As digital art passes a moment after Beeple’s shocking $ 69 million sale of an NFT-backed coin earlier this month, imitators hoping to cash in might want to focus on the tokens themselves instead. than on collectibles.
Since “Everyday: The First 5,000 Days” set its sales record, the prices of dozens of non-fungible tokens that track ownership and the selling prices of digital art have surged – multiplying the market by nearly 10 to reach $ 20 billion, according to crypto data tracker CoinMarketCap.com. It even eclipses Bitcoin’s meteoric rise in recent months.
The surge comes even as observers wonder if NFTs, which are also used to monitor the number of existing copies through unique identifiers, are the inevitable evolution of the collectibles market or the last stage of a growing speculative bubble. Several apps and websites now even offer NFT guaranteed loans.
“NFTs are a useful idea that will survive, but the current commercial craze and extensions like lending are likely to wear off soon,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion.
This is not a scenario that coin investors bet on. Theta Token, used to validate transactions on the corresponding namesake network, has quadrupled this year to a market value of $ 10 billion. The project, which focuses on peer-to-peer video streaming, plans to allow entertainment companies to broadcast NFTs, such as “a piece classic characters of all time or moments from their favorite shows and movies or part of an upcoming blockbuster, ”depending on the project.
Chiliz, a token for buying fan tokens which in turn can be used to vote in polls for sports clubs like FC Barcelona, has seen its value increase 23 times since the start of the year to reach 3 billion dollars. He recently announced his intention to launch NFTs with professional sports teams, so that users can purchase these items with Chiliz coins.
Then there are also tokens that provide a way to own NFTs: Whale, which is backed by a wallet containing thousands of NFTs, allows users to “rent” NFTs from the collection and purchase digital swag. exclusive or even pool NFTs. This coin has doubled since mid-February, a godsend for its creator and biggest holder, who passes Whale shark.
“People are looking for exposure to NFTs and investing in platforms, specific purpose NFT tokens as well as asset-based tokens are a way to enter the space without having to hold specific NFTs,” he said. declared WhaleShark.
The problem is, coins like Whale are very illiquid. Its 24-hour trading volume is around $ 1 million, despite having a market value of $ 214 million.
Lenders are also starting to issue loans guaranteed by NFTs, which essentially allow homeowners to use their NFTs as collateral. Stani Kulechov, managing director of liquidity software provider Aave, expects this market to reach $ 50 billion by the end of the year. The NFTfi project, which has been around since last summer, has generated around $ 1.8 million in loans, with collateral such as virtual chats from CryptoKitties and plots in the virtual world of Decentraland.
“The loans guaranteed by NFT bring additional liquidity to the notoriously illiquid NFT markets,” said Stephen Young, managing director of NFTfi. “Our users have done everything from covering margin calls to paying rent, while going through tough financial times.”
Yet he Noted, default rates range from 10% to 30%, but lenders are not complaining about the surge in demand.
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