Is NFT still hot in June? Binance launch NFT platform to brings NFT space to the next level!
Although Bitcoin and other cryptocurrency have up and down sharply, they have become a hot topic in the financial field, but Bitcoin is not the reason that breaks through the barrier.
A pair of socks sold for $160,000 on Uniswap. Five words of Twitter founder sold for $2.5 million and crypto artist Beeple received a bid of US$9.75 million at Christie’s NFT auction.
Relying on the NFT, the blockchain which is relatively unfamiliar to the public, succeeded in getting out of the circle.
How popular is NFT?
How did NFT perform recover after the cryptocurrency market was hit hard?
Is there still a chance for NFT now?
01
How popular is NFT?
Many people may not know Bitcoin, but many people have been exposed to a unfamiliar blockchain through NFT for the first time. NFT has succeeded in getting out of the circle, including: singers, artists and sports stars, etc.
The current behaviors of NFT is still continuing in various fields. The following are just some of the breaking barrier of NFTs:
◆Gucci showcased its first NFT artwork for a starting price of US$20,000, which will be auctioned at Christie’s.
◆ The famous Chinese musician@Hanjintan‘s NFTs sold out within 1 minute on Treasureland, with a total amount of 539 $BNB (about 200,000 dollars).
◆ Premier League of champions, Manchester launched their NFT to celebrate their victory and their works are for sale on MakersPlace.
◆ China Guardian’s first NFT artwork “ Peony Pavilion Rêve’s subject Dielianhua — Information Technology Penetrates ‘I’ ” was sold for 667,000 yuan.
Movie star Chen Xiaochun also released his personal NFT works; Female actress Hatano Yui also released NFT photo albums.
More and more Asset-light and heavy expressions will also be issued in the form of NFTs in the future. It is seamlessly integrated with traditional industries and even improved. NFT followers and investors will increase over the next few years.
Japanese female actress Ai Uehara, three NFT portraits in her “Ai HODL Bitcoin” NFT photo album were shot in Rarible, respectively, 2 ETH (Mosaic), 9 ETH (Splash) and 20 ETH (Love). The buyer of Mosaic subsequently offered a resale price of 240 ETH, which was 120 times the starting price.
‘The Great Pythagoras-NFT Digital Exhibition’ and ‘CyberEmergence — NFT Cryptographic Art Exhibition’ hosted by Punk.Network in ‘Being 3 Gallery’ and ‘Longfu Cultural Center’. Many artists’s Exhibiting artwork show up in the exhibition.
Thanks@CGTNOfficial in Beijing for having Ken Yang, the Founder of Punk.Network and NFTCastle.io and share his perspectives about NFTs.
02
How did NFT perform recover after the cryptocurrency market was hit hard?
The collapse of cryptocurrency prices eroded the value of U.S. dollar-based NFTs in May, and at the same time increased their buying and selling costs, which may have caused a setback to the rapidly developing digital asset market.
NFT （Non-fungible Tokens）trades digital assets by recording the state of its ownership on the blockchain.
In February and March of this year, the popularity of NFT skyrocketed with sales reaching hundreds of millions of dollars, partly due to the soaring cryptocurrency prices in 2020.
Most NFT buyers pay through Ethereum or dollars Currently. However, the cryptocurrency market suffered heavy losses last Wednesday, with the total market value plummeting by US$1 trillion. Among them, the prices of Bitcoin and Ethereum both fell by 30% to 40%.
The price of NFT is usually acceptance of Ethereum in the market. The decline in the price of Ethereum means that sellers may increase the price range of NFT to maintain its value in USD.
When the price of cryptocurrency fell sharply in May, this is also reflected in the trading volume of NFTs. Since the plunge that began on May 12, the average transaction volume has been approximately $5.8 million per day.
In April, the average daily trading volume was $14.9 million, which was a 61% drop in trading volume, but trading activity was not affected. Collectors, traders, gamers, and artists continue to sell and buy NFTs, just like the collapse of cryptocurrency never happened.
03
Is there still a chance for NFT now?
After the cryptocurrency has undergone the “5·19” reshuffle, we can see that the pace of NFT has not slowed down significantly.
Before the launch of the Binance NFT Marketplace this June, Binance are calling all artists and creators to join the exclusive Binance NFT: Innovative Creators Program and have your artworks being minted into NFTs and featured on the Binance NFT Marketplace in the first month of its launching. This is the perfect opportunity to turn their talent into NFTs.
Binance NFT to feature exclusive launch content from Lewis Capaldi, Trevor Jones, Michael Owen, Alphonso Davies, and eStarPro — with more to be announced soon.
The potential of NFT
It seems that every day brings news of another non-fungible token (NFT) sale reaching an eye-popping price. It’s no surprise then that everyone wants to be a creator, turning an item they own into a one-of-a-kind collectible. Anyone with a laptop and an idea for a potential collectible — no matter how simple, absurd, or trivial — can now create an NFT.
Whether a creator uses NFTCastle or another minting platform, the value of their non-fungible token will depend on several factors. Not every creator is a Beeple, nor every sale conducted with the publicity of a Christie’s or Sotheby’s auction. Most content creators offer their NFTs at low prices, usually not more than a few hundred dollars, if that.
Many find after minting and selling their NFT that, to their surprise, the returns are sometimes smaller than expected. As most creators are new to the crypto space, they don’t realize that it isn’t free to interact with the blockchain on which the NFT resides.
We believe that the development of NFT assets also needs more sustainable soil and we also look forward to the realization of a long-term investment and application value, capable of crossing the bull and bear market of NFT ecology.
Punk.Network was born for this mission.
Punk.Network is an open，smart and NFT-friendly public chain based on the Substrate architecture that adapts to the Polkadot ecology, which with NPoS (Nominated Proof of Stakes) as the consensus mechanism, which can accommodate a wide range of asset types, a large number of transactions and various type of smart contracts.
Punk.Network also reached a strategic cooperation with CMGE Tech Group Ltd.,(00302.HK), and obtained the exclusive authorization of its flagship game “Red and Blue” as a leading product to expand the NFT game market;
NFTCastle.io, an NFT trading and financial platform developed on Punk.Network, integrates diversified financial services, such as NFT-type asset mortgage loans, StNFT (standardized NFT) and SynNFT (mortgage casting NFT) issuance and transactions;
Punk.Network’s native token, PUNK, it can not only to be set as the currency token for the main net, but also the equity currency of NFTCastle.io. PUNK follows Polkadofs issuance logic to maintain the decentralization of the network.
Overall, as the first cryptocurrency sector to break through barrier, NFT has experienced a 5.19, but NFT has not been severely affected and it is still the Spotlight of attention of insiders and outsiders.
But for more people, what might it be used for?
Article written by PunkDAO
Translated by NFTCastle
🏰 Live in The Castle
At NFTCastle, NFT trading and financial platform developed on Punk.Network on Polkadot.
