The non-fungible token sector is booming during a time when the cryptocurrency market is consolidating along sideways, as NFT projects, platforms, and marketplaces allow adoption of digital collectibles to increase.
As a result, the NFT market generated over $2.5 billion so far this year – up over 180 times from the same period a year ago – up over 180 times from the second quarter of this year.
Our roundup in this issue will examine the latest NFT developments, as well as what the community can expect in the coming weeks and months.
1. Crypto.com continues to partner with NFT platforms
Wallet, exchange, and crypto Visa card provider Crypto.com recently introduced Crypto.com NFT platform to collect and trade NFTs curated from the worlds of art, design, entertainment, and sports.
Crypto.com has become the first-ever official crypto platform partner of UFC as part of the development of the NFT platform. Crypto sponsorships have previously been launched with Formula 1, and with NHL’s Montreal Canadiens and Vegas Golden Knights, the Argentine Football Association (AFA), and the top Italian football league, Serie A. Both these deals have been firsts for crypto.
Nevertheless, the market doesn’t just feature sports NFTs; others include Snoop Dogg, Lionel Richie, and others. Recent announcements from the world’s most prominent crypto exchange include the ability to withdraw NFTs collected on the exchange’s chain.
2. Wine investment gets a boost from WiV’s NFTs
Using blockchain technology, WiV is creating an innovative wine investment approach and modernizing wine industry ecosystem with NFTs. With WiV, vineyards can connect with investors earlier on in the winemaking process, enabling new products to be created.
NFTs can be purchased by investors for bottles and cases of fine wine. These NFTs can then be traded internationally on highly liquid platforms, such as OpenSea, facilitating faster trading at a lower cost. Previously, wineries in a few select countries had access to the market; now it’s open to wineries worldwide, as well as to new types of investors.
3. NFT to be minted as Copa America Trophy
The Copa America trophy was created as a limited edition NFT by CONMEBOL, the governing body of South American football, in commemoration of the recent 47th tournament. Argentina lost 1-0 to Brazil in the final of the most recent major event in South American international football. As well as the NFT, four other collectibles befitting both teams, Argentina’s Lionel Messi, and the tournament’s top scorer will also be released.
The Copa America NFTs are Ethernity’s latest application of its digital collectibles technology. In addition, the country has partnered with the U.S. State Department to commemorate Muhammad Ali and Joe Frazier’s ‘Fight of the Century’, which occurred 50 years ago. A new NFT token will be released by Space Force as an interactive augmented reality token.
4. Artists Create Non-Fixable Tissues for Valueart
From July 22, Valuart will begin auctioning NFT pieces created by well-known artists. Valueart will create a digital original based on the authenticity certificate of a physical artwork. Validart tokenizes the authenticity certificate of a physical artwork.
Banksy’s “Spike” is the first piece to be auctioned at Valuart. The CGI original of the piece was created by Valuart based on the original masterpiece, which depicts Spike drifting through space before returning to Earth as a non-fungible token.
On October 22, Valueart plans to launch an NFT drop of the “Mantum and the Stole” created by Stefano Zanella and worn by Pope John Paul II on the night of 24 December 1999 at the opening of the Holy Door of the Vatican Basilica.
5. Flash Loans are now available on NFT Marketplace
In addition to selling and buying in-game items, digital art, and domain names, Hoard offers a blockchain-integrated marketplace for users to trade, buy, sell and rent NFTs. Hoard has most recently enhanced its platform with flash loans. The concept of flash loans allows users to borrow crypto funds from a pool of smart contracts without having to provide collateral, so long as both the borrowed and repaid assets are included in the same transaction on Ethereum.
Hoard flash loans offer many uses outside of the NFT marketplace, including arbitrage opportunities, loan collateral swaps, and self-liquidation. The fees on Hoard flash loans are very low at just 0.02%.
6. NFT Creators Get No-Code Multi-Chain Solutions from Unifty
We provide a multichain decentralized infrastructure platform that focuses on the creator economy within the NFT space that lets users buy, sell, swap, and create NFTs in a matter of minutes without coding skills.
The Unifty marketplace has already spread beyond Ethereum’s ecosystem to include xDAI, Binance Smart Chain, Avalanche, Celo, Moonbeam, and Polygon. It plans on further extending its reach to Polkadot and Solana. The Unifty NFT bridge provides interoperability between these networks thereby contributing to the ease-of-use and ease-of-access proposition that is helping to realize the potential of the NFT creator economy.
7. Introducing the full Stack NFT and Defi Platform from Spores
A new platform named Spores allows users to combine NFTs with Defi by issuing NFTs, auctioning assets, decentralizing NFT trading, and accessing the broader Defi market without limitations, opening up a few unique capabilities as a result.
Transaction mining through gamification rewards users, creators, and traders through sharing royalties during the NFT lifecycle. The use of multiple NFTs to enhance overall liquidity through mining, lending, and staking is possible at DEX LP. In addition, bundles of NFTs can be created and transferred simultaneously at minimal fees, and they can be swapped and wrapped across major blockchains to eliminate fragmentation.
8. A 100,000 user milestone is reached by NFT card game Splinterlands
Splinterlands, a NFT trading card game ecosystem, reported over 600,000 transactions on the Hive blockchain per day, reaching another significant milestone in real-world adoption. A limited reward pool of in-game cryptocurrency and scarce NFTs are available to Splinterlands players.
In a way, this is the latest milestone that shows that the gaming industry and social networks have synergistic effects. Playing Splinterlands creates real value through gameplay which increases player retention and engagement since the NFT cards collected are accumulating value over time and can be traded or rented out, thus facilitating a play-to-earn experience.
NFT Platforms in the Future
As a result of these new NFT projects and platforms, more fans and collectors are discovering the new world of digital collectibles, which in turn leads to a wider awareness of cryptocurrency. NFTs will need to fully decentralize if they wish to thrive in the future and be true to crypto. The actual NFT files, which are currently stored on centralized servers every day, are often censored and exposed to single points of failure due to the way ownership and authentication is managed.
With NFT platforms considering distributed network solutions like Bluzelle, NFT files can be distributed in a secure, always-available, and censorship-resistant fashion, delivering a decentralized NFT future.