The last bullish run in 2017 was marked by a worsening original coin bid dance with predictable consequences for expensive projects that had little more than just a poorly written team and white paper. While many beneficial ventures have been able to flourish since the ICO era, including Ethereum and others, most have come and gone with the wind, leaving thousands of unwary investors with useless bags of tokens.

The full market cycle has passed, and now another rally appears to be spreading across many sectors of the cryptocurrency industry, especially decentralized finance. Much has changed since 2017. Regulators refused, investors got smarter, and the space matured.

While ICOs are still relevant today, having evolved into other forms of fundraising events such as security token offerings, initial exchanges and initial decentralized exchanges, the DeFi tokens and non-exchangeable tokens, or NFTs, are now popular kids in blocks. …

NFTs appear to be the next hot topic in cryptography, and while their numbers are still relatively small, interaction and interest appear to be growing rapidly. This indicates that the sector has a lot of room to grow.

NFT is another class of cryptocurrency tokens. Unlike Bitcoin (BTC) or Ether (ETH), they are used to represent different types of assets that differ in value from one another. These assets can be digital or physical. Common examples include art, land or real estate, and even people.

Trump-inspired artwork sold for $ 6.6 million
Inspired by the 45th President of the United States, the artist known as the Beeple created NFT called Crossroads. The work, a 3D animation depicting a defeated Donald Trump lying naked in the grass, sold for $ 66,666 in November 2020. However, it was recently sold to an anonymous buyer for $ 6.6 million, breaking the previous record of $ 1.5. . Million. To sell a one-time NFT.

Beeple is also on the verge of breaking a new record: highest single NFT sales by an auction house. His new work – working with 5,000 unique photos about the dark sides of technology, politics and wealth – is up for auction through March 11 at a price of $ 2.2 million.

Cointelegraph Magazine: NFT’s “Artistic Revolution”: The Beeple on His 5040 Day Love Labor

NFTs are growing rapidly
Recent developments are just the latest in a series of catchy titles related to the NFT space, and it’s not just artists who are taking advantage of these types of icons. Thanks to NFT’s proven independence and originality, many celebrities, musicians and filmmakers are also involved.

Perhaps the most vivid example of this is the newly created Pokemon-inspired NFT released by Logan Paul, a popular YouTuber who made more than $ 3.5 million in a single day. The release contained 3000 NFTs inspired by the Pokemon card game, and 44 limited-edition 3D versions were released with Logan Paul himself as Pokemon.

On February 28, a new record was broken when the popular musician 3LAU sold NFT’s debut album for $ 3.6 million. Other notable examples include musician Grimes and Mike Shinoda of rock band Linkin Park. Even the popular TV show Rick and Morty now has its own crypto art printed on the blockchain, which makes sense given the huge intersection between the series’ demographics and the crypto space.

Source: CoinTelegraph