CyberMilesNFT Newsletter - NFT's ‘Blue Ocean’, the Global Market Capitalization of NFT is Near $18 Billion
According to the report by CionGecko, the global market capitalization of NFT is near $18 billion, trades $1.2 billion a single day. The number of transactions is over 710,000 pieces. The number of users and trades is also rising.
Nikhil Sethi, vice predict of a blockchain startup said,” The global NFT market has exploded in 2021, with over $700 million entering the space. The likes of Cryptokitties and NBA Top Shot have brought millions of users to the NFT gaming and collectibles space."(Sethi, 2021) " Market capitalization of transactions worldwide with NFT has increased by more than eight times since 2018. We have now reached a volume of over $338.04 million, which is a clear sign of a revolution in the ecosystem.” said Ritam Gupta, CEO and Co-founder of DeFi 11 (Gupta, 2021).
In fact, the NFT market is still dominated by artworks. However, it is not difficult to find that the NFT use cases is constantly expanding in recent months. In addition to graphic art, we can also buy music, video, and more in the form of NFT. NFT gradually infiltrated the sectors of sports, music, and film. NFT seems to achieve the vision where everything digital can can have ownership: to be bought and sold. At the same time, NFT exchanges also prosper, such as CyberWorld and OpenSea.
Seizing the advantage of NFT seems like a great opportunity for the creative sector. Artists who do not have their agents can interact directly with their audience. They can trade with the audience without galleries or platforms to sell their work. NFT subverts the traditional way of artworks circulation, allowing the artwork to be sustainable. The smart contract written in the artwork NFT defined with code that the artist can make money from the same work for more than once.
The Latest Market Dynamics
Yesterday, the bomb news of the NFT market is that Andy Warhol's “Three Self Portraits” has sold for $2.8 million. This is the first NFT auction of Andy Warhol's works in the world. Undoubtably, this has greatly promoted the development and growth of the NFT market. The market received an enthusiastic response within the five-day auction. Except for “Three Self Portraits”, there are 34 works of the “Three Self Portraits” recreation series titled “Nivirna” also has been sold. In the industrial perspective, the auction is a great attempt to look into the future and makes an important start for blockchain technology to create unique value in the digital economy era. The value of artworks is deeply revolutionized blockchain technology.
Last week, Marvel announced the collaboration with VeVe to offer the digital collectibles experience to Marvel fans worldwide. Fans will be able to purchase official Marvel NFT digital collectibles, digital comic books, and more, available through the VeVe Digital Collectibles app starting later this year (Marvel,2021). David Yu, Co-Founder & CEO of VeVe, thinks that VeVe Digital Collectibles App allows fans to interact with Marvel characters. The experience is sustainable (Yu, 2012). On the other hand. Daniel Fink, Vice President of Business Development and Strategy, Marvel Entertainment, thinks that through VeVe, Marvel fandom might expand; Through NFTs, fans can truly collect, share and enjoy in a way that they have not been able to do before (Fink, 2021). On the last day of June, the bidding on the World Wide Web code NFT will end. Let's look forward to the final price. CyberMiles will update the latest news!
What is the future of NFT? In fact, the explosion of NFT economy was since the later half of 2020. In essence, digital collection is an innovative way solving problems of difficult IP right confirmation and circulation of traditional collections in the digital form and promotes the new and original artwork creation. NFTs are more accepted as digital collectibles with investment value. There will be more creators to embrace NFT in the future. With more NFT applications achieved, the market is likely to be the key and foundation for the digital transformation of many industries.
Gaurav Shukla, a partner at Deloitte India, thinks technology will need to be regulated more in the future. NFT platforms should be more focused on security. CyberMiles is also committed to improving the safety and efficiency of NFT and CMT. CyberMiles’ engineer Tim McCallum’s new airdrop distribution tool, which played a huge role in CyberWorld NFT platform airdrop campaign, has greatly improved the efficiency of token distribution. The tool can be used to distribute other Ethereum - compatible blockchain tokens.
CyberMiles believes that we will bring a better and more secure network environment to CyberWorld's users and increase the adoption of the NFT market.