Non-Fungible Tokens (NFTs) are gaining momentum in crypto, as reports confirm that over $100 million worth of crypto collectible NFTs were sold in the last 30 days.
What Happened: According to a tweet shared by Matt Huang, the CEO of crypto asset management firm Paradigm, NBA Top Shot sold over $63 million of these crypto-collectibles, followed by Hashmasks and CryptoPunks.
Over $100M+ in crypto collectibles (NFT) sales, last 30 days pic.twitter.com/72VTwc5Hg7
— Matt Huang (@matthuang) February 16, 2021
What It Means: NFTs represent a growing segment of the crypto economy that provides a way for commodities like digital art, gaming collectibles, and sometimes even real estate to be tokenized and monetized.
Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another and are non-interoperable.
Their distinct and verifiable nature makes them the perfect tool for artists and other creators to sell their work directly to global buyers without the need for an auction house/gallery that would normally retain most of the profits.
What Else: Recently, the NFT space has been heating up after interest from well-known celebrities like Mark Cuban and Lindsay Lohan.
Lohan recently sold her NFT artwork for 33 ETH, which amounted to $58,947 at the time of the sale, following in the footsteps of Cuban, who sold an NFT collection called “The RollUp 2021” on Rarible earlier this year.
Although this appears to be a large amount of money for a digital collectible, it pales compared to Justin Roiland’s NFT that sold for over $1 million worth of ETH.
Roiland, who is best known for co-creating cartoon series Rick and Morty, released his NFT titled “The Best I Could Do” on NFT auction house Nifty Gateway last month.
After securing $275,000 within the first minutes of the auction, the sale ended with a $1 million record for the artist. According to Nifty Gateway, proceeds from the sale will go to Los Angeles homeless encampments.
Image: Anabela Rea via Medium
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