Crypto exchange Kraken has announced that its nonfungible token (NFT) marketplace has exited its beta phase. Along with the launch, the NFT platform highlighted it had expanded its number of NFT collections from 70 to over 250.
Coinbase’s ‘Stand with Crypto’ NFT campaign gains community support: the United States Securities and Exchange Commission (SEC) targeted crypto exchange Coinbase in a lawsuit, community members have started to show support for the trading platform by minting its Stand with Crypto NFTs and putting the shield badge on their Twitter profiles.
In April, when the collection was launched, the NFTs only had 15,000 mints and 7,000 owners, according to NFT marketplace OpenSea. Now, the collection has over 142,000 mints and more than 52,000 owners, with more users minting the NFTs as the exchange’s legal battle with the SEC intensifies.
Bitcoin ecosystem project New Bitcoin City aims to compete with Bitcoin Ordinals by offering smart contracts and larger file sizes. According to the project, files inscribed through its “Inscription Village” can exceed 4 megabytes (MB), the limit for Ordinals inscriptions.
Ex-Oasis musician turns to NFTs amid chart battle with Foo Fighters: Noel Gallagher’s High Flying Birds, the former Oasis member’s new band, is competing with rock band Foo Fighters for the top spot on the Official UK Album Charts. However, Gallagher has pulled an ace out of his sleeve — NFTs.
NFT platform Serenade announced it is offering unique “Digital Pressings” of the High Flying Birds’ new album. The release includes a full audio playback of the album and what it described as a “public stamp of ownership” on the blockchain. – source: https://cointelegraph.com/
Why buy an NFT? Collectibility
For centuries, people have collected things. Some of these things may be nostalgic items like ticket stubs or lucky coins. Others might be especially rare items, like classic cars or limited-edition vintage watches.
In many ways, the things we collect become a reflection of who we are. Whether they are physical objects we hold in our hands, experiences we keep in our minds, or digital artifacts we admire on a screen — the items we collect are a reflection of us.
Oftentimes, we end up having deep attachments to the most unique items we collect at various stages of our lives. When things are in scarce supply, only a very limited number of people in the world can own them. This exclusivity often makes them highly appealing to prospective collectors. As a result, the high demand for these limited items typically leads to higher prices.
This relationship between scarcity and price is the driving mechanism behind much of the collectibles market. Rare items, whether they are pristine trading cards from a player’s rookie year or modern art masterpieces, are simply hard to come by. Because of that, people are willing to pay a premium to own them.
The market for limited-edition toys, stamps, and artwork is worth over $300 billion, according to a UnivDatos Markets Insights report. But even these figures pale in comparison to the potential of a relatively new form of collectibles.
Non-fungible tokens (NFTs) represent the next generation of collectibles. These digital tokens have already begun opening the doors to entirely new revenue-generating opportunities. While collectibles have traditionally relied on an intermediary to verify authenticity and ownership, NFTs allow a distributed group of individuals to share this responsibility.NFTs are trackable, digital tokens that are immutably linked to unique tangible or intangible objects. These tokens are used to reference the current owner of an item. Items can be anything from a computer file stored on someone else’s hard drive or a physical item kept in a safety deposit box.
Regardless, all NFTs live on blockchains. This technology provides a fully transparent, globally accessible, and censorship-resistant method for tracking and storing ownership information. This factor allows anyone in the world to purchase and provably own items no matter where they exist in the world. – source: https://blog.kraken.com/
