Tag: NFT

Not too long ago, we were seeing headlines about hype NFTs like bored apes and crypto punks selling for over half a million dollars. But, ever since the crypto market started to crash, so has the NFT market. Ironically, the floor price of many of these NFTs hasn’t changed all that much due to low volume. However, given that the underlying crypto which is usually Ethereum has crashed by 80%, the overall price of most NFTs has also crashed by 80%. While this may be rather painful for many speculators, this is likely a good thing for the NFT market as a whole. You see, the primary purpose of NFTs is not to buy overpriced jpegs and flex on social media. Rather, NFTs have a slew of legitimate use cases such as proof of ownership, monitoring the supply chain, and keeping track of records and credentials. These were the reasons that NFTs were originally created, but over time, the more speculative side is what they’ve become known for. This video explains the true purpose and potential of NFTs and why the recent market crash is just what the NFT market needed to reset and move forward.

Celebrities, sports people, politicians – anyone and everyone seems to be getting into NFTs. These non-fungible tokens (NFTs) have changed the business of buying, selling and owning art and digital property, and ‘collectibles’ like ‘Bored Apes’ have sold for millions online.

Many say they are buying these images to be part of a community and because they love the art. But, in reality, how much of this is a speculative bubble that could soon burst?

NFTs have been taking over the art world. And at the center of the $17 billion NFT market is a company called OpenSea.

OpenSea is the Amazon of NFTs, or non-fungible tokens. It’s an online marketplace that allows people to easily create, sell and buy NFTs. It’s one of the largest NFT trading platforms with more than 1.5 million active users, according to Dune Analytics.

This past January was OpenSea’s busiest month yet. It recorded a monthly trading volume of nearly $5 billion, surpassing its previous high in August of 2021.

Alongside that explosive growth, however, the platform also has faced scrutiny for user complaints on the platform related to scams and plagiarism. Crypto-related crime soared nearly 79 percent in 2021 year over year, according to data from Chainalysis.

“We’ve been looking at market manipulation, wash trading and plagiarism and then your run-of-the-mill phishing scam, which is also something that has been coming into the NFT space,” Kim Grauer, director of research at Chainalysis, told CNBC. “So, we do see that kind of connection with scamming in the overall market activity.”

In an email to CNBC, an OpenSea spokesperson said: “We prioritize the trust and safety of all people on OpenSea, and are working hard to make sure that creators, buyers, and sellers alike feel supported by our policies, tools, and service.”

Competition in the NFT space has also been heating up as regulators pay more attention to the crypto industry. So what’s next for the world’s largest NFT marketplace? Watch the video above to learn more about the rise of OpenSea and what it could mean for the growing NFT industry.

Visa VP Head of Crypto Cuy Sheffield & Micah Johnson join Jill Malandrino on Nasdaq TradeTalks to discuss the Visa Creator Program which is designed to help creators better understand NFT blockchain technology to benefit their digital business.

How anyone can use NFTs to grow their brand and business.