March 2021 will forever be remembered as the month that NFTs went kaboom, bursting into the mainstream when Beeple’s Everydays: the First 5000 Days sold to crypto entrepreneur Metakovan for $69.3 million. Suddenly, the art world was noticing and, overnight, NFTs became the mostly hotly debated subject of the year.
Crypto law commentator Brian Fyre interprets the draft bill as treating blue-chip NFT PFP collections like Bored Apes as securities.
The European Union’s landmark and now-finalized Markets in Crypto Assets (MiCA) draft legislation asserts that NFTs sold as components of large collections possess little to no distinctively unique qualities or utility, and, therefore, would be subject to the same regulatory scrutiny as cryptocurrencies, according to a leaked draft of the legislation obtained by Decrypt.
The crypto market has seen an enormous increase in its capital over the last decade. However, its capital increased significantly in the last four years. It has become one of the fast-growing markets in the world. NFTs royalty has played a crucial role in this. With the advent of NFTs, new investors, project owners, and creators are coming to the market, and the market is growing daily. Many believe that the future of crypto is NFT.
There is a long list of new tokens with names in poor taste such as Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down and Rip Queen Elizabeth.
Crypto degens have wasted no time after the passing of Queen Elizabeth II, flooding the crypto market with more than 40 new Queen-related meme tokens, and hundreds of new nonfungible tokens (NFTs) in the same vein.
Not every digital artwork needs to be an NFT. After all, NFTs can already do so much more.
I had a realization recently while wandering through the Musée Matisse in Nice, France, where I went to see a temporary exhibit on David Hockney.
If you’re not familiar, Hockney is considered one of the most influential living modern British artists. His 1972 work “Portrait of an Artist (Pool with Two Figures)” sold at Christie’s auction house in 2018 and broke the auction house record at $90 million (a record broken the following year by Jeff Koons’ “Rabbit,” which sold for $91 million).
With AI text-to-image generators now rolling out for public use, a flood of people will inevitably begin creating NFTs from this easy-to-use artistic medium to try to cash-grab some “easy money,” which may make minting AI art NFTs not worth the effort. But, of course, this also depends on the artist’s reason for doing so and will be influenced by their branding and the market’s attitude toward AI-generated art NFTs.
With cryptocurrencies, blockchain technology has spawned an entirely new kind of investment. Non-fungible tokens, or NFTs, are another popular investment that gained popularity in the year 2021 thanks to blockchain. People are starting to embrace NFTs ever since they’ve been officially accepted and regulated in the financial sector. These tokens are becoming more and more valuable, and more people have begun to acquire them solely for trading on exchanges.
The fashion world has gone for NFTs in a big way. Yes, skeptics may continue to claim that NFTs are “useless,” yet fashion houses seem not to have received the memo, since a growing number of them have begun offering those tokens of ownership as part of their collections and product lines.
In fact, the roster of fashion firms using NFTs in one way or another has become pretty big, including such luminaries as Balmain, Philipp Plein, Gucci, Prada, Salvatore Ferragamo, Rebecca Minkoff, Burberry, Diesel, Guerlain, and numerous others. And in many ways, NFTs and fashion make a natural pairing, if only because both are centered around rarity and status.