• About
  • Privacy Policy
  • Terms
  • Contact
Friday, January 27, 2023
Financial Eye News
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • VideosNew
No Result
View All Result
Financial Eye News
No Result
View All Result

Digital assets: in defence of NFTs

March 22, 2022
in Latest Financial News
Reading Time: 2 mins read
48 4
ADVERTISEMENT

Spending nearly half a million dollars on a cartoon monkey is precisely the sort of thing that celebrities with too much money might be expected to do.

Splashy deals for non-fungible tokens such as Eminem’s purchase of EminApe create hype. They also raise suspicion. NFTs have many of the hallmarks of a fad. At their worst they may act like a Ponzi scheme. But despite the excess around many projects, there could still be value in some of them.

One year after artist Beeple sold an NFT for $69mn the number available on marketplace OpenSea has reached 250mn, boosted by celebrity endorsements and interest from Silicon Valley venture capital, Facebook parent company Meta and music streaming platform Spotify.

This popularity does not make pricing straightforward. Best known for Bored Ape Yacht Club’s monkey profile pictures, NFTs are more like receipts or collectibles than art. They do not provide exclusive access to images, for example. If someone wants to look or take a screenshot they can. The NFT is a record of a transaction using blockchain technology that means it cannot be replicated or altered.

High prices for the cryptocurrencies used to trade NFTs helped drive the market up last year. Investors spent more than $44bn, according to data company Chainanalysis. Now prices are falling. This remains an unregulated market in which unscrupulous sellers can lift prices by bidding on their own NFTs. The ethereum network on which sales are recorded is notorious for high carbon emissions. And the market is concentrated. The two most valuable NFT collections, Bored Ape Yacht Club and Crypto Punks, are owned by one company, Yuga Labs.

What happens next depends on whether Yuga Labs and others can sustain public interest. Not all NFTs will survive. But recognisable brands could. Perks such as Bored Ape’s digital social club help. Moving into other areas of entertainment will add value to intellectual property. Yuga Labs is reported to be working on a project that could turn NFTs into gaming characters. The monetisation of digital assets is just getting started.

Source: Financial Times

ADVERTISEMENT
Share6Tweet4Share1SendShareSend

Related Posts

Latest Financial News

Oil tanker jam forms off Turkey after start of Russian oil cap

December 5, 2022
Latest Financial News

The west’s messy Russian oil price cap begins to bite

December 5, 2022
Latest Financial News

Coinbase bonds: FTX saga saps credibility of Wall St wannabe

December 5, 2022
Latest Financial News

Crypto group Circle abandons $9bn deal to go public through Bob Diamond’s Spac

December 5, 2022
Latest Financial News

Trafigura secures $3bn loan facility to provide Germany with natural gas

December 5, 2022
Latest Financial News

Market turmoil threatens to undermine efforts to curb inflation, says BIS

December 5, 2022

Popular Stories

  • AIG to launch cut-price IPO of life and asset management unit

    48 shares
    Share 19 Tweet 12
  • EY boss targets $10bn boost from Silicon Valley tie-ups after break-up

    32 shares
    Share 13 Tweet 8
  • Tesla delays plan to restore Shanghai output to pre-lockdown levels -memo

    32 shares
    Share 13 Tweet 8
  • TV production giant Banijay to go public via Arnault-backed Spac

    30 shares
    Share 12 Tweet 8
  • Nio to Invest $32.8M Building R&D Labs in Shanghai By Financial Eye

    30 shares
    Share 12 Tweet 8
ADVERTISEMENT

Latest News

Taylor Swift Fans Sue Ticketmaster’s Parent Company

December 5, 2022

Fisker trades down following price cut at Citi By Financial Eye

December 5, 2022

UAW president faces run-off election as reformers make gains

December 5, 2022

Felipe Valls, 89, Whose Cuban Restaurant Became a Political Hub, Dies

December 5, 2022

Longroad buys 98-MW solar farm in California

December 5, 2022
Facebook Twitter LinkedIn

Financial Eye is one of the most trusted news sources for Financial News, global news and local USA news, we provide the news from the most trusted sources.

LEARN MORE »

Recent News

  • Taylor Swift Fans Sue Ticketmaster’s Parent Company
  • Fisker trades down following price cut at Citi By Financial Eye
  • UAW president faces run-off election as reformers make gains

Sections

  • Business
  • Climate
  • Commodities
  • Companies
  • Cryptocurrency
  • Cryptocurrency
  • Forex
  • Green Energy
  • Latest Financial News
  • News
  • Politics
  • Stock Market News
  • Technology
  • Videos

© 2022 Financial Eye News Media

No Result
View All Result
  • Home
  • Markets
    • Stock Market News
    • Commodities
    • Forex
    • Renewables
  • Cryptocurrency
    • Ultimate Guide to Crypto
  • Business
    • News
    • Companies
    • Technology
    • Climate
    • Politics
  • Reports
    • Ultimate Guide to Crypto
  • Videos

© 2022 Financial Eye News Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Subscribe To Our Daily News Round-Up.

The top ten most-read stories direct to your inbox

You have Successfully Subscribed!

You have Successfully Subscribed!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.