A non-fungible token displayed on the website of NFT marketplace OpenSea is seen through a magnifying glass, in this illustration picture taken on Feb 28, 2022.The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it's looking ugly.
"The crypto bear market has definitely had an impact on the NFT space," said Gauthier Zuppinger, co-founder of NonFungible.com. For critics, the crash confirms the folly of buying such assets, tradable blockchain-based records linked to digital files such as images or videos, often artwork. Last month, GSR spent $500,000 on NFTs from what Bosc calls "blue-chip" collections - those with large online fan bases.
Yet the average sale price for a Bored Ape tumbled to around $110,000 in June, having halved since its January peak of $238,000, according to market tracker CryptoSlam. Some market watchers say the influence of NFTs on the art market will shrink. Meanwhile, even though the much-hyped vision for a blockchain-based metaverse hasn't materialised yet, enthusiasts expect NFTs to shake up the gaming industry, for example by allowing players to own in-game assets such as avatar skins.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NFT art creators take cover amid crypto crashA month before the May collapse of Terra Luna, Shavonne Wong – one of the bona fide NFT stars from Singapore – sold a collection of NFTs (non-fungible tokens) to a global fanbase in just one minute. The project, titled By Proxy, was in collaboration with hot young photographer Lenne Chai. It showed 60 images of a digitally sculpted schoolgirl...
Source: asiaonecom - 🏆 10. / 59 Read more »
Cryptoverse: The bonfire of the NFTsThe NFT dream isn't dead, but it's taken a big non-fungible beating.The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it's looking ugly. Monthly sales volume on the largest NFT ma
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
British army says its Twitter and YouTube accounts have been breachedLONDON : Britain's army said its Twitter and YouTube accounts had been breached on Sunday.As of 1800 GMT, the BritishArmy handle, which is verified by Twitter, had retweeted a number of posts promoting non-fungible tokens (NFTs) on its timeline. The army YouTube account had been renamed 'Ark Inves
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
NFT art creators take cover amid crypto crashA month before the May collapse of Terra Luna, Shavonne Wong – one of the bona fide NFT stars from Singapore – sold a collection of NFTs (non-fungible tokens) to a global fanbase in just one minute. The project, titled By Proxy, was in collaboration with hot young photographer Lenne Chai. It showed 60 images of a digitally sculpted schoolgirl...
Source: asiaonecom - 🏆 10. / 59 Read more »
China’s NFT industry agrees to ban cryptocurrency and fight speculationChina’s non-fungible token (NFT) industry has published a “self-discipline initiative” that promises identity checks for users, adherence to the country’s ban on cryptocurrencies and a promise not to establish secondary marketplaces to fight speculation. Platforms that sell digital collectibles, the term used in mainland China for NFTs that cannot be traded using cryptocurrency, “shall require real-name authentication of those who...
Source: asiaonecom - 🏆 10. / 59 Read more »