NFT stands for non-fungible tokens, unique crypto tokens that are designed to represent ownership of an unique digital item.
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New NFT marketplace launches out https://t.co/XuK5eHRhn6
— Domain Market Research (@domain_research) October 9, 2021
The NFT market officially surpassed $10 billion in secondary sales combined across a variety of categories including gaming, PFPs (profile pics), sports, and collectibles.
Ethereum leads all blockchains and Layer-2s with over $6 billion in secondary NFT sales. pic.twitter.com/R3sA35cW4q
— Mason Nystrom (@masonnystrom) October 6, 2021
The Guardian: British Museum enters world of #NFTs with digital Hokusai postcards.https://t.co/c4g77yp9AV
via @GoogleNews
— Domain Market Research (@domain_research) October 3, 2021
Just blogged: NFT(.)com domain name acquired for USD $2 million @NameBio @DNJournalhttps://t.co/UaG5KAmGc4
— George Kirikos (@GeorgeKirikos) September 29, 2021
The National Law Review: #NFT Marketplaces and License Issues.https://t.co/870zmg2ie2
— Domain Market Research (@domain_research) October 3, 2021
These recent sales show that NFTs are one of the trending topics in the domain business. Check out Sedo's marketplace to see which other NFT related domains are still available: https://t.co/xSAJmAdDCF#domains #sedo #nft #nftart #cryptoart #digitalart #sold pic.twitter.com/96d9utf0gI
— Sedo (@Sedo) September 28, 2021
https://t.co/feZFrs4HZA sold for $88,000 at Sedo.
— Domain Market Research (@domain_research) September 28, 2021
“Sorare operates at the intersection of the fast growing non-fungible token (NFT) market ($2.5bn already sold this year), sports cards ($5bn) and global fantasy sports ($48bn by 2027), creating a multi-billion-dollar total addressable market opportunity. Sorare cards are NFTs, meaning each card is unique, scarce, and its ownership is publicly verifiable via the Ethereum blockchain. It is a secure and transparent model of digital ownership.”
Source: Sorare raises $680M Series B to create the next sports entertainment giant leveraging NFTs
Photography NFTs let’s see ↯
— OpenSea (@opensea) September 18, 2021
OpenSea product chief accused of flipping NFTs using insider information https://t.co/IMNWpqm2tU pic.twitter.com/7R4ildGk5w
— The Verge (@verge) September 16, 2021
Immutable raises $60M for NFT games platform on Ethereum https://t.co/tPSNUodEEh by @deantak
— VentureBeat (@VentureBeat) September 14, 2021
Press Release
Non-Fungible Tokens are Here to Stay: Why NFTs are More Than Just the Latest Trend
Exults Digital Marketing Agency provides analysis on what an NFT is, why they have become so popular so suddenly, and if businesses can reap any marketing benefits from them.
CORAL SPRINGS, FLA. – SEPTEMBER 29, 2021 – In March, Non-Fungible Tokens (NFTs) experienced a rapid rise in popularity after digital artist Mike Winkelmann—also known as Beeple—sold their work for $69 Million at a Christie’s auction. Many were stunned to hear a digital asset of this type receive such an enormous valuation, and even more, were left with questions about what an NFT actually is. As leaders in analyzing digital trends to leverage online marketing for businesses, Exults wanted to provide an overview of NFTs and why consumers will see them all over the web for years to come.
As the culture around the world continues to shift into digital mediums, so too do the works that represent and reflect that culture. Alternative asset classes have already started taking shape online over the past decade in the forms of cryptocurrencies. While art previously only held value in physical forms such as paintings and sculptures, the rise of creation in the digital space has led to a demand for housing valuable art in a virtual format.
NFTs fulfill that demand by providing asset ownership that records on a blockchain, usually that of Ethereum. The blockchain works as a permanent and public ledger that verifies the transaction and ownership of the NFT for a given user. This is where the “non-fungible” portion of the NFT name applies, as it communicates the uniqueness and irreplaceability of each token.
Though the file itself may be replicable, and may already exist in other forms across the Internet, the ownership of the original asset is where the current value with NFTs rests. Prior to the $69 million sale in June, the previous highest price for any NFT asset was $6.6 million for another artwork from Beeple. That immediate tenfold increase in the highest valuation for one item in an asset class speaks to the market potential for this medium among art collectors.
The Christie’s auction where the record NFT sale occurred was notable for its attendants as well as its results. The auction house relayed afterward that 91% of its bidders were new clients, nearly two-thirds were of millennial age or younger, and the majority were from the United States. The sale of Beeple’s work—entitled The First 5,000 Days—vaulted them into the top three artists around the world according to sold value.
“NFTs are here to stay, and not just for art collectors,” said Zach Hoffman, CEO of Exults Digital Marketing. “The idea and desirability of virtual ownership are both still in their infancy. Soon, businesses will begin leveraging this concept to increase appreciation, trust, and value for their clients. Many forward-thinking companies already have.”
Indeed, several major organizations have already ventured into repurposing their assets into NFTs. The New York Times sells articles valued at over half a million dollars, while Nike has explored a sneaker authentication system via NFTs that it affectionately calls CryptoKicks. Influencers across social media and other online platforms have also started offering personal NFTs as another channel for selling merchandise.
NFTs will continue to permeate the business landscape as digital trends continue to shape the development of nearly every industry. If you need help utilizing these trends, a website, or the Internet generally to grow your business, Exults’ digital marketing experts are ready to assist. Exults keeps your business ahead of the competition with a full range of Internet marketing services that will help your company thrive in the online ecosystem and generate results.
Source: Exults Digital Marketing
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