NFTs have become one of the most polarizing forms of investment in recent years, and those who were skeptical about them were up to something. The new study by dappGambl took a look at tens of thousands of NFTs, only to find out that 95% of them are essentially worthless now. NFT, aka, non-fungible tokens […]
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]]>NFTs have become one of the most polarizing forms of investment in recent years, and those who were skeptical about them were up to something. The new study by dappGambl took a look at tens of thousands of NFTs, only to find out that 95% of them are essentially worthless now.
NFT, aka, non-fungible tokens became all the rage in 2021 and saw nearly $2.8 billion monthly trading volume in August that year. These crypto assets were used to certify ownership and authenticity of digital files, including images and videos, and they’ve attracted everyone from celebrities to billionaires.
Despite their huge popularity at one point in time, the NFTs faced a lot of criticism from the get-go. Due to their association with blockchain, NFTs caused environmental concerns because of the carbon footprint they’ve left behind, in addition to being used in art scams and being characterized as speculative investments with no real value.
The NFT critics had their hearts in the right place, and dappGambl’s new study came to a conclusion that NFTs have a weekly traded value of around $80 million in July 2023, according to the data they’ve collected from NFT Scan and CoinMarketCap.
They came to the conclusion that 95% of the NFTs analyzed are practically worthless now, while the remaining 5% mostly plummeted in value. Less than 1% of these NFTs boast a price tag of over $6,000, proving that high-value assets are a true rarity in the NFT world.
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TikTok is teaming up with artists to release an NFT (non-fungible tokens) collection titled “TikTok Moments” and Lil Nas X will be the first artist dropping them. The collection will feature six TikTok videos as one-of-a-kind NFTs as well as a series of limited-edition NFTs inspired by cultural moments from the platform. So how do […]
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]]>TikTok is teaming up with artists to release an NFT (non-fungible tokens) collection titled “TikTok Moments” and Lil Nas X will be the first artist dropping them. The collection will feature six TikTok videos as one-of-a-kind NFTs as well as a series of limited-edition NFTs inspired by cultural moments from the platform. So how do the NFTs work?
TikTok will be auctioning tokens weekly in October with the proceeds going to the creators and NFT artists involved. Lil Nas X will be the first creator to launch one-of-a-kind and limited-edition TikTok NFTs with artist Rudy Willingham. They will feature Willingham’s viral stop-motion video of the artist’s “Montero (Call Me By Your Name)” with each of the 81 frames having Willingham’s signature cutouts, photographed against a background that “reflects a different part of [Lil Nas X’s] genius,” according to TikTok.
Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante, and Gary Vaynerchuk, who are partnering with NFT artists including Coin Artist, x0r, RTFKT, and Grimes, are also releasing TikTok NFTs.
“As the creator economy continues to grow, we’re continually looking for new and differentiated ways to support our creators,” said Nick Tran, TikTok’s global head of marketing via Variety. “Now, fans can own a moment on TikTok that helped shape the internet while supporting some of their favorite creators.”
Lil Nas X’s will be released on October 6.
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]]>You’ve probably been hearing a lot of the term “NFT” lately. And if you’re like a lot of people, you’re probably pretty confused about what you’re hearing. From what you can gather, it’s something confusing having to do with art, cryptocurrency, auctions, and celebrities… huh?? So in this article, we’re going to break down NFTs […]
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]]>You’ve probably been hearing a lot of the term “NFT” lately. And if you’re like a lot of people, you’re probably pretty confused about what you’re hearing. From what you can gather, it’s something confusing having to do with art, cryptocurrency, auctions, and celebrities… huh??
So in this article, we’re going to break down NFTs for you.
NFTs, which stands for non-fungible tokens, are unique digital assets. They exist on the blockchain, which is basically a recording system that is very difficult to hack. That’s why it’s used as the basis for cryptocurrencies like bitcoin.
At any rate, artists basically have started using NFTs like digital certificates of authenticity, so that people can be sure that they have an authentic and original copy of something when they buy it online.
When an artist like Grimes, Shawn Mendes, or even the David after the dentist meme kid “auction off an NFT,” it means that they’re basically selling a verified version of something they’ve made.
Now, why is it so controversial? Well, because NFT trading requires a lot of computer processing power to do, they use up a lot of energy, making them pretty bad for the environment. The estimate is that on average, a single NFT is responsible for about 90 kilograms of CO2 — the equivalent of an hour of international commercial jet flight.
And that’s the 101 on NFTs.
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