The submerged side of the iceberg
First of all, welcome!
If you have just arrived in the NFT ecosystem you might be feeling a little lost. As you first see the passionate discussions taking place between monkey avatars, pixelated punks and manga characters you can be excused for feeling bewildered..but don’t worry it’s normal.
“Normal”, in the sense that more and more musicians, sportsmen and even actors are publicly flexing their latest NFT purchases. Sometimes for several hundred thousand dollars, sometimes a few million. Yes you read that right, the monkey image you saw as a profile picture of Justin Bieber or Neymar is worth a significant amount in dollar value.
If you’re thinking of wandering through a virtual world like Decentraland, you’ll have the opportunity to visit the Coca-Cola building or in the case of The Sandbox, a map slot is reserved for Warner Music Group and Snoop Dogg..
You could be forgiven for thinking of this digital image based world as a simple fad, and yet…
Twitter has set up a system to highlight NFT ownership as a profile picture. Facebooks Meta, Instagram and Youtube are actively working on the integration of NFTs on their platform. Adobe is thinking of putting an “export to NFT” option in its software and the list continues.
Famous auction houses Christie’s and Sotheby’s have made sales of NFT artworks totaling several hundred million dollars.
Not to mention an original copy of the The US Constitution was sold through an NFT auction and the only copy of Wu Tang Clan’s album “Once upon a time in Shaolin” was bought by a group of NFT collectors.
Also Nike has acquired metaverse wearable creation company RTFKT, McDonalds and Pepsi have done promotional NFTs and there’s The Matrix license too by the way.
These big institutional moves display a movement very far from the idea of a simple fad. In reality what we are talking about here is a massive adoption by some of the most influential players in our society.
Plus, everyone seems to be getting rich..!
And not like with Bitcoin, there is a fundamental difference here as this is not about buying or selling money. But rather it is a question of evaluating, with strong subjectivity, an entirely new type of asset class, with all that it entails.
SOURCE and full story: https://nonfungible.com/blog/good-bad-ugly-faces-nft