencent, the project is also supported by other companies, universities and institutions including Ant Group, China Academy of Information and Communication Technology, Beijing University of Post and Telecommunications and Zhejiang Lab, an innovation center founded by the Zhejiang provincial government, Zhejiang University and Alibaba Group Holding.
| | The international standard aims to define technical architecture, technical threads, functional and security requirements for blockchain-based digital collectibles, and it can help build consensus and common understanding around the world regarding the formation of a technical framework for digital collectible services, Tencent said in a statement.[9] | |
Project to transfer bitcoin into mouse DNA and sell its corpse through NFT
In February 2022, it became known that anonymous artists decided to sew bitcoin into the DNA of a mouse, wait for its death and sell NFT as digital art.
They want to put bitcoins on a cold wallet, generate a private key for it, and then encode it in the mouse DNA chain using genetic engineering. It is planned to introduce the resulting biomaterial into mice during artificial insemination. It is expected that her descendants will carry information about cryptocurrency. If this option does not work, then it is planned to encrypt the key in a safe virus and put it on the mouse. In this case, bitcoin data will not be inherited.
It is planned to sell the mothballed corpse of the "original mouse" on a crypto auction. A group of anonymous artists has already started fundraising for this project called BitMouseDAO.
China creates NFT industry on state blockchain platform
China On January 13, 2022, it became known that an state blockchain infrastructure is being created in the Blockchain Services Network (BSN) to support the use of non-replaceable tokens (), NFT which is an important step towards creating a local NFT industry that is not related to cryptocurrencies more. here
Associated Press to launch NFT photo sales platform
On January 10, 2022, the Associated Press announced the launch of a platform to sell non-replaceable tokens in order to obtain photo rights. Marketplace will begin work on January 31, 2022. Read more here.
2021
10 most expensive NFT works
In 2021, the market volume of non-replaceable tokens reached $22 billion by the end of the year. Leading companies that have entered the industry, such as Coca-Cola, Gucci, Nike and Adidas, have been a key driver in trade growth, according to the Dappradar site. RBC has prepared a selection of the most lots that were sold at international auctions.
- Merger - $91.8 million
NFT sold on December 6, 2021 for $91.8 million on the decentralized Nifty Gateway trading platform.
- First 5,000 days - $69 million
NFT was sold in February 2021. The initial rate was only $100, but the total value of the token exceeded $69 million.
- Man One - $29.98 million
A figure of an astronaut in the form of an NFT, made as a 3D sculpture on a scale of 1:1. The lot was sold at auction on December 9, 2021.
- Crypto banks No. 7804, No. 3100 and No. 7523 - $26.9 million
Larva Labs' CryptoPunk series features nine works depicting alien punks generated on the Ethereum blockchain. Cryptopunk No. 7523 sold for $11.7 million. CryptoPunk No. 3100 sold for $7.58 million. NFT series number 7804 was sold for $7.57 million.
- Xcopy: "Right-click and save as a guy" - $7.09 million
NFT sold on December 10, 2021 to a certain Comozo de Medici for $7.09 million.
- Art Blocks: Calls# 109 - $6.93 million
The project creates digital works using regenerative art techniques. A lot with continuous circles or rings was sold in October 2021 for $6.93 million.
- Crossroads - $6.6 million
The creator promised that the NFT will change depending on who wins the US presidential election in November 2020. NFT sold for $6.6 million in February 2021.
- Edward Snowden token - $5.4 million
In April 2021, former NSA and CIA officer Edward Snowden sold his only NFT token. The work went $5.4 million.
- NFT Internet - $5.4 million
In the summer of 2021, Tim Berners-Lee sold an NFT token with the source code of the World Wide Web (WWW) protocol. The starting cost of the lot was $1,000, but in the end the token went under the hammer for $5.4 million.
- "Save thousands of lives" - $4.5 million
NFT, created by Noora Health. The work was sold for $4.5 million in May 2021. Profits were directed to a program to save the lives of newborns.[10]
NFT sales in the world soared 21,000% over the year to $17.6 billion - Nonfungible
According to a report by Nonfungible, an NFT data company, in 2021 sales of non-replaceable tokens increased by 21,000% and exceeded $17.6 billion. In 2020, the volume of this market was measured at $82 million. The study was published in March 2022.
| | At the end of 2021, we will face a market that has more than ever been exposed to excessive speculation, with new, inexperienced buyers and increasingly less restrained risk. Add in the near-endless proliferation of relatively low value added projects, contributing to market saturation and raising suspicions about the real value added and potential of the NFT, the report said. -And still… the ecosystem has never been more innovative and mature. " | |
The report explained: "NFTs can take the form of a digital work, virtual land, domain name or even inventory in a video game. NFT is simply a technological environment that allows you to store and distribute any digital element virtually on the blockchain. To some extent, "NFT" can be compared to computer files in the sense that their type and use can be extremely diverse. "
According to a Nonfungible study, in 2021, more than 2.5 million crypto wallets belonged to people who own or trade NFT, compared with 89 thousand in 2020. The number of buyers increased to 2.3 million from 75 thousand people.
In terms of profit alone, investors ultimately made $5.4 billion from the sale of the NFT in 2021 and more than 470 wallets were able to make a profit of over $1 million, the report said. One of the most famous NFT sales in 2021 occurred in March, when the NFT, representing the collage of digital artist Beeple, sold for a record $69 million at Christie's.
The most popular NFT category was collectible items, sales of which amounted to $8.4 billion. Gaming NFTs such as Axie Infinity made up the second largest category, with sales of $5.2 billion.[11]
NFT trading up 43,000% for the year to $13 billion - The Block
NFT token turnover grew by an impressive 43,000% for 2021, according to analyst data from The Block. If in 2020 the turnover of non-replaceable tokens amounted to $33 million, then in 2021 the volume of transactions carried out increased to $13 billion.
The rise in NFT trading volumes in 2021 is associated with a wide scope of implementation - tokens have become objects of art, sports club cards and the basis for the play-to-earn model for virtual games. The Art Trade report shows that more than 500,000 NFT artworks were sold in the first half of 2021 alone, totaling more than $6.8 billion.
An important step to increase the volume of NFT trading was the development of technologies and the emergence of new marketplaces. The main exchange market for all types of non-replaceable tokens was the OpenSea platform, which accounts for most of the turnover of tokens. Major players in the crypto market also picked up the trend - platforms such as Coinbase, Huobi, Binance and many others announced the launch of NFT trading.
Moreover, NFT mania went beyond the crypto industry and attracted players in the traditional market. For example, auction house Sotheby's said in a report by The Block that it made $100 million selling NFT this year. Sotheby's noted that 78% of NFT bidders were newcomers to auctions, and more than half were under 40. Given the current trend, Sotheby's also launched its own NFT platform called Sotheby's Metaverse.
As NFT technologies and capabilities evolve, innovative creative business models are being created, and the range of interchangeable tokens will only grow, said Alfan Gogus, General Manager of Huobi Global in the CIS and Turkey:
'The digitization ofphysical assets offers incredible opportunities and influences many of the processes we are used to. NFTs can represent the value of both a digital asset and the equivalent of a physically existing asset. In the future, states will be able to produce their bonds as NFTs, and trade them around the world. At the same time, metaseles appear that allow you to buy and sell virtual space and assets. This trend is just emerging and has huge potential. We at Huobi are carefully exploring the capabilities of NFT and are gradually introducing them into our business model '.
Fraudsters began to use NFT to steal crypto wallets
On February 14, 2022, the international developer of digital security solutions ESET presented a report on the landscape cyber threats in 2021. The uptrend distribution is threats through unique NFT tokens that have spread in the industry. computer games More. here
Ferrari began selling NFT goods and for this attracted the company from Ukraine
On December 27, 2021, Ferrari announced that it had signed a multi-year agreement with the firm Velas Network to create digital content for its fans in the form of an NFT. This agreement will be the first between the racing team and the digital asset industry. Read more here.
World's first SMS message sold as NFT for 132,680 euros
In December 2021, the world's first SMS message was auctioned off by Aguttes in Paris in the format of a non-replaceable token (NFT). An unknown buyer paid €132,680 for the lot. He received the original communication protocol through which the message was transmitted, as well as a digital frame depicting the message.
The first SMS read: "Merry Christmas." The message was sent from the Orbitel phone on December 901 3, 1992. The recipient was Vodafone director Richard Jarvis and sender engineer Neil Papworth, who was working on the company's short message service at the time. Initially, it was expected that the sale of the digital asset would be sold for $225 thousand. The proceeds from the sale of such a token are planned to be transferred to charity at the UN Refugee Agency.
| | They had year-end events in full swing, so he sent him a "Merry Christmas" message. After all, this is the most popular holiday, and since it has religious roots, residents adhere to old traditions and attend churches with whole families, "said Maximilien Aguttes, head of the development department of the auction house Aguttes. | |
NFT digital objects involving images, video, music and text have been traded since about 2017 and exist on the blockchain, a record of transactions stored on networked computers, and each NFT has a unique digital signature. The sale of intangible goods is not legal in France, so the auction house packed a text message in a digital frame with the code and communication protocol. The buyer will receive a copy of the original communication protocol through which the SMS was transmitted, and the proceeds will be sent to the Office of the United Nations High Commissioner for Refugees (UNHCR).[12]
Owner of rare NFT sells it for $3,000 over $300,000 due to typo
On December 14, 2021, one of the traders accidentally sold the Bored Ape Yacht Club NFT worth $300,000 for $3,000, CNET reported. The reason for the costly gaffe was an inappropriate decimal point. Read more here.
NFT market reaches $22 billion
The global non-replaceable token (NFT) market reached $22 billion in 2021. Such data in mid-December was published by DappRadar.
According to DappRadar researchers, the NFT market reached $22 billion in 2021, compared to just $100 million in 2020. At the same time, the minimum market capitalization of the 100 largest NFTs ever issued amounted to $16.7 billion.
The most valuable NFT deal in 2021 was the sale of the digital work "Everydays: The First 5000 Days," created by the artist Beeple (pseudonym of the American digital artist Mike Winkelmann). This artwork in the form of an NFT token was sold at auction in March 2021 for $69.3 million. Another work of this artist "Human One" was sold for $29 million.
Other multimillion-dollar NFTs included "Bored Ape Yacht Club," a collection of 10,000 NFTs presented as cartoon primates that are used as profile photos on their owners' social media accounts. This project raised $26.2 million. BAYC art owners include talk show host Jimmy Fallon and rapper Post Malone.
As noted in DappRadar, the key factor in the growth of NFT trading was the leading companies that entered this industry.
| | Hollywood, sports celebrities and big brands like Coca-Cola, Gucci, Nike and Adidas have all contributed to the market by giving the NFT a new level of exclusivity. The strength of the appeal of these famous names has deeply affected the NFT and the blockchain industry as a whole, DappRadar notes. | |
| | In 2021, NFT activity was hype. Things will subside in the coming years and the NFTs will become something more akin to today's contemporary art market, where consensus on value is stronger. Nevertheless, it will be years before any cryptocurrency market, let alone the NFT, resembles what traditional markets call stability, said George Monaghan, an analyst at GlobalData research company.[13] | |
Sale of the first page of Wikipedia at auction in the form of NFT for $750,000
On December 15, 2021, at Christie's in the form of an indispensable token (NFT), Wikipedia co-founder Jimmy Wales sold the first message published on the website of the online encyclopedia for $750 thousand. Read more here.
Nike buys NFT developer for RTFKT metaverse
In mid-December 2021, Nike announced the acquisition of NFT studio RTFKT, which specializes in creating collectible items for metaverse. The terms of the deal were not disclosed, Nike expects the agreement to accelerate the company's digital transformation. Read more here.
Football fans spend hundreds of millions on club crypto tokens
On December 10, 2021, the results of an analysis conducted by the BBC were published. According to the data presented, football fans spent more than £260 million ($350 million) on virtual tokens around the world.
By December 2021, 24 clubs in several European leagues have launched or are considering issuing fan tokens. Eight of those clubs play in England's Premier League, widely regarded as the most prestigious football league in the world.
Most clubs analyzed offer fan tokens, which are essentially club-specific cryptocurrencies. Some clubs, such as Manchester City, also sell non-interchangeable tokens (NFTs).
Most clubs offering fan tokens have registered with a company called Socios, which organises the initial sale and subsequent trading of cryptocurrencies.
Socios said cryptocurrencies worth between $270 and $300 million were sold through their app.
Cryptocurrency and NFT buyers, as in other markets, speculate on the course and trade their tokens, in an attempt to make money, while football clubs make money from their release. The value of tokens owned by 13 leading clubs together exceeds $1.9 billion, while in turnover only $376 million. On average, clubs control roughly 80% of their tokens.
In addition to speculators, football fans make up a large share of buyers. Max Rabinovich of Socios said the system was designed to encourage fans who hold onto tokens rather than trade them.
Offers such as "constant 5% discounts in a digital store, ticket-winning opportunities" were more important to fans than earning "five or ten dollars" by selling their tokens, he said.
| | There is no benefit from trade, "Rabinovich said. - If you want to score loyalty points for a team, if you want to vote, you always have that token to use. The whole point is to buy and hold. | |
Rabinovic also believes that clubs should provide more meaningful benefits than votes on minor issues, such as "what song should we play in the stadium when players come out."
Another way clubs lure fans is by using NFTs or non-interchangeable tokens.
Manchester City, Rangers and Juventus have released official NFTs and some of the fans have spent tens of thousands of dollars on these unique digital images and videos with embedded code confirming their ownership.
One of the fans, millionaire and NFT collector Mike Busis, said he spent about $40,000 on five of them.
| | When I saw Manchester City's NFT release, I should have got it, "Busis said. "I always liked Manchester City - I liked the team, their flash and style - and I thought it was a cool thing to buy and have. It belongs to me - it's mine, I can exhibit it anywhere - and it's a work of art.[14] | |
Manufacturer of May Tea released NFT
In December 2021, the May group, which among other products produces tea under the Maysky brand, released its first NFT collection. It is available on the Rarible platform. Read more here.
Russian Natalya Osipova released the world's first ballet NFT token
At the end of November 2021, videos of the performances of the prima ballerina of the London Royal Ballet Natalia Osipova were put up for auction at Bonhams auction house in the form of NFT tokens. The collection was called "Natalia Osipova: triptych." Read more here.
Russian blockchain Usetech Unique Network
The Russian company Usetech has created a blockchain for non-replaceable tokens (NFT), which has a large range of capabilities in this area and functions according to a model of a scalable solution with proof-of-stake (proof-of-stake).
Usetech's Unique Network product is the foundation for the next generation of NFTs. The NFT network for Kusama and Polkadot ecosystems offers developers and creators independence from network-wide transaction fees and updates.
NFT pictures can still be stolen
In Moscow, The Standoff Digital Art competition ended at open cyber exercises, during which "white" hackers hacked NFT paintings of representatives of domestic digital art. This was announced on November 17, 2021 to TAdviser by representatives of The Standoff project. Read more here.
German artists team up to earn Afghan refugee family a 'golden' visa
In October 2021, it became known that a group of artists from Germany, Peng Collective, plans to change the life of one family from Afghanistan.
Digital artworks, the originality of which is guaranteed by NFT tokens and blockchain, will be sold at auction. The profit will go to the purchase of a "golden" visa for Milad and his family.
The project is called Golden-NFT. According to artists, he contrasts two systems with each other: state power and capitalism.
Each of the 16 artists provided organizers with one digital work for sale. In addition to these works, the computer script will automatically create thousands of other works of art based on 16 originals. All 5,555 works will participate in the auction. In the first round, participants do not know if they will receive an original artwork or a computer-generated one.
If in the first round all the works are sold, then the Milada family will have enough money to move to the EU as an investor. If a second round is required to collect the required amount, then Peng Collective will replenish Milad's piggy bank with 15 percent deductions from the resale of digital paintings. If the profit from the project is more than the planned amount, then the artists sponsor another refugee family.
The Hermitage sold a digital copy of Da Vinci's painting for $150.5 thousand.
On September 7, 2021, it became known about the sale of a digital copy of Leonardo Da Vinci's Madonna Litta from the collection Hermitage for $150.5 thousand. The NFT auction was held on the cryptocurrency exchange. Binance More. here
In Kyiv, an apartment for the first time in the world will be sold at an NFT auction
At the end of May 2021, it became known about the upcoming first transaction for the sale of real estate using non-replaceable tokens (NFT). We are talking about the apartment of TechCrunch founder Michael Arrington, located in Kyiv. The transaction will take place through the blockchain platform for real estate operations Propy (a startup with Russian roots). Read more here.
Coinbase employees swap digital engagement cards via NFT
In March 2021, employees of the crypto exchange Coinbase Rebecca Rose and Peter Kacherginsky married, recording a memorable event on Ethereum-. blockchain The couple spent $587 on the release of non-replaceable tokens (NFT), which replaced their traditional rings. More. here
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |