Non-fungible tokens (NFTs), were just beginning to be a popular buzzword at the start of 2021. Auction houses such as Christie’s and Sotheby’s have made headlines for their unprecedented NFT sales. Some of these NFT sales were as high as $69 Million for one piece of digital art.
It was estimated that $23 Billion worth of cryptocurrency had been traded on the NFT market by the end of 2018, a substantial increase from the $100 million it received the previous year.
Fast forward to 2022 and entrepreneurs, DJs and professional athletes have all begun investing in NFTs. Some launch their own collections while others collect from other sources.
NFTs offer artists and content creators unprecedented opportunities to digitally monetize their work. Artists can now create, mint and sell their work online without having to go to a gallery or deal with the difficulties that traditional art selling presents. Artists can choose to either sell their work for cash or invest in crypto.
NFT is a rare commodity that collectors and buyers love, much like trading cards or traditional art. The NFT market can prove to be a daunting investment opportunity for those seeking a profitable investment opportunity.
Follow the example of celebrities to predict market sentiment. Celebrities can drive up the cost of NFTs even though they are often known for being trendsetting in their chosen professions.
Cryptopunks is an example. Jay-Z has $711,000 invested in NFT. He also owns Cryptopunk #6095 and one Portrait. One Sneaker is part of the RTFKT Cryptopunks Project. Serena Williams also has $528,000 in NFTs. She also owns Cryptopunk #6095, a Portrait and a Sneaker from the RTFKT Cryptopunks Project. This was gifted to her by Alexis Ohanian.
Mark Cuban is a billionaire entrepreneur who invested $430,000 in rare NFTs. Cuban is the owner of BAYC #1597 as well as FEWO Crypto Brick. The latter is a collaboration between RTFKT studios, Ferocious, and the reputable NFT artist Ferocious.
Canadian singer Grimes was also in the news when she sold a massive collection of NFTs to a staggering US$6,000,000 last March using her digital avatar War Nymph. Nifty Gateway hosted the entire collection of images and music videos, with the most valuable piece being the video “Death of the Old”.
Snoop Dog, who has over 300 NFTs and a total value of over US$20million, is a big fan of NFTs. The musician teamed up with Chris Torres, Nyan Cat creator, to create their own NyanDogg collection. He also partnered with Sandbox Game to release The Doggies: a collection 10,000 Snoop Dogg Avatar NFTs that have been traded over 8,000 times.
Celebrities have been major backers of NFTs, which have become a huge trend in the world. Celebrities can bring attention to NFT projects, increasing the market’s value exponentially.
NFTs are gaining popularity, but cryptocurrency-based decentralized autonomous organisations (DAOs) is also growing in popularity. This innovative way to quickly raise funds is a great alternative to traditional crowdfunding. DAOs are crypto’s answer for crowdfunding. Heritage DAO has an offer to purchase one of South Korea’s national treasures.
Heritage DAO raised more than 900 Ethereum to buy The Portable Shrine of Giltbronze Buddha Triad. This miniature Buddhist shrine within a temple is believed to have been constructed during the Goryeo Dynasty (918-1392). Heritage DAO, in collaboration with High Sloth Society gives DAO members or NFT holders the chance to own an actual ancient artifact in their portfolio. Sloth owners will have an interest in national treasures and ancient artifacts through their ownership.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.