Reply To: What’s the ☕ on NFTs?

[Haamsaaveni (Hamsi) Kumar]

Thank you Alina!

I would suggest that some may be targeting retail investors because increasing number of players in the market = more $$ being transacted across the various platforms = creating a bigger pie for everyone to share a slice off.

Besides the industries you mentioned, we are seeing the music industry embracing NFTs whether it’s selling exclusive artwork like Grimes or Kings of Leon releasing their entire album as an NFT.

Another interesting NFT trend is that we are seeing domain names being sold on OpenSea where its blockchain domain enables censorship-resistant websites. This has attracted both investors and crypto traders (“sex.crypto” sold for 230 ETH/ around $90k). What’s even more interesting about these domains is that the websites on the domain can be “rented” out for profit (akin to real estate) and provides a chance for a passive return on investment. Definitely a space to watch and see if companies will get involved in this market.

It’s also noteworthy that you mentioned smart contracts because there’s news that some Magic Circle and US firms are working together to jointly create standards for legal smart contracts. NFTs are many things but certainly not boring!