Filipinos would probably join the NFT space due to both art and gaming. “More people will understand that there’s utility, there’s community and there’s a lot of opportunities in the space, so I’m excited.”
A staggering $174 million has been spent on NFTs since November 2017. Their sales surged to $25 billion globally in 2021 alone, fueled by the rising interest of celebrities and tech evangelists, according to market data tracker DappRadar. But some experts believe NFTs are a bubble that could eventually pop.
There are also concerns about the token minting process consuming a huge amount of energy and carbon footprint as well as accusations of the entire space being a Ponzi scheme.
“Please take the time to study NFTs,” said Marvin Germo, a financial consultant and author of the Stock Smarts book series, in a YouTube video discussing whether they’re a fad or the future.
The craze for the technology, which verifies ownership of unique digital assets, has swept across content industries in 2021. But will NFTs mature into a long-term business for Hollywood?
True believers herald them as a major market-disrupting force, with the full impact unfurling over the next decade or more. Skeptics, though, see a FOMO-fueled trend that’s as overheated as the Dutch tulip bulb craze of the 1600s.
Lately, there’s practically been a new NFT announcement every day.
The diverse roster of companies, brands and artists hopping on the bandwagon include Warner Bros., Disney, Lionsgate, Fox, ViacomCBS, WWE, the UFC, CNN and the Academy Museum of Motion Pictures. In music, those catching NFT fever range from K-pop superstars BTS to Lil Nas X.
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Thanks to smart contracts technology, almost anything can be tokenized and stored on the blockchain, and NFTs that are created now can be very complex.
Related: Tampa Bay Buc Rob Gronkowski Is Launching His Own NFT
A good example is the NFT virtual painting of the Ethereum founder Vitalik Buterin entitled “EthBoy”, which sold for 260 ETH (almost $500,000 with today’s prices). EthBoy is much more than just an image stored on the blockchain – it is a fully interactive work of art that changes its appearance every day based on external data such as the ETH price and Ethereum gas fees.
The Future of NFTs
The groundbreaking moment in the history of NFTs happened when Twitter founder Jack Dorsey sold the NFT of the first tweet he ever made for $2.9 million.
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The new wave sweeping across the crypto eco-system has seen more renowned companies make moves into Non-fungible Tokens (NFTs). Tik Tok, Coinbase, Visa, and Sotheby’s are some of the latest firms to announce they will become active within the space. This influx could cause a battle between these new companies and the more established ones, like OpenSea, to see who reigns supreme in the long run.
NFTs Growing Appeal
The appeal of NFTs has been on the rise.
NFTs can be anything; tweet screenshots, photos, GIFs, videos, music, etc. However, the current buzz centers around the ability to trade digital art using this tech. For some, the attraction lies in their ability to provide high returns within a short amount of time.
With increased user adoption, prominent corporations are beginning to make inroads to capitalize on the growing interest.
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A single LeBron James highlight NFT fetched more than $200,000.
Even celebrities like Snoop Dogg and Lindsay Lohan are jumping on the NFT bandwagon, releasing unique memories, artwork and moments as securitized NFTs.
How to Buy NFTs
If you’re keen to start your own NFT collection, you’ll need to acquire some key items:
First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies. You’ll likely need to purchase some cryptocurrency, like Ether, depending on what currencies your NFT provider accepts. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now.
You’ll then be able to move it from the exchange to your wallet of choice.
You’ll want to keep fees in mind as you research options.
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It’s absolutely a new business model for content creators.”
The eye-popping sums of money changing hands over NFTs have been hard to ignore. In the first half of the year, total NFT sales reached $2.5 billion, according to DappRadar, a research firm that tracks such transactions — and that tally ballooned to $4.2 billion in October 2021 alone. Much of that trading activity is transacted via volatile cryptocurrencies, and many buyers are presumed to be speculators betting that they can flip NFTs for a profit if they accrete in value.
Most media companies insist they’re not out to make a quick buck, however.
on Nov. 30 is launching the sale of 100,000 NFTs of “Matrix”-inspired avatars, each one as different as snowflakes. At $50 a pop, that could net a $5 million windfall out of the gate. But for the studio, the event is more about promoting the Dec.
Vuele plans to release another 27,500 copies of the movie (at prices TBD) and, in a bid to create artificial scarcity, that will be it.
“There’s something cool and cult-y about films that people want to own or collect,” says Rick Dugdale, CEO of Enderby and co-founder of Vuele. He says the initial 11 buyers were cinephiles or crypto enthusiasts who wanted to own a piece of history.
Adds Dugdale, “Not every film will work on the blockchain. But basically, we sold 11 DVDs for $100,000. It’s hard to not see that as a big success.”
To be sure, the rush into NFTs could represent a bubble, says Wedbush Securities equity analyst Daniel Ives.
The NFT community is instead governed by a code of trust that gives value back to users.
This makes it prone to all sorts of exploits, scams and hacks, something all innovations have to go through and address as they mature, Mr. Chong said.
Platforms like YouTube have been looking into features for video creators to capitalize on NFTs. Twitter now has a paid service where users can integrate NFT profile pictures by connecting their account to their Metamask wallet.
But artists looking to mint their works on the blockchain struggle with the newness of it all, Mr.
The urgent need to earn on the part of gamers becomes a driver to learn about the process.
“It was difficult at first, but the opportunities motivated me to research NFTs,” said Vector, the Axie Infinity scholar.
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Suddenly, everyone realized that there’s money to be made with Non-Fungible Tokens, and celebrities like Lil Pump, Lindsay Lohan and Paris Hilton started selling their own NFTs. Even Elon Musk tweeted about selling an NFT, but he eventually turned down all the offers.
Perhaps even more important than individual celebrities selling NFTs is the fact that many reputed companies are now launching their licensed NFT projects. The two best examples are NBA Top Shot and Sorare, which allow people to trade virtual baseball and football cards respectively.
Related: 3 Tips for Creatives Looking to Break Into the NFT Industry
The NFTs are getting more advanced and complex.
Currently, many companies are working on utilizing NFTs to create blockchain-based video games, which could make Non-Fungible Tokens even more popular.
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By Brönte H. Lacsamana,Reporter
AJ DIMARUCOT, 46, is one of a slew of Filipinos who use so-called non-fungible tokens (NFTs) to collect and sell digital art on the internet.
The Philippines ranked first out of 20 countries in terms of ownership of NFTs, which represent real-world objects such as art, music, in-game items and videos that are traded online, usually with cryptocurrency.
About a third of Filipino internet users claim to own these tokens, according to a December online survey by Australian information service provider Finder.
“Whether you’re a small or big artist, you immediately have a way to monetize your efforts and work using NFTs,” he said via Zoom.
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I love will, and why people want to live. That’s what art is about.”
In the summer of 2020, Langlois stumbled into the cryptoart scene, almost by accident. He had begun selling the occasional print online. A customer who bought a painting of his for $90 wrote to suggest that he issue an NFT on SuperRare. Langlois was dubious. “I was like, ‘This is a scam,’” he told me.
“ ‘This is not real. He’s trying to take my money.’” But after researching SuperRare online, he decided the site was legitimate, and he applied to list his art there, submitting several pieces and a video. He was admitted the next day.
Langlois had no idea what bids he should accept. What was his art worth? He asked Zack Yanger, SuperRare’s head of marketing. “He said: ‘You’re going to get bids for $60 or $600 and that will look like a lot.