Monthly roundup – what happened in the NFT marketplace in September
Despite being considered a bearish month, September has been great for the NFT market.
After a short bearish period of two months, the NFT market is again on fire, with many digital artists selling their artwork for huge sums of money, while the OpenSea marketplace for NFTs surpassed $3.4 billion in total sales.
The space also observed an influx of blockchain gaming-based platforms, domain-specific NFTs, and fan-based NFT tokens that have seen a rerating in recent weeks.
Several platforms are improving conventional ways of trading land in the real estate industry, like Kardiachain’s recent partnership with MoonKa, which aims to propel Vietnam’s real estate digitization. This trend could be a signal that speculation is finally out and collectors are finally getting hold of NFTs.
As new projects and platforms start to flood the world of NFTs, we present this roundup to show what is new for the NFT community.
A Sneak Peek into the World of Art Collectibles
September has been a busy month for artists hoarding money from their NFT sales. Tyler Hobbs, a digital artist, sold his NFT artwork titled “Fidenza #313” for a whopping $3.3 million.
In the UK, the artwork of a 12-year old made $390,217 selling his whale artwork as an NFT. On the other hand, Cryptopunks continue to top the NFT chart as CryptoPunk #8857 becomes the fourth most expensive NFT sold for $6.6 million.
While the most sought-after NFTs are sold on the Ethereum blockchain, the trend has begun to shift as collectors focus on more efficient solutions, like Solana. SolanaMonekyBusiness, a collection of 5000 NFTs minted on the Solana blockchain, recently sold for approximately $2.1 million.
Then there is Binance’s NFT Market place which has started offering Mystery Boxes like Thetan Arena’s Genesis Box, available on October 9th.
Rappers, Composers, and Hollywood Cashing in on NFTs
Despite the lavish lifestyle of artists shown on social media, hip-hop isn’t necessarily the big business it once was with concerts off the table due to the pandemic. While some artists have turned to social media or onlyfans for income, others are testing the waters with NFTs.
Snoop Dog is the latest to jump on the bandwagon with his claim of being a mysterious influencer of an NFT account called CozmoMedico. He also claimed to have bought several NFTs. Another rapper, Ja Rule also joins the space by launching an NFT marketplace for artists like himself.
Composer Mason Bates, a grammy award nominee, has listed his composition on ArtOfficial, a marketplace for NFTs created by serial entrepreneur Gary Vaynerchuk, and gallerist Vito Schnabel.
With the pandemic scaring moviegoers from theaters, the entertainment industry has started tapping into the NFT craze. A Hollywood director, Rick Dugdale, is planning to auction off a movie as an NFT. The movie “Zero Contact” will star Anthony Hopkins and be produced across 17 different countries.
The TV industry isn’t far behind. The CW Television Network recently announced a partnership with fan-friendly NFT marketplace, Chronicle, to create NFTs around its new season of PENN & TELLER: FOOL US.
This marks the second big announcement by Chronicle in recent weeks as they recently introduced NFT’s of the popular fictional character, Paddington, on their platform.
Social Media Leveraging NFTs
NFTs have also weaved their way into social media platforms. Turning digital content on social media into NFTs allows users to add value to their artwork by tying it to a blockchain-based token.
Twitter is already experimenting with this concept, which will allow users to choose an avatar from their NFT collection to replace their profile picture. Though it might not be the final iteration that the social media giant employs on the platform, Twitter certainly has big plans for NFT’s in the near future.
TikTok is a step ahead of Twitter with the launch of its first-ever NFT collection. Known as TikTok Top Moments, it is a six-piece collection featuring NFTs from top TikTok influencers, including singer Bella Poarch, Gary Vee, Lil Nas X, Brittany Broski, Curtis Roach, and Elon Musk’s ex-Grimes.
Users will be able to collect and own these moments while artists have the chance to be further rewarded and recognized for their content.
Metaverse and NFTs – A Match Made in Heaven
The Metaverse is in the headlines for its ability to converge the physical, augmented, and virtual reality. Most of these virtual worlds are powered by the same blockchain technology that underpins cryptocurrencies and NFTs, thereby allowing users to trade these virtual assets online.
Decentraland, a popular virtual world, offers prime spots of land that have sold for up to $1 million. The marketplace allows everyone to buy and sell land, estates, avatar wearables, and names.
Brands like Agent 33 are leveraging the Decentraland marketplace through a partnership with Aria Labs, a subsidiary of Arianee which helps fashion brands create digital passport NFTs for their products.
Together, Agent 33 is offering a digital version of their sunglasses for users looking to showcase their personality in the metaverse. Another Metaverse marketplace called The Souk is making news as Vignesh selected it to display the famous “Everyday – The First 5000 Days” digital artwork of Beeple.
Trace Network Labs, a decentralized protocol, is looking ahead. With the 7 Bridges Brewing Company, they are releasing a craft beer NFT to bring NFTs to every metaverse.
NFTs are bursting with development because of their ability to accelerate the creator economy. They lower the barrier to entry for individual artists looking to earn a living through digital commerce. It is why musicians, artists, bands, real estate, and everyone is seeking a place in the NFT space.
Despite being considered a bearish month, September has been great for the NFT market. As we move into October and Bitcoin gains 10% in a single day, we can expect a bullish month for digital artists and creatives alike.