Non-Fungible Tokens Picking Up Speed with more joining in

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A report was published recently that someone paid millions for the first Tweet. This has been possible with the emergence of NFT or non-fungible tokens which allows users to sell digital assets such as videos, pictures and even tweets.

NFTs gaining traction and popularity

Typically, non-fungible tokens involve digital assets which are commonly owned by the owners themselves. Since they are the rightful authors of such digital assets, they could claim some form of value to them. With NFTs, they are able to sell them in return for digital currencies. This is very much the same as how physical assets are traded with the only difference being that they use Ethereum to trade and the assets are purely digital.

More jumping onto the bandwagon

Gary Vaynerchuk, one of the prominent figures in the digital markets recently showed off some of his drawings on Twitter. This would be his first NFT collection named ‘VeeFriends’. It includes some 10,000 character tokens that can be purchased using ETH. More fondly known as Gary Vee, he has been trading baseball cards since his teen years.

Gary Vee is one of the earlier people who invested in Facebook, Uber and Coinbase, he will be using the ‘VeeCon’, an annual business event where those who hold the tokens will be able to access for the next 3 years. The tokens will have a smart contract for them to interact with the buyers through the metadata. This concept has been observed by many to work especially with the experience and expertise that he is bound to bring in with him.

The rising popularity of NFTs

The move by Gary Vee will only continue to spark interest and the NFT platform especially in light of the growing popularity of these assets. As mentioned, the first tweet was sold for nearly US$3 million while someone paid close to US$70 million for a virtual artwork by Beeple. This is further compounded by the rising price of cryptocurrency prices particularly Bitcoin (BTC) and ETC since the turn of 2021. The ETC recently reached an all-time high price of about US$3,400 and market analysts are expecting the price to go up further.

Malaysian artist Katun joins the NFT world with RM1.6m sale

Katun, a Malaysian artist recently became the latest buzz in the NFT sector when he sold his artwork for more than RM1.6 million. The internationally recognized achieved this remarkable feat on his NFT effort by selling a limited edition NFT within 30 minutes. On top of that, he sold 776 pieces of his open edition artwork within 24 hours. The total amount sold was 127.60 ETH which is about US$401,000 (RM1.6 million). The artwork sold were:

  • Apes Stand Strong – Limited edition of 50 mints sold for 1 ETH each
  • Mystical Fruits – Open edition with 776 mints sold for 0.10 ETH each

This means Katun holds the most expensive NFTs sold for 24 hours by Malaysians. Since the sale, his limited edition pieces are being traded by resellers for 1.99 ETH on other platforms like opensea.

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