From video clips to cartoon apes, nonfungible tokens (NFT) sales reached around $25 billion last year, as digital assets exploded in popularity. NFTs are crypto-assets representing a digital item, like an image, a video or even a part of the land in virtual worlds. NFTs have been booming in sales. One piece of NFT artwork has sold a record of $69.3 million at a Christie’s auction in March.
One of the best-selling NFT projects, Bored Ape Yacht Club, features 10,000 bored-looking cartoon ape avatars. Last month, legendary rapper Eminem purchased some for about $450,000 an ape, particularly Bored Ape No. 9055, an ape dressed in a way that resembles what the rapper usually wears; a black hat and gold chains. The NFT is now Eminem’s current Twitter profile picture. This makes Eminem the latest member of the Bored Ape Yacht Club, together with other famous personalities, TV host Jimmy Fallon, music DJ Steve Aoki, NBA stars Stephen Curry and Shaquille O’Neal, YouTuber Logan Paul and billionaire, Mark Cuban.
Meanwhile, in China, Blockchain Services will launch a firm to cater to NFTs, provided that there is no cryptocurrency included. China has reportedly banned crypto in the country before. Red Date Technology’s chief executive said that NFTs are allowed in China, as long as they are not linked to cryptocurrencies. The company will program an application that will allow users to manage NFTs, such as minting, buying and selling. The Chinese Yuan is the only currency that will be used for trading and transaction fees.
Some say that NFT is a speculative bubble that will soon burst, but data shows that the NFT industry is booming, and there is still more to come. So, being knowledgeable about this ecosystem is advantageous for anyone.
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