![]() ![]() Hall said that Larva Labs doesn't take any fees from users of its marketplace - though they pay blockchain processing fees. "What NFTs offer are a formalization of digital ownership, and a way for that ownership to be permanent beyond the life of any one company, game or platform." ![]() "The billions spent on Fortnite skins point to the importance of our online lives and personas, and how valuable they are to people," Matt Hall, co-founder of Larva Labs, told CNBC. It's working on a digital collectibles game based on the UFC mixed martial arts league and has also attracted the backing of Warner Music to develop NFTs for music fans. NBA Top Shot now has over 100,000 active collectors and has made $215 million in sales to date, Tedman said. "NFTs are here to stay," Caty Tedman, head of partnerships at Dapper Labs, who spearheaded the NBA Top Shot project, told CNBC. Still, the firms behind these tokens don't think it's a fad. "I wouldn't be surprised if we go through another entire bull market and bear market," Rennekamp added. But there was just too much risk when the market dropped and it was embarrassing to be involved in NFTs when the prices dropped." Every blue chip artist was considering it. #Non fungible tokens examples software#"We had a very similar moment in 2017," Billy Rennekamp, lead developer at blockchain software firm Cosmos, told CNBC. There are some parallels with the ICO frenzy - for example, celebrities like Lindsay Lohan and Mark Cuban have recently sold NFTs. Barely any of the ICO projects exist today, and some even defrauded investors out of millions of dollars. It's reminded some investors of the initial coin offering, or ICO, bubble in 2017, when multiple start-ups issued new digital tokens to raise money. The surge in prices of these virtual items has led to fears of a repeat of speculative crypto mania. But sales can be volatile - NBA Top Shot and CryptoPunks trades have dropped in the last 24 hours, according to NFT data tracker CryptoSlam. "These are people who have amassed reputation and wealth and want to invest it in purely virtual assets like NFTs."Īn NBA Top Shot video highlight featuring LeBron James recently sold for a record $208,000. "We're seeing a new generation of traders within the NFT market people who are digitally native looking for digital native asset classes outside of established asset markets," Ivanova said. The number of digital wallets trading them almost doubled to over 222,179, while some traders were able to make profits of over $100,000. The total value of NFT transactions quadrupled to $250 million last year, according to a study from NonFungible and L'Atelier. "It's allowing content creators to actually own the property rights for what they create, which allows them to profit from it in different ways which they can't do with physical art," she told CNBC, adding that crypto art is the strongest growing subsection of the digital collectibles market. Musicians have struggled to profit from their work in the digital age, and Ivanova says some are turning to NFTs to prove ownership of their work and find an additional source of revenue. Nadya Ivanova, chief operating officer of BNP Paribas-affiliated research firm L'Atelier, says collectible digital assets can be thought of as a better version of an MP3 file. Beyond art and sports, people have also found uses for NFTs in virtual real estate and gaming. They're stored in digital wallets as collectors' items. Crypto investors say NFTs derive their value from how scarce they are. The difference with bitcoin and other tokens, though, is that each NFT is unique and can't be replicated. ![]()
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