NFT MARKETS - The top 3 markets for NFTs are currently NBA Top Shot, OpenSea and CryptoPunks. NBA Top Shot is a product of Dapper Labs, which gained fame a few years ago with CryptoKitties and brought about the trend of trading basketball cards online. OpenSea has digital artwork, as well as collectibles such as CryptoKitties - and CryptoPunks by Larva Labs, which is known for its unique pixel characters stored on Ethereum. But there are many applications already implemented for NFT. Let’s see some together.
Crypto art is the expression of our time, the integration of the physical-virtual pregna, our daily life and all its activities. In this context, crypto art binds artistic creation to digital interaction, creating an inclusive artistic current that reflects the spirit of the new generations that will shape the world of tomorrow.
The work of the street artist Banksy "Little girl with balloon" was auctioned for 1.2 million euros and was destroyed in the instant after the sale. In the case we are about to talk about, however, he did not implement the performance: the American company Injective Protocol, which deals with Blockchain and decentralized finance, commissioned the destruction of the picture "Morons". The young man in the video immediately clarified the intent: they burned the picture in order to sell its digital version, thanks to NFT. In doing so, NFT holds the only remaining and guaranteed testimony of Banksy’s painting.
Here, we discover the role of the NFT in the case of Banksy: NFT allowed the sale of a work that no longer exists physically, but virtually. In fact, the sale price speaks for itself: the physical version was worth $95,000, while the NFT version was auctioned for $382,000. A unique event that leaves a lot to think about for both art lovers and finance experts.
As we have seen, NBA Top Shot has brought the trading card trend of basketball to the digital world. But other sports as well are launching in the world of NFT, from football to Formula 1. One of the main sponsors of Scuderia Ferrari is Velas Network AG, the world’s leading Blockchain and NFT company. Together they are ready to give life to numerous digital works projects.
French driver of the highest category of open-wheel single-seaters, Pierre Gasly, has already started. In fact, he recently launched a limited edition of 350 NFT convertible into designer caps and T-shirts. He also created and auctioned three unique NFT redeemables for a helmet worn in the race by the driver in question, a promotional signed helmet, a VIP experience, and three meet and greets.
In the football realm, NFT and Fan Token companies act in two ways: rely on companies like Sorare, or operate alone in order to give life to their own projects. This is the case of Juventus and Fiorentina. You can also have a mix between the two, as is the case of the Paris Saint Germain that made $PSG Fan Tokens, or the coin that the PSG created with Socios.com in 2020.
Many are interested in these technologies and new sources of revenue. For example, federations such as the League Series A, who created Crypto.com 7 NFT, depict some important aspects of the final of the Italian Cup of 2021. There are also cases of individual players like Andrea Ranocchia, who has put his limited edition collection on the market, "NFT IM SCUDETTO."
Until now we have seen applications of NFT in sectors that have welcomed the use since their entry into the market. Now other realities such as wine, are also entering this technology. They are used to open consumers to new horizons of fruition, and collection of a bottle of wine or another food product. Not only that, but to create a new source of revenue for wineries and luxury food brands.
There are already examples of wineries that have made use of NFT. This is the case of 900wine, a sparkling wine company in Valdobbiadene. It has in fact equipped some bottles of its production with a particular label. Who buys a bottle of Grand Cuvée Premium receives a qr code with which he can redeem on the OpenSea platform a digital work of art in 3D of the same value as the bottle, ie 900 euros.
At the moment, in the fashion industry, the application of NFT has only two main outlets. An employment is that which regards the sale, the physical reality, and the exclusive and limited edition collections.
The increased use of NFT in the fashion industry concerns the creation of garments to be used exclusively within the Metaverse. This creates a new market and economy that exists and develops only in the digital world. An example is the collaboration between Balenciaga and Fortnite, which gave life to clothes designed by Balenciaga, to be used within the game and purchased by users for the use of their own characters. Among all those proposals is the use of the NFT which makes it easier to understand how these digital works will be at the center of the Metaverse.
Viola Meacci, student of Biomedical Engineering at the University of Pisa, has always been interested in the world of journalism. In her job, she explored the world of blockchain, cryptocurrencies, NFT and metaverse which she now very is passionate about it .