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Is the Latest NFT Price Record a Fluke?

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Is the Latest NFT Price Record a Fluke?

Is the Latest NFT Price Record a Fluke?
Can NFT Technology Expand Beyond Digital Apes and Punks? – The New Stack
Photo by News Track

We’ve all been wondering if the latest NFT price record is just a fluke, but there’s plenty of evidence to support either view. The recent auction of Everydays The First 5000 Days, by Beeple, sold for a record $69.3 million through Christies, but NFTs have been selling for high prices for some time. This article from Artnet lists the top 10 most expensive NFT artworks. Even before the crypto currency craze, digital art was selling for a lot of money. “Storm Sequence” by Shaun Gladwell, a 7-minute video, sold for $84,000 at Sotheby’s in 2007. The video was also sold as a DVD.

Related: Why Cryptocurrency Crashed?

Irene Zhao

Irene Zhao has been making headlines this year for her successful nFT project, but is the success of the cryptocurrency project a fluke? Despite her seemingly successful campaign, many people wonder if the IreneDAO project was actually worth 23 million ringgit. Zhao said she made RM1.3 million from the project, and the rest of the money is now in her community’s hands. While Zhao’s nFT collection is certainly a hit, it’s important to understand the underlying reason behind its success.

Despite her lack of marketing expertise, Zhao’s NFT project is a dazzling example of a social experiment in blockchain technology. In the past, influencers have stoked the stock market through pump-and-dump schemes. Zhao’s campaign has been different. It has a unique model that allows fans to invest in content creators’ works. In a way, the NFT phenomenon is similar to the rise of a popular craze in Japan.

The IreneDAO project is dedicated to Irene Zhao, a popular YouTuber. The NFTs are unique tokenized stickers of Irene Zhao’s photos, which represent participation. Its launch on OpenSea on the previous Friday created a whirlwind of excitement and hype. The price of IreneDAO immediately skyrocketed, sparking several scam alerts.

NFT is fluke

Bored Lion Apes

The world has been fascinated by apes for decades, and the latest craze is the rise of the “Bored Lion Ape”. Unlike the human race, the apes have evolved to be incredibly social and socially conscious. Some ape owners are so dedicated to their apes that they even have a Twitter account dedicated to them. They call it “Jenkins the Ape,” and their account is full of interesting stories about their apes. The fact that Jenkins is the cheapest ape in their collection only makes his story all the more compelling. It’s a classic “rise of the underdog” story.

Sotheby's hosts first NFT exhibition in Saudi Arabia | Arab News
Photo by Arab News

While a few years ago there were a few examples of these rare animals, today there are thousands of similar specimens available. They all have their own characteristics, and a few are rarer than others. Because of their rarity, Bored Apes are increasingly valuable as a status symbol. However, it’s important to remember that the more expensive the Bored Ape is, the more people are interested in buying it. Despite the popularity of Bored Lion Apes, they are not the first NFT collection.

NFT - Climate-Positive Crypto Art | 🇩🇪Professional Photogr… | Flickr

The new art is a result of the process of capturing the apes’ unique characteristics. The process of creating these unique Apes is a complicated one. Because each one is unique, the cost of an Ape is significantly higher than the price of the equivalent membership to the Yacht Club. It’s also difficult to find a similar piece of art in another species. In addition to being unique, the Bored Apes come with commercial use rights, meaning that they can be resold for profit or created into spinoff products based on the art.

Sina Estavi

If you’ve read Jack Dorsey’s first tweet, you probably know that you can buy his non-fungible token (NFT) for over $3 million. Now, that same Italian Crypto entrepreneur is trying to sell that NFT for $50 million. Last week, he suggested that he’d like to sell it for $50 million and donate half of the money to charity. He also listed the NFT for sale on OpenSea, the largest marketplace for non-fungible tokens. The top bidder proposed about $2.9 million, or 4.2 ether (ETH) – but that wasn’t enough.

While Estavi is currently living in Malaysia, he was arrested in Iran in May 2017 and held in solitary confinement until February. Iranian state media reported in May 2021 that he was charged with disrupting the country’s economic system. He has since said that the arrest was a result of the growth of crypto exchanges, and that he is a victim of crypto. Then, on April 6, he announced the sale of his NFT, pledged to donate 50% of the proceeds to charity.

Since then, the price of NFTs has never reached its high of last summer, which could mean that the arrest of the Iranian crypto entrepreneur was a fluke. In the meantime, Estavi is rebuilding the Bridge Oracle project on a different blockchain, hoping to appeal to the buyers who had purchased his NFTs early on. However, the sale trend has not reached its peak from last summer, but that could change as blockchain metaverses grow and more brands seek a marketing goldmine.

IreneDAO

Cryptocurrency influencers and celebrities have been buying IreneDAO NFTs to promote their projects. The cheapest IreneDAO NFT is 0.94 Ethereum and has sold for over $280,000. The same influencers and celebrities have also invested in other cryptocurrency projects. In fact, Galaxy Digital CEO Mike Novogratz and YouTuber Logan Paul both invested in IreneDAO. Both are part of the “So-Col” decentralised social network, which is used to monetize content and build communities.

IreneDAO NFTs are limited sets of pictures tied to tokens on the Ethereum blockchain. They grant access to an investment club based on cryptocurrency called the DAO. These NFTs feature images of influential crypto influencer Yuqing Irene Zhao, as well as a number of popular crypto slogans. The NFTs double as membership to IreneDAO’s Genesis Tribe.

Tokenization of these NFTs can be a good idea if a person’s wallet has a cryptocurrency, and is compatible with a cryptocurrency exchange. The ‘So-Cal’ platform aims to help creators monetize their fan base. The project was founded after Zhao decided to mint a Telegram sticker pack for her fans. After a fan suggested it, Irene turned the stickers into NFTs.

While IreneDAO NFTs may be a fluke, it is indicative of the ability of crypto to leverage hype. The first time the IreneDAO NFT became mainstream, it was announced before NFTs became mainstream. Likewise, the rise of the “Stan culture” has allowed parasocial relationships to exist between influencers and fans. Fandoms can be exploited without permission of the influencer.

Blockchain technology

The rise of non-fungible tokens, or NFTs, has shocked the art world. Since the auction of the Beeple painting at Christie’s for $69 million, art galleries, museums, and dealers alike have been scrambling to understand the technology. The resulting confusion has led to some to question whether blockchain technology and NFTs are truly a game-changing innovation or simply a fluke.

One thing to keep in mind, though, is that this is a new technology and the rise of NFTs is no fluke. The original Blockchain tech is mostly used for a digital ledger, not an actual cryptocurrency. However, some companies are starting to use the Blockchain tech for simple certificates of authenticity. A good example of an NFT that combines Blockchain and digital art is ShoeFy, which offers both DeFi and utility for owners of the art.

As NFTs have been around since 2014, they have become a popular way to buy digital artwork. The Forbes article cited above indicates that NFTs are a burgeoning market for digital artwork, with $174 million spent since November 2017 alone. In fact, many NFTs are unique pieces of art, with a unique identifier code, creating a digital scarcity. As most digital creations are infinitely produced, the creation of a unique NFT should raise the price of a given piece of art.

Blockchain technology gives gaming achievements real value

With its decentralized philosophy, blockchain technology gives gamers a sense of control over their games. It introduces uniqueness and ownership in a digital environment, and grants gamers real value for their virtual achievements. This technology can redefine the antiquated notions of digital rights and rewards, and give gamers a more satisfying experience in online games. In addition, gamers will gain more control over their in-game assets and enjoy real-world rewards for the time, skill, and money they spend earning them.

One example of blockchain technology’s impact on gaming is asset tokenization. Asset tokenization uses a blockchain to create digital representations of assets like game characters, weapons, and skins. As gamers purchase these digital assets, they become owners of those assets. This way, gamers can track their usage and verify the authenticity of these digital assets. It’s a great way to promote a game’s popularity and encourage monetization.

One advantage of using blockchain is that blockchain games don’t need a large player base to gain real value. Instead, they’re funded by a community of gamers and have increasing value over time. For this reason, it is important not to measure the “fun factor” of a game in terms of numbers. Traditional video games have massive player numbers, but low spending. With blockchain games, the metrics are appropriate for the game’s value.

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