In addition to digital art objects, non-fungible tokens can be tied to other objects, such as real estate, stock offering, and legal contract.
The NFT Boom
Early last year, the crypto market saw a boom in the popularity of non-fungible tokens (NFTs). By the end of 2022, an entire NFT ecosystem would have formed. The growth in trading volume on one of the largest NFT marketplaces, OpenSea is proof of this. In mid-January, the platform’s trading volume hit an all-time high, surpassing $3.5 billion.
Currently, you can find a large number of digital art objects in the form of NFTs on OpenSea, but this is not the only application of non-fungible token technology.
The essence of NFT tokens is that they are unique and do not lend themselves to splitting. These tokens are used to confirm ownership of the item, as they cannot be replaced without the owner’s consent. Thus, any virtual or physical object can be linked to NFT. We have put together a selection of the most unusual NFT tokens.
Former Twitter CEO and founder Jack Dorsey put the first post on the social network up for sale and it was purchased for $2.9 million. The new owner of the tweet is Bridge Oracle founder Sina Estavi.
Last summer, the Coca-Cola Company presented the NFT collection for the International Day of Friendship, which is celebrated on July 30. Token buyers had access to the “friendship box” (a box stylized as a soda machine) that can distribute virtual collectibles at random.
January 17 sales of Quentin Tarantino’s NFTs based on the film ” Pulp Fiction “ have started. The director will sell seven outtakes from the film, the original handwritten screenplay, and his own audio commentary.
Previously, due to the NFT broadcast, film company Miramax filed a lawsuit against Tarantino, accusing the director of breach of contract, copyright and unfair competition. Tarantino’s attorney Brian Friedman has denied all charges and said his client has the right to issue non-fungible tokens based on ” Pulp Fiction “.
Last April, director and comic book writer Kevin Smith sold his new horror film “Killroy Was Here” in the form of NFTs. The token buyer will have the rights to display and distribute the image.
Last March, the investor Ivan Malpica placed on the site shabby an NFT token linked to a 50% stake in a residential building located at 5828 Avenue Wise in Saint-Louis.
The investor planned to solve all the legal issues related to the ownership of the house by setting up a limited liability company. According to him, a contract will be established with the buyer of the token, involving the joint ownership of the real estate with equal shares of 50%.
In November 2021, the singer of the group “Ruki Vverh! (“Hands Up!”) Sergey Zhukov, together with the music label Warner Music Russia and the market Binance NFTs, released a series of non-fungible tokens in honor of the band’s 25th anniversary.
The collection includes the NFT token on the contract, which bans Sergey Zhukov for life from performing the song “Student”. The cost of the lot is 20 million rubles.
As you can see, more and more everyday art and goods are appearing in the form of NFTs. Without a doubt, the industry is growing and evolving every day. That said, we suggest you stay on Cointribune so you don’t miss any NFT news!
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The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you as much pleasure while reading me!