I helped mint a trio of NFTs with a team of female and BIPOC digital artists. Here’s how NFTs can help more creators earn money with their artwork.

Jenny Wang
Re-inc cofounder Jenny Wang.

  • Jenny Wang is an investor at Neo and cofounder of re-inc, a streetwear apparel company.
  • In April, she helped mint a trio of NFTs for three US Women’s soccer team players and World Cup champions.
  • Wang hopes NFTs will inspire more creators to make and directly profit from their own artwork.
  • See more stories on Insider’s business page.

This past month, I helped mint a trio of Non Fungible Tokens for three of the US Women’s soccer team players and World Cup Champions – the first NFTs to be released by elite female Olympic athletes.

It was an artistic experiment. We did it quickly – wanting to get the set of NFTs out there early to show anyone who has felt left out of the new world of crypto that they are included. We hope that they inspire more underrepresented communities to get into the NFT world as investors or creators.

Tobin Heath
A still capture of Tobin Heath’s rotating NFT card.

The NFT world is ablaze.

An abbreviation that few knew a few months ago is now part of the everyday vernacular. From Beeple’s $69M sale at Christie’s, to the SNL skit on NFTs, to Pizza Hut launching a pizza NFT, to Elon Musk tweeting about it day and night – NFTs are being minted, sold, swapped, and collected.

Celebrities have quickly embraced NFTs with open arms.

From Calvin Harris, Snoop Dogg, and LeBron James, amoung these success stories one trend stood out: The early NFT beneficiaries are all very talented creators, but lack demographic diversity.

Just like in any emerging market, the first adopters become the thought leaders, successful investors, iconic CEOs. With Bitcoin and Ethereum at all time highs, the cryptocurrency bull market hasn’t yet largely benefited underrepresented or underbanked communities, including those who haven’t had sufficient access to mainstream financial services.

Each of the three NFTs, which were drawn by US Women’s National Soccer Team player Tobin Heath and brought to life by a team of female and BIPOC digital artists, are unique in that they are one-of-one cards featuring a pixelated visual of each player and their authentic signatures. The winning bidders will receive personalized cameo videos from the player, as well as signed merchandise. These NFTs are also differentiated in that they include a donation to a nonprofit, in this case to Black Girls Code, and a promise to buy carbon offsets.

Alluding to her team’s ongoing legal battle for equal pay, Tobin told me that for “our entire careers, established organizations have been using our image and likenesses for their benefit, and without valuing it fairly – which is why we have to fight for equal pay. With NFTs, we can directly profit from our own work.” Both of us felt like it was time for more diverse creators to get their foot in the NFT door, and benefit directly from their work.

As a new form of digital art, NFTs are compelling because they empower creators directly.

Jenny Wang/Re-inc nfts
The NFT trio for the US Women’s Soccer Team players and World Cup Champions.

They do this by democratizing access to the art and entertainment industries, which historically have many walled gardens and gatekeepers, and by allowing creators to directly profit off their work in perpetuity. By adding unlockable content, NFT artists can also deepen the relationship with the eventual owner by including physical merchandise or tickets to a live experience – and even hidden premium surprises for those who collect more than one NFT from a collection. Just like buying a share of $BYND is like investing in sustainable meat, buying an NFT is like investing in a piece of culture.

After the launch, I received messages from two close friends who are also well-known creators: the first, a principal ballet dancer at the top of her field and curator of a popular dance account on TikTok, and the other, an entrepreneurial Supermodel with a blossoming YouTube channel and food brand. Both asked how they could also monetize their likenesses as NFTs, but were hesitant because they hadn’t seen anyone who looked or acted like them participate in the crypto world.

I hope these NFTs can be a success story and inspire more women to mint art, start a business, or create content.

Tobin Heath designing the card, brought to life by female and BIPOC digital artists. Jenny Wang
Tobin Heath designing the card, brought to life by female and BIPOC digital artists.

I think a lot about inclusion, from who can enter the art world, to who gets to play in financial markets. I believe that everyone has a talent to offer, can create things of value, and can build a community around them that shares their vision for the change they want to see.

If an NFT sale is able to empower an emerging singer-songwriter to be able to own their masters rights and sell copies of their work independently, without needing the connections or upfront capital to have a seat at a talent agency, then why not enable that? No asset is perfect – any industry has asymmetric power distribution and unintended side effects, including the inconclusive environmental impacts of cryptocurrency. But the beauty of the creator economy is in enabling this access, discovering new talent, and direct creator-fan relationships.

Meghan Klingenberg and Jenny Wang hosted a Clubhouse room on NFTs and startups. Jenny Wang
Meghan Klingenberg and Jenny Wang hosted a Clubhouse room on NFTs and startups.

After a two-week auction, both Tobin’s and Meghan Klingenberg’s NFTs sold in the thousands, and I was excited to celebrate these small wins. These winning bids are an order of magnitude away from the Beeple’s, Jack Dorsey‘s, or Gronk’s of the world, but a step towards increasing the overall franchise value of women’s sports teams and underrepresented communities. And if they are ever resold, I’m happy that the players will be able to receive an eternal commission on every resale.

Just like Robinhood allowed a new wave of consumers to be able to participate more easily in the stock market, participation in the creator economy, whether through NFTs, personal digital tokens, live tips, or other financial products to come, can empower each of us to use our dollars to vote on the talented artists and changemakers we believe in, and be included in their success.

As Megan Rapinoe would say, isn’t that what equity, progress, creativity and art is all about?

Jenny Wang is an investor at Neo and cofounder of re-inc. She is a Harvard computer science alum based in San Francisco. Follow her on Twitter.

Read the original article on Business Insider

The CEO of an NFT platform featuring tweets from Elon Musk and Jack Dorsey breaks down where the market goes from here – and dissects the Tesla founder’s cult-like personality

Cameron Hejazi
Cameron Hejazi, CEO and co-founder of Cent, Valuables’ parent company.

  • Elon Musk pulled out of selling one of his tweets as an NFT, but users of NFT platform Valuables are still trying to buy them.
  • Valuables, owned by the social media platform Cent, allows users to turn tweets into NFTs and buy or sell them.
  • The thrill of the chase and fandom culture attract users, Cent CEO and co-founder Cameron Hejazi told Insider.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Earlier this year, at the height of NFT-mania, Tesla chief executive Elon Musk first minted a tweet of his as an NFT and then retracted the offer to sell it after receiving bids of up to $1 million. “Actually, doesn’t feel quite right selling this. Will pass,” he tweeted.

His admirers however have not stopped trying to buy his tweets. Through the platform Valuables, which also sold Twitter CEO Jack Dorsey’s first ever tweet as an NFT, offers have been pouring in for Musk. So far this week, 29 bids have been made on Musk tweets, worth over $15,000 in the cryptocurrency ether.

“It is very much thrill-oriented and status-oriented and, you know, frankly fandom-oriented. Elon has the most bids on his tweets because he has so many fans. And these are fans expressing their fandom…It’s that fandom that really drives them to engage in this behaviour,” Cameron Hejazi, CEO and co-founder of Cent, the blockchain based social media company that created Valuables, told Insider in an interview this week.

Valuables’ concept is simple – anyone can bid on tweets, or mint their own tweets to then sell. The authors of tweets can accept, or reject offers, users can out-bid one another or re-sell NFTs they previously purchased. Transactions are made with the cryptocurrency ether.

Minting a tweet through Valuables turns it into a NFT, a non-fungible token that is based on blockchain technology. NFTs are digital assets, like images, video, audio – or tweets. Ownership is recorded on blockchain ledgers.

Since its 2020 launch, Valuables has accumulated 53,000 users who have made transactions worth $3.2 million.

“Behind every NFT there is a person, story and a message. Those three elements combined give it value. Art works in the same way, but NFTs can move faster and they are more transparent and accessible to the public,” one user explained. “It’s a new type of human interaction that never existed before”, he continued.

Others go even further: “NFTs become a part of your identity”, another NFT trader said.

Fandom and admiration play a key role in users bidding on NFTs. “I felt like I had to have that tweet signed by Charles Hoskinson,” one bidder told us. Over the past month, he spent over $6,762 on NFT tweets. ‘I found out there’s something addictive about these things!” the trader told Insider.

“I definitely think that there’s aspects of gamification that can go into play here. Things like for instance trading specific moments or building a collection of moments…I do think that it will definitely solidify as a collectible like trading cards.” Hejazi told Insider.

At the moment, most of the excitement comes from the bidding process before a purchase is made, he said.

But some users are starting to see an increased post-purchase value. “When people buy one of those tweets, I’m autographing a piece of history and then also sharing with them a backstory that nobody has ever heard before,” another seller said.

Valuables is also trying to expand the thrill and experience beyond bidding. “The goal for us is to even get it beyond that right, even beyond just the fandom collecting aspect, it’s to really make it so that it ultimately fosters a connection in some meaningful way that’s real, that’s not just one sided, that’s not just on the fan side, it’s between the fan and the creator and so that’s where we’re actively exploring.” Hejazi said.

Read the original article on Business Insider

Investors are using a new platform to bid thousands on NFTs of Elon Musk’s tweets. We spoke to its CEO about the Tesla’s founder cult-like following – and where the market goes from here.

Cameron Hejazi
Cameron Hejazi, CEO and co-founder of Cent, Valuables’ parent company.

  • Elon Musk pulled out of selling one of his tweets as an NFT, but users of NFT platform Valuables are still trying to buy them.
  • Valuables, owned by the social media platform Cent, allows users to turn tweets into NFTs and buy or sell them.
  • The thrill of the chase and fandom culture attract users, Cent CEO and co-founder Cameron Hejazi told Insider.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Earlier this year, at the height of NFT-mania, Tesla chief executive Elon Musk first minted a tweet of his as an NFT and then retracted the offer to sell it after receiving bids of up to $1 million. “Actually, doesn’t feel quite right selling this. Will pass,” he tweeted.

His admirers however have not stopped trying to buy his tweets. Through the platform Valuables, which also sold Twitter CEO Jack Dorsey’s first ever tweet as an NFT, offers have been pouring in for Musk. So far this week, 29 bids have been made on Musk tweets, worth over $15,000 in the cryptocurrency ether.

“It is very much thrill-oriented and status-oriented and, you know, frankly fandom-oriented. Elon has the most bids on his tweets because he has so many fans. And these are fans expressing their fandom…It’s that fandom that really drives them to engage in this behaviour,” Cameron Hejazi, CEO and co-founder of Cent, the blockchain based social media company that created Valuables, told Insider in an interview this week.

Valuables’ concept is simple – anyone can bid on tweets, or mint their own tweets to then sell. The authors of tweets can accept, or reject offers, users can out-bid one another or re-sell NFTs they previously purchased. Transactions are made with the cryptocurrency ether.

Minting a tweet through Valuables turns it into a NFT, a non-fungible token that is based on blockchain technology. NFTs are digital assets, like images, video, audio – or tweets. Ownership is recorded on blockchain ledgers.

Since its 2020 launch, Valuables has accumulated 53,000 users who have made transactions worth $3.2 million.

“Behind every NFT there is a person, story and a message. Those three elements combined give it value. Art works in the same way, but NFTs can move faster and they are more transparent and accessible to the public,” one user explained. “It’s a new type of human interaction that never existed before”, he continued.

Others go even further: “NFTs become a part of your identity”, another NFT trader said.

Fandom and admiration play a key role in users bidding on NFTs. “I felt like I had to have that tweet signed by Charles Hoskinson,” one bidder told us. Over the past month, he spent over $6,762 on NFT tweets. ‘I found out there’s something addictive about these things!” the trader told Insider.

“I definitely think that there’s aspects of gamification that can go into play here. Things like for instance trading specific moments or building a collection of moments…I do think that it will definitely solidify as a collectible like trading cards.” Hejazi told Insider.

At the moment, most of the excitement comes from the bidding process before a purchase is made, he said.

But some users are starting to see an increased post-purchase value. “When people buy one of those tweets, I’m autographing a piece of history and then also sharing with them a backstory that nobody has ever heard before,” another seller said.

Valuables is also trying to expand the thrill and experience beyond bidding. “The goal for us is to even get it beyond that right, even beyond just the fandom collecting aspect, it’s to really make it so that it ultimately fosters a connection in some meaningful way that’s real, that’s not just one sided, that’s not just on the fan side, it’s between the fan and the creator and so that’s where we’re actively exploring.” Hejazi said.

Read the original article on Business Insider

The red-hot NFT market is starting to cool off, as both prices and volumes fall. These 3 sectors are the hardest-hit so far by the slowdown

NFT art

After going stratospheric earlier this year, the red-hot NFT market is starting to cool down. Based on data from nonfungible.com, a tracking and analysis hub for the non-fungible tokens (NFTs), almost every sector has seen a decline both in terms of sales and dollars spent in the last month.

The art sector, where a piece of digital work recently changed hands for a record of nearly $70 million, lost the most ground, followed by the sports and collectibles sectors.

The total amount of NFT sales has declined by almost 28% and the total value of sales fell by almost 14% between March 30th and April 28th, data showed.

NFTs are digital assets such as videos, images, or audio that are based on blockchain technology. They are unique and not exchangeable. Often, anyone online can still access them – but crucially, only one person can own them.

Sale volumes for art NFTs declined by almost 42%, making this the sector with the biggest losses. In the same timeframe, prices dropped by 40.5%. This translates to a sales value drop from over $71 million to $41.5 million as of today.

Crypto artworks had led the NFT craze and were selling for record highs just a few weeks ago. Digital artist Beeple set a record by selling a piece of art for $69 million at a Christie’s auction in March.

Sports and collectibles NFTs followed in second and third place. Sports NFTs, which include player cards, virtual racing cars and even digital racing horses, brought in over 28% less cash and sales declined by over 20%.

Collectibles, which include some of the earliest NFTs like CryptoPunks and CryptoKitties, and are commonly part of a series, saw a price decline of 17.3% and a drop of over 32% in sales. Both prices and sales started to recover in mid-April, but are heading for an overall decline this month.

Collectibles are also the most valuable sector, worth just under $101 million at the end of April, according to the site. In March, the sector was still worth almost $122 million.

The only sector that grew in terms of both sales volume and dollars spent is metaverse – where virtual plots of land and digital real estate are sold. Despite only adding 1.4% sales volume, prices spiked by almost 32%. Metaverse NFTs sold on April 28th were worth almost $21 million.

Gaming NFTs, which are purchasable parts of online games such as a specific player, saw sales volumes decline by around 18%, but were still worth over 123% more, as dollars spent in this sector more than doubled over the last month, reaching over $26 million.

Read the original article on Business Insider

Record-breaking digital artist Beeple says the NFT craze is just like the dotcom bubble of the late 1990s

2021 03 11T160441Z_3_LYNXMPEH2A1D1_RTROPTP_4_AUCTION CHRISTIE S NFT.JPG
Vignesh Sundaresan bought Beeple’s “Everydays” NFT for $69 million

  • Beeple, whose digital NFT art sold for a record-breaking $69 million, said NFTs are like the early stages of the internet.
  • He told ‘The Street’ that even if NFTs are in a bubble, he thinks they will survive.
  • He said there was no reason why digital art should not have the same value as physical art.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Record-breaking digital artist Beeple, who sold a piece of digital art for a record-breaking $69 million, thinks the non-fungible token (NFT) market will evolve in the same way the internet did during the dotcom bubble of the late 1990s.

He told The Street that during the dotcom bubble, people realised there were a lot of worthless internet pages being set up, which they then stopped using and that he believes it will be similar for NFTs.

“There was a bubble with the internet, it didn’t kill the internet. People kept using the internet, it just kind of wiped out all the c***”, he said.

NFTs are digital items such as videos, visual elements or audio that are based on blockchain technology. They are unique and not exchangeable, so they are often viewed as collectors items. Usually, anyone can still see the NFT online, but only one person can own it.

Beeple believes digital art can have the same value as traditional art and that it will continue to be highly priced after the NFT hype is over and lower value content has been weeded out.

“If it creates emotional connection with people, it will have value,” he said. Creators and buyers can ensure that their work and investments will be worthwhile by keeping this in mind, Beeple said.

In March, a piece of Beeple’s digital art sold for a record-breaking $69 million at a Christie’s auction. The buyer later said investing in digital art was highly risky and he believed NFTs were in a bubble. Beeple himself has also echoed this and said a lot of crypto art will sink in price to the point where it becomes worthless.

Based on data collected by nonfungible.com, an NFT tracking and analysis hub, the value of art NFTs has been trending downwards for the past month. The number of sales, as well as the amount of money paid for them, have steadily been declining, as have the amount of unique sellers and buyers.

Read the original article on Business Insider

NFT sale prices are dropping, but experts say it might not be a bad sign

NBA Top Shot Press Logo_Collectibles_
NBA Top Shot.

  • The average price of NFTs dropped over 60% in April compared to February highs.
  • Experts say declining sale prices are not a bad sign for the overall NFT market.
  • Other crypto-art investors question whether the market is in a bubble.
  • See more stories on Insider’s business page.

The average sale price for crypto art has dropped over 60% from a February high, according to the market research site NonFungible.com.

On Friday, the average price for a non-fungible token or NFT was about $1,549 while average February prices were over $4,000.

Many people in the crypto space have speculated whether NFTs are in a bubble. After selling a crypto-art piece for nearly $70 million, digital artist Mike Winkelmann – also known as Beeple – told Insider he believed NFT prices could be in a precarious position.

Winkelmann, as well as Nifty Gateway co-founders Duncan and Griffin Cock Foster, have compared the recent NFT boom to the dawn of the internet and the bubble that followed.

Noelle Acheson, the managing director of research at CoinDesk, told Insider that interest in crypto art is likely far from over.

Read more: What you need to know about NFTs, the collectible digital tokens that are selling for millions online

“The NFT craze is not so much about prices and quick profit as it is about a new model of creative monetization, a new type of engagement with fans and a new cultural ‘experience’ for users,” Acheson said.

Beeple V4
Beeple’s record sale

While the average price of NFTs have fallen from their highest point in February, average crypto art prices have been fluctuating in recent weeks. Between February and the end of March, prices dropped 70% but have since climbed 30% from a low around $1,200 last month.

Melissa Gilmour, the founder of the London-based NFT agency Lily & Piper told CNN the price drop is likely not permanent.

“There are elements of a hype cycle in this one, but we still see it as an immense long-term opportunity,” she told CNN.

Still, March’s lows were far above where the NFT market was just four months ago. In January, the average price for a crypto art piece was about $195 – the year before it was $30.

Acheson told Insider prices evening out could actually be a good sign for the longevity of the NFT market.

“Just because something is settling down doesn’t mean it’s over,” Acheson told Insider. “Sale prices may very well continue to go down from these spikes we saw in February, but just look at where the market is from just three or six months ago.”

More people appear to have gotten into NFT trading. Data from CoinDesk’s Quarterly Review shows that NFT trading volumes rose to 25 times December volumes in March and they don’t appear to be slowing down. March sales volumes were up nearly 40% from February on top NFT marketplaces, according to CoinDesk’s data.

Acheson said the decrease in the average sale price of NFTs could be attributed to less outlying sales, driving up the overall average.

As NFT sales become more democratized and accessible, average sale prices will likely go down

Bhad Bhabie NFT
Bhad Bhabie dropped several NFTs

Data from NFT-tracking site DappRadar shows the volume and number of users across most popular NFT marketplaces is continuing to go up. Data from theblockcrypto.com shows the weekly number of NFT transactions are near February levels, with thousands of buyers and sellers trading every day across top platforms like NBA Top Shot and Sorare.

While mainstream sites like NBA Top Shots – a platform that recently received a $2 billion valuation from DappRadar – have largely driven sales volume, more accessible marketplaces like OpenSea and Rarible have become increasingly popular in recent months.

Investors have also turned their interest toward less curated sites like OpenSea, Rarible, and Mintable. In March, OpenSea received $23 million in funding from investors like billionaire Mark Cuban. Other platforms like Topps have already begun planning to launch an IPO.

More celebrities have also gotten into selling their own NFTs since February sales caught the national spotlight. In March alone, The Weeknd, Snoop Dogg, Halsey, and Shawn Mendes started selling their own digital art pieces on curated sites like Nifty Gateway, SuperRare, and Crypto.com.

While artists like Grimes and DJ 3LAU have had jaw-dropping sales, other artists have had less success.

Grimes NFT
Grimes Battle of the WarNymphs NFT on Nifty Gateway

Grimes showed the music industry how lucrative NFTs can be when she sold her collection for $5.8 million in under 20 minutes. In March, Shawn Mendes’ NFTs averaged only a couple thousand dollars a piece. The same month Halsey’s highest selling NFT was about $7,000, while others sold for under a grand.

Artists like 3LAU and producer RAC attribute their success to their history in the crypto world. While the world of NFTs continues to expand, the average price of the digital art pieces may also continue to drop.

As new buyers enter the space drawn in by big names, SNL skits, and flashy sales, they might be more inclined to invest more conservatively in NFTs. Music industry expert Cherie Hu told Insider newcomers to crypto investing will have more difficulty identifying valuable NFTs and will likely be less willing to spend large amounts of money on crypto-art drops.

“In most cases, it’s not your typical fan making these kinds of big purchases,” Hu told Insider. “Artists like 3LAU have built up a network of buyers in the crypto space.”

Furthermore, NFT creators that are new to the space may need more time to build up their credibility in the crypto world.

“[Investing in crypto art] is for people who are looking to take some risks,” Winkelmann said in an interview with The New York Times’. “Just making an NFT does not give it any value.”

Much like the internet bubble, NFT creators like Winkelmann and buyers such as NFT investor Pablo Rodriguez-Fraile believe that NFT prices will eventually drop, but the phenomenon of NFTs as viable investments will not go away.

“When the [internet] bubble burst, it didn’t wipe out the internet,” Winkelmann told The Times. “It wiped out the crap.”

Read the original article on Business Insider

The New York Stock Exchange is minting crypto art commemorating the first trades of 6 companies that recently went public

NYSE NFT
  • The New York Stock Exchange announced on Monday that it had minted six NFTs.
  • The NFTs represent the first trades of several companies that recently went public on the NYSE.
  • The crypto art pieces are not currently up for sale, but will be gifted to the companies, a source told Insider.
  • See more stories on Insider’s business page.

The New York Stock Exchange (NYSE) announced on Monday that it was getting into crypto art by minting its own digital collectibles designed to commemorate the first public trade of six stocks.

The NYSE is not only the largest stock exchange in the world, but it is also the first to get into crypto art. The collectibles will represent the first trades of Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang. NYSE said it plans to launch more first-trade collectibles in the future.

The digital collectibles will operate as non-fungible tokens or NFTs. NFTs are digital collectible tokens that allow the buyer to connect their name directly to the creator via the blockchain.

NFTs have boomed in recent months. In February, one crypto art piece sold for nearly $70 million. Since, celebrities and public figures from Twitter CEO Jack Dorsey to singer Shawn Mendes have gotten in on the trend, which has brought in millions for opportunistic creators and resellers of the pieces.

Read more: NFTs, or non-fungible tokens, are the hottest thing in entertainment, art, and crypto right now. Here’s a simple explanation of the craze.

While the NYSE appears to be getting in on the NFT trend, the exchange’s tokens are not up for sale. The NFTs are housed on Crypto.com, a less than month-old NFT trading platform that has already launched crypto art sales for several celebrities including Snoop Dogg and Boy George.

A source familiar with the matter told Insider NYSE does not plan to sell its NFTs, but has already gifted them to the respective companies. The NYSE also plans to mint future NFTs and gift those to the memorialized companies as well, according to the source.

The NFTs for each company feature a short clip containing information about the first trade, including the sale price, date, and a string of numbers representing the first trade quote code.

Stacey Cunningham, the President of NYSE, said the NFTs will help commemorate the very first moments a company joins NYSE by highlighting the data from a company’s very first trade.

“NYSE technology is processing over 350 billion order, quote and trade messages across our markets on our busiest days, more than any other exchange in the world,” Cunningham said in a LinkedIn post. “Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success.”

Read the original article on Business Insider

Billionaire investor Mike Novogratz says NFTs could be worn like jewellery one day

Mike Novogratz

Mike Novogratz said that NFTs could be worn like jewellery one day thanks to augmented and virtual reality.

The billionaire investor gave insight into his thoughts on how NFTs will be displayed in the future on his podcast Next with Novo following a conversation he had with Urs Fischer, a Swiss visual artist in a previous episode. Fischer released his first NFT artwork, a combination of an egg with a BIC lighter, earlier this week. It will be on sale from Sunday.

“I thought, what about that egg floating over my shoulder as I’m walking down the street”, Novogratz said on his podcast. “It’s the only one of its kind and just like people wear jewellery, maybe I’ll wear that egg”, he continued.

Passersby would be able to see it through their augmented reality glasses. Wearing NFTs as jewellery would allow people to show off their unique digital assets in the form of earrings or rings for example, said Novogratz.

NFTs, or non-fungible tokens, are digital artworks that include images, videos or audio that are unique and registered on a blockchain. NFTs have surged in popularity recently, as more artists flock to the digital space and auction houses sell pieces for sky-high prices.

Auction house Christie’s announced on Thursday that it would be presenting a set of nine so-called CryptoPunks, some of the first crypto artwork at an auction next month and were expecting the digital asset to sell for $7 million-$9 million. The auction house was also behind the sale of an NFT by Beeple, which was purchased for a record-breaking $69 million.

Talks of the NFTs being in a bubble have surfaced recently. Bobby Lee, crypto exchange founder, told Insider that bubbles may be developing in some areas of the market.

Novogratz, who is bullish on crypto assets generally, said he believes that NFTs will be displayed in virtual and physical reality, for example “in your little digital man cave” but also on screens in physical spaces.

“None of us really know how far this NFT thing can go”, the billionaire investor said. But he believes that the way reality is experienced will change in the coming years, as different screens and versions of reality come together and interact with each other.

“NFTs are going to be much bigger than everyone thinks they’re gonna be”, he ended.

Read the original article on Business Insider

Tom Brady is launching a new company called ‘Autograph’ that will sell unique digital memorabilia from sports icons and celebrities

tom brady 2020
  • Tom Brady is launching a company called “Autograph.”
  • The site will sell digital memorabilia from sports icons and celebrities like Brady.
  • The NFT market has been highly profitable for sports through platforms like NBA Top Shot.
  • See more stories on Insider’s business page.

NFL star Tom Brady is launching a company for digital collectibles called “Autograph.”

The platform will sell crypto memorabilia from sports icons and celebrities like Brady, according to the company’s site.

“Autograph will bring together some of the world’s most iconic names and brands with best in class digital artists to ideate, create and launch NFTs and ground-breaking experiences to a community of fans and collectors,” co-founder and CEO of Autograph Dillon Rosenblatt told CNN.

Brady and millionaire entrepreneur Richard Rosenblatt will act as co-chairs of the company. Autograph boasts a team with several big business names, including Lionsgate CEO Jon Filthier and Live Nation Entertainment CEO Michael Rapino, as well as three of the founders of DraftKings.

There has been a boom in interest in digital collectible in recent months. Items that function as non-fungible tokens or NFTs have generated millions of dollars in sales. In March, a $70 million digital art sale made history.

Since then, artists and celebrities from rapper Snoop Dogg to Twitter CEO Jack Dorsey have gotten in on the action.

Read more: What you need to know about NFTs, the collectible digital tokens that are selling for millions online

The items operate as unique digital assets. When someone buys an NFT they gain the rights to the unique token on the blockchain that acts as a digital certificate of authenticity. The token can gain value due to its relation to its creator or content. For example, tokens that represent memes like the Nyan Cat can gain in value as they increase in popularity online, though the NFT buyer is not be able to control the image’s distribution.

The NFT market has been especially profitable for sports. The site NBA Top Shot, which allows people to buy NBA sports clips, recently received a $2 billion valuation from NFT tracking site DappRadar. Top NBA clips, including a LeBron James dunk moment, have sold for over $200,000 on the platform.

As an NFL legend, Brady NFTs would likely see similar high sales. Yesterday a Brady rookie card sold for about $2.3 million – smashing the record for the most expensive football trading card sale, according to Bleacher Report.

Brady himself is no stranger to selling his personal brand. In February, Brady merchandise sales set records as he became the best-selling NFL player ever, according to Reuters.

Autograph isn’t Brady’s first company. In 2013, the football star launched TB12, a sports performance and nutrition company.

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Take a look at the digital ‘Mars House’ that just sold for over $500,000 – the world’s first crypto real-estate sale

"Mars House" on SuperRare
“Mars House” on SuperRare

  • A digital house sold for over $500,000 to a Toronto buyer.
  • The house can be uploaded into the buyer’s metaverse or even recreated in the physical world.
  • NFT real estate could be set to boom, according to the head of real estate group Republic.
  • See more stories on Insider’s business page.

A digital home sold for over $500,000 online in March.

The house was sold as a non-fungible token, or NFT, on the SuperRare marketplace. In exchange for about $512,712 worth of ether, the Toronto buyer received 3D files and clips of the NFT piece, called “Mars House,” set to music.

The files can be uploaded to the buyer’s metaverse and used as a home for their avatar. A metaverse is a virtual world similar to “SimCity” or “Minecraft.” In the metaverse, users can buy digital assets including homes and clothes while living and interacting with other users via an avatar in the virtual world. One of the most popular NFT metaverses is Decentraland, a community-owned site where users can build their own reality.

The NFT is the first blockchain-based digital house in the world, according to SuperRare. The artist Krista Kim worked with Jeff Schroeder from the band Smashing Pumpkins to generate the music for the clip.

The house, which is set on Mars, appears to be made up almost entirely of glass.

from on Vimeo.

The artist said she was inspired during quarantine to build the digital house.

“Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing,” the press release said. “Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere.”

Read more: What you need to know about NFTs, the collectible digital tokens that are selling for millions online

Though the house currently only exists on the blockchain, it can be recreated in real life by glass furniture-makers in Italy or via LED screens, according to the press release.

“Everyone should install an LED wall in their house for NFT art,” Kim said in the release. “This is the future, and Mars House demonstrates the beauty of that possibility.”

The over $500,000 sale is just one of many NFT drops that have captured the spotlight in recent months. Earlier in March, digital artist Beeple sold a crypto art piece for nearly $70 million. NFT sales have encompassed anything from 3D images and videos to memes and tweets.

In March, Twitter CEO Jack Dorsey sold his first tweet for $2.9 million.

Janine Yorio, the head of the real-estate group Republic, said NFT real estate could be the future of home-buying.

“I predict that the best parcels of virtual real estate will appreciate faster than real-world real estate,” Yorio said in a post on CoinDesk, showing how NFTs have already gathered value in recent months.

In February, an NFT buyer was able to flip a crypto art piece for $6.6 million, or nearly 1,000% its initial purchase price. Over the past 30 days, NFT sales have generated over $1 billion, according to CryptoSlam.

Furthermore, virtual real-estate sites like Decentraland have continued to grow in recent months. The site’s internal currency, “MANA,” has a $225 million market value. MANA prices have risen over 321% in the past year, according to Yorio.

Read the original article on Business Insider