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The auction will be held on Foundation, a platform for digital art, and will last for 24 hours. It is open to all. Proceeds from the sale, after auction fees, transaction costs and tax liabilities*, will go to The Economist Educational Foundation, an independent charity that helps students learn about current affairs. As well as raising money for a good cause, we hope that the auction will be educational, both for us and our readers. The world of DeFi has the potential to make economic activity more efficient, transparent and fair. But it also comes with risks.

The Economist’s auction is a leap into a frothy market. The total value of NFTs issued on the Ethereum blockchain is $14.3bn, according to DappRadar, a blockchain research company. CryptoKitties, unique digital animals that can be bred and sold, were one of the first tokens to generate large volumes of activity.

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A short 10-second video that he created sold for $6.6 million at the beginning of 2021.The Most Expensive NFT Meme Was $4 Million

Doge, which is a specific breed of hunting dog from Japan, is one of the most well-known memes. It is also the most valuable NFT meme, after it was sold for more than $4 million.

Most NFTs Sell for Less than $200

At this point, you might have stars in your eyes reading NFT statistics like this, but the reality is that when it comes to the world of NFTs, it’s harder to make money from your artwork then you might think.

Yes, there are a number of NFTs out there that have sold for millions of dollars, but the reality is that the average selling price is a lot less.

Nft graphic designer

The Economist also reserves the right to deduct any transaction costs associated with issuing the NFT from the ultimate funds donated to TEEF.

The Terms of Service and Privacy Policy that apply to the Foundation platform are incorporated by reference into the sale process for the NFT. By participating in the auction, you agree to, and acknowledge, these terms.

The buyer of the NFT will have the right to use, publicly display and copy the NFT for personal, non-commercial use and the right to re-sell the NFT.
The buyer of the NFT will have no right to license, commercially exploit or prepare derivative works of the NFT or the artwork therein (the exact scope the buyer’s rights are set out in the Terms of Service).

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What’s amazing about this is that it was only valued at $15 million.Trading Volume of NFTs Added Almost $11 Billion in Q3

In 2021, the third quarter was a huge quarter for NFT trading. According to statistics, the trading volume for this specific period reached over $10 billion.

This means that it increased by more than 700% from the previous quarter.
The trading volume in August alone surged to more than $5 billion making it a record-breaking month.

People Who are Most Interested in NFTs are From Singapore and China

According to NFT statistics, people from Singapore and China are currently the most interested in selling and trading NFTs. In third spot is Venezuela, and what’s really interesting is that America isn’t even in the top ten.

The Most Expensive NFT Video was $7 Million

Beeple has created three of the 10 most valuable NFTs ever sold.

Nft graphic design

Aside from supporting the artist and offering full ownership, NFTs can also be a means of transferring wealth.

Of course, the most important aspect is knowing how to choose the right NFTs.

CryptoPunks and CryptoKitties are some of the most profitable NFTs now, but getting some rare ones might cost you millions of dollars. While there are numerous opportunities out there, you need to carefully choose to invest in the right NFTs.

Randomly investing in NFTs would be wasteful because the NFT marketplace isn’t as liquid as the crypto market. Selling cryptocurrencies is near-instant on numerous crypto exchanges, but selling a random NFT is a different story.

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Similar relationships hold when buying and selling behaviours are considered separately (see “SI”).

Secondly, we turn to properties of the network links, describing interactions between pairs of traders. We find that the distribution of link weights is well characterized by a power law distribution, with the top 10% of buyer–seller pairs contributing to the total number of transactions as much as the remaining 90% (see “SI”).
An interesting question is whether traders connect preferentially to traders that have similar strength. We tackle this question by studying the assortativity coefficient r28, that measures the correlation between the sum of the weights of all outgoing links (the outgoing strength) of a given node with the average sum of the weights of incoming links (the incoming strength) of its neighbours.

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You can also find the wallet addresses of the top buyers and sellers.

Premium users can also access the detailed pages for each NFT collection, which includes price charts and history for each NFT in that collection. Moreover, premium accounts have access to the trading history for each wallet address listed under buyer and seller.

6.

NFTBank

NFT investors will be pleased to know about NFTBank, a powerful NFT tool that can provide instant insights on investments. The information provided covers ROI, activity, and spending, among other things.
NFT Bank is one of the best NFT tools to use for managing your NFT portfolio.

NFTBank highlights

According to NFTBank, investors who use their platform find NFT investment opportunities ten times faster than others.

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What Is the Energy Usage of NFTs?

Have you ever thought about the power consumption of your favorite crypto?

Digiconomist.net project that one Ethereum transaction expends about 120kWh of energy, which is just over four days’ worth for an average U.S household!

With so many NFT sales relying on the Ethereum blockchain and there being thousands each day, it’s easy to see how much electricity cryptocurrency can use in one year – more than $6 billion annually, according to Greenpeace International Research Director Gary Cook.

Although some companies like Decentraland are looking into alternative methods such as Proof-of-Stake (PoS), this isn’t enough yet because PoW still dominates at 50%+.

The Ethereum Foundation is working on a proof-of-stake model to reduce the energy per transaction.

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We find that the assortativity, which takes value \(r=-0.024\), is close to the null value zero, implying that traders do not connect to other traders based on the similarity of their connection patterns.

Finally, we focus on the network structure. Building upon the result that traders are specialized, we assign each trader to their top collection, and we study the modularity29 of the network under this partition of nodes.

The modularity is a metric bounded between \(-0.5\) and 1, which is positive when the density of links among nodes assigned to the same partition is larger than it would be expected by chance. We find that the modularity Q of the collections partition is \(Q = 0.613\), significantly higher than what expected from a random network \(Q = 0.0823 \pm 0.0001\) (see “SI”).

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Non-fungible tokens (NFTs) are a concept that is still confusing to many, yet it keeps soaring in value and growing rapidly in popularity.

In 2021, the average prices of NFTs rose tremendously, attracting the interest of thousands of investors to these unique digital assets.

Most buyers are speculators who hope to buy these assets early and sell for a profit in the future. If you are an artist or investor who wishes to get into NFTs, you need to understand its impact in the world of digital assets.

Here are some statistics and facts about NFTs projects and markets you should know.

General NFT Market Overview Statistics

1.

The first NFT was minted in 2014.

(Alternative Press)

Statistics show that the first NFT was minted in 2014, about five years after Bitcoin was created.

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