3/ At the base network level, we're seeing unprecedented dollar volumes. At the very peak of the CryptoKitties mania in late 2017, just over $2M changed hands in a 24 hour period.
On Valentines Day this past weekend, more than $6M was traded as NFTs on layer one alone.
2/ Crypto is laying the foundations for a self-sovereign financial system, an open creator economy, and a universal digital representation and ownership layer via NFTs (non-fungible tokens).
3/ The Metaverse is coming; trends indicate our direction of travel. Our next great milestone as a networked species awaits us: 7B digital souls with the option to exist almost exclusively online and participate in a virtual economy with societal impact.
2/ For those of you new to the topic, take a moment to familiarize with what non-fungible tokens are as well as how they might become a core driver of the evolution of online content.
Don't be afraid to let the imagination wander!
3/ Whilst data remains relatively fragmented, the numbers of active marketplace users is clearly growing with almost $90M in sales.
💰Largely driven by 4 major categories:
- Crypto Art (>$20M)
- Crypto Sandboxes/Virtual Worlds (>$16M)
- Video Games (>$15M)
- Collectibles ($16M)
2/ Some may argue that residual liquidity from a frothy market is what affored NFTs their moment in the sun.
The end of the DeFi boomed coincided with the highest volumes the NFT space had seen since 2017, before ending the year explosively with historic crypto art sales.
3/ Early experiments showed a clear synergy between the two.
On the one hand, DeFi can provide a dramatic expansion of utility, functionality, and access to more complex financial infrastructure through fractionalization for the NFT ecosystem.
2/ Legendary artist @beeple has spent the last 13 years of his life producing an artwork every single day. 4976 consecutive days of dedication eventually brought him to crypto art.
In just 48 hours, he sold over $3.5 million of digital artwork. 🤯