August 16, 2021 (Investorideas.com Newswire) The future relies more and more on technology, this is the truth in everyone’s eyes. Expert marketers already preannounced that non-fungible tokens (NFTs) would achieve great results in today’s world but probably what happened is even more stunning than one might suspect.
For those who are still new to NFTs, all you have to know is that a non-fungible token is a unit of data stored on a blockchain, which works like a sort of digital ledger. Each non-fungible token stands for a unique digital asset, in other words, NFTs cannot be changed anyway. The types of data stored in the NFTs represent photos, videos, audio files, and any other type of digital-based file.
The Greatest Records Of All Time
In fact, NFTs signed a new world record in late July 2021 with a trading volume as high as $339 million, which was something only the bravest and most optimistic investors and marketers could actually predict.
According to several worldwide spread marketplaces like OpenSea, the trading volume of NFTs as of August 1 marked history forever with a $49 million record. But it seems that also more titles and companies in the same field saw some of their best trading volume records. Just to mention a couple of relevant names, CryptoPunks came up with $78.4 million in sales volume during the last week while the gaming platform Axie Infinity had $127 million sales in the same period. Sports big names are also running the challenge in the growth of their trading volume, like the National Basketball Association Top Shot that accounted for nearly $4 million in the last week.
A Breathtaking Race To The Highest Results
The history of NFTs in today’s financial horizon looks like an amazing race towards the highest results in the shortest time lapse ever. Certain countries seem to be more involved in the actual growth of the Ethereum-based marketplace than others. It’s what is happening in many countries in the Middle East, you can read more about NFTs on Arab Financials, which is one of the most significant financial resources in the Arabic-speaking world.
In a nutshell, the NFT marketplace started reaching worldwide popularity a year ago, in 2020 but it’s only in the latest months that this market experienced a veritable boom. In fact, the trading volume numbers jumped high from a little less than $95 million up to $2.5 billion with a concentration of the sales volume in particular in March with the same of a $69 million-worth artwork at a luxury auction house.
Towards A Capitalization Of The Boom
The impressive growth of NFT trading volume is encouraging companies to seek to capitalize on this big market explosion. The race towards success is actually even more breathtaking and thrilling than ever.
As of today, FTX (a cryptocurrency exchange company) started a partnership with Dolphin Entertainment to give birth to an NFT marketplace that should involve sports and entertainment companies and worldwide relevant brands. While FTX will provide technical development and exchange assistance, Dolphin Entertainment is expected to take care of branding and marketing services.
Another big name, Fox Entertainment, proudly announced a $100 million investment to create NFT-inspired characters and GIFs. In the field of video gaming, the game development studio Mythical Games is partnering with Burberry to launch gaming NFTs.
Other giant brand names that are also running the competition include Porsche: the popular automotive brand that is planning to launch a sports NFT platform very soon.
Onboard The Stunning Bandwagon Of NFTs
The NFTs marketplace looks attractive not only for large companies but also for individual artists or organizations. For example, the founder of both Twitter and Square, Jack Dorsey, announced the sale of his first tweet as a $2.9 million-worth NFT.
Probably, the news about the U.S. Space Force announcing a 3D AR-token (Augmented Reality) auction should wake everyone up. The digital tokens for the auction include portraits of satellites, space suits, mission badges, and a lot of other epic items. In this regard, it’s meaningful that DappRadar’s experts say that NFTs have today the kind of mainstream audience that marketers were waiting for before.
But on the lively bandwagon of NFT trading, you can even see large e-commerce platform names like Shopify, which is currently offering its merchants to sell NFTs to get more sales and overall superior control over their customer relationships.
The financial horizon looks pretty interesting if other because many of its historical barriers are going to be finally broken by the development of the NFTs marketplaces, which are meant to be inclusive for a larger pool of potential investors and new brands.
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