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The NFT ecosystem saw tremendous growth and media attention in Q1. NFTs were mentioned on SNL, written about in Rolling Stone, & praised by celebrities, artists, athletes and others alike. But what's all the hype about? Lets find out
Research in partnership with @eToroUS
The NFT ecosystem saw tremendous growth and media attention in Q1. NFTs were mentioned on SNL, written about in Rolling Stone, & praised by celebrities, artists, athletes and others alike. But what's all the hype about? Lets find out
Research in partnership with @eToroUS
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If someone asked you to buy a video of LeBron James dunk for $200k, you’d assume they're joking right? How about 24x24 pixel art of punk characters for $7M, or maybe a digital collage for $69M? Okay, maybe they’re not joking, they’re just crazy. Welcome to the world of NFTs.
If someone asked you to buy a video of LeBron James dunk for $200k, you’d assume they're joking right? How about 24x24 pixel art of punk characters for $7M, or maybe a digital collage for $69M? Okay, maybe they’re not joking, they’re just crazy. Welcome to the world of NFTs.
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In recent years, blockchain technology has completely disrupted traditional stores of value and has provided a new foundation to transfer value from the physical world to the digital world. NFTs are one of the key building blocks of a new blockchain-powered digital economy.
In recent years, blockchain technology has completely disrupted traditional stores of value and has provided a new foundation to transfer value from the physical world to the digital world. NFTs are one of the key building blocks of a new blockchain-powered digital economy.
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What is a Non-Fungible Token? To put it simply, a NFT is used to identify something or someone in a unique way. Things like artwork, videos, in-game items, licenses, sports memorabilia, and pretty much any other forms of information that requires uniqueness.
What is a Non-Fungible Token? To put it simply, a NFT is used to identify something or someone in a unique way. Things like artwork, videos, in-game items, licenses, sports memorabilia, and pretty much any other forms of information that requires uniqueness.
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NFT owners benefit from these properties:
- Standardization
- Interoperability
- Provable Scarcity
- Programmability
- True Ownership
- Liquidity
- Visible Chain of Custody
At a high level, non-fungible tokens are simply a means to transfer value on a blockchain.
NFT owners benefit from these properties:
- Standardization
- Interoperability
- Provable Scarcity
- Programmability
- True Ownership
- Liquidity
- Visible Chain of Custody
At a high level, non-fungible tokens are simply a means to transfer value on a blockchain.
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For many years, digital artwork has been undervalued outside of a professional setting, largely because it's so freely available. NFTs changed this. Legendary artist @beeple recently sold his piece “Everydays: The First 5000 Days” for a mindblowing $69M at Christie’s.
For many years, digital artwork has been undervalued outside of a professional setting, largely because it's so freely available. NFTs changed this. Legendary artist @beeple recently sold his piece “Everydays: The First 5000 Days” for a mindblowing $69M at Christie’s.
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Collectors are looking at NFTs as the way digital art will be acquired and traded going forward. With secondary markets at hand and high royalties paid to the creator, both the artists and resellers can benefit from the continued trading of each art piece.
Collectors are looking at NFTs as the way digital art will be acquired and traded going forward. With secondary markets at hand and high royalties paid to the creator, both the artists and resellers can benefit from the continued trading of each art piece.
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Musicians that released NFTs in Q1:
- Kings of Leon
- 3LAU
- The Weeknd
- Tory Lanez
- Shawn Mendes
- Grimes
- Odesza
- Disclosure
- Steve Aoki
- Tycho
@RAC has even launched a creative agency specializing in NFTs that aims to help artists develop & manage their own releases
Musicians that released NFTs in Q1:
- Kings of Leon
- 3LAU
- The Weeknd
- Tory Lanez
- Shawn Mendes
- Grimes
- Odesza
- Disclosure
- Steve Aoki
- Tycho
@RAC has even launched a creative agency specializing in NFTs that aims to help artists develop & manage their own releases
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Projects like @cryptovoxels, a virtual world on the Ethereum blockchain, have even opened digital record stores full of NFTs. Inside this virtual store, users can browse music with complimentary art pieces. You can go directly to an artist’s page or subscribe via music links.
Projects like @cryptovoxels, a virtual world on the Ethereum blockchain, have even opened digital record stores full of NFTs. Inside this virtual store, users can browse music with complimentary art pieces. You can go directly to an artist’s page or subscribe via music links.
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Top NFT Projects
NFT applications vary greatly as there are seemingly endless possibilities to tokenize digital assets. Some of the popular categories within the ecosystem are trading cards, art, gaming, and other forms of entertainment.
Top NFT Projects
NFT applications vary greatly as there are seemingly endless possibilities to tokenize digital assets. Some of the popular categories within the ecosystem are trading cards, art, gaming, and other forms of entertainment.
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The biggest NFT project by sales volume is @nbatopshot, an officially licensed digital collectibles platform with over $451M in marketplace sales & over 272k active users, more than double than the runner-up @CryptoKitties with 100k. Both of created by @dapperlabs
The biggest NFT project by sales volume is @nbatopshot, an officially licensed digital collectibles platform with over $451M in marketplace sales & over 272k active users, more than double than the runner-up @CryptoKitties with 100k. Both of created by @dapperlabs
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@opensea, the 2nd biggest NFT project by all-time sales volume, sits at the top of the stack as an aggregator that enables consumers to purchase NFTs from any given platform. MP sales across @opensea, @niftygateway, @SuperRare, & @rariblecom increased by over 700% in Q1.
@opensea, the 2nd biggest NFT project by all-time sales volume, sits at the top of the stack as an aggregator that enables consumers to purchase NFTs from any given platform. MP sales across @opensea, @niftygateway, @SuperRare, & @rariblecom increased by over 700% in Q1.
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The 1st NFT is one you’ve likely seen on Twitter; CryptoPunks consists of 10,000 unique collectible characters. Originally, they could be claimed for free, but all 10,000 were quickly claimed. Now you can only buy via secondary marketplace.
The 1st NFT is one you’ve likely seen on Twitter; CryptoPunks consists of 10,000 unique collectible characters. Originally, they could be claimed for free, but all 10,000 were quickly claimed. Now you can only buy via secondary marketplace.
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Now you may be bullish on the technology as a whole and want to put some capital behind your thesis, but can’t quite figure out what specific NFT to collect. Below is a list of the top collectible tokens that you can buy, sell, and trade on a variety of crypto exchanges.
Now you may be bullish on the technology as a whole and want to put some capital behind your thesis, but can’t quite figure out what specific NFT to collect. Below is a list of the top collectible tokens that you can buy, sell, and trade on a variety of crypto exchanges.
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The aggregated market cap of these 10 tokens increased by 764% YTD, climbing from $2B to $21B. Every major NFT & Collectible token performed positively throughout Q1, with the median price return being an impressive +960%.
The aggregated market cap of these 10 tokens increased by 764% YTD, climbing from $2B to $21B. Every major NFT & Collectible token performed positively throughout Q1, with the median price return being an impressive +960%.
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For the past year or so, you could hardly go online to any crypto news website and not come across someone talking about decentralized finance (DeFi). But now NFTs have completely taken over mainstream media mentions, while DeFi is lagging behind outside of the crypto world.
For the past year or so, you could hardly go online to any crypto news website and not come across someone talking about decentralized finance (DeFi). But now NFTs have completely taken over mainstream media mentions, while DeFi is lagging behind outside of the crypto world.
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There's a great migration from the physical to digital world. The NFT craze has provided even more evidence that crypto & blockchain technology have the power to change the world.
Read our full article on NFTs in our Q1 Report with @eToroUS https://www.etoro.com/en-us/crypto/quarterly-report/
There's a great migration from the physical to digital world. The NFT craze has provided even more evidence that crypto & blockchain technology have the power to change the world.
Read our full article on NFTs in our Q1 Report with @eToroUS https://www.etoro.com/en-us/crypto/quarterly-report/
