🤯 South Korean GIANT takes on NFTs
🎹 Music platform enters NFT space
📊 NFT Market Update
📊 NFT Market Update
Non-Fungible Tokens (NFTs) have been making headlines this year, especially with the release of Ordinals in January and then the huge hype around the $BLURBLUR airdrop, but how is the NFT market actually looking?
Although things seem to look good, over the past week we have seen roughly a 50% decrease in volume, and on top of this sales are also down by around 35%!
So, what is the reason for this?
The most likely reason is the uncertainty in the financial markets and economy, as the riskiest assets tend to sell off first and NFTs fall into that category just like crypto, except there is even less trust with NFTs than there is with crypto sadly.
It is also important to understand that the hype has been around Ordinals and airdrops recently, with investors seemingly looking to grab a quick gain instead of a longer-term investment, which is seeing NFT sustainability struggling to consolidate as a result. The risky assets get sold off first, and with crypto being trusted more than NFTs, at least for longer term gains, right now it doesn't seem like there is interest in NFTs due to market conditions and if not for the recent releases and airdrops, perhaps this would be even worse.
Unless something drastic changes, it seems this may continue until market conditions improve significantly and there is no timeframe of when this could happen. Despite the market down-time, innovation in the digital collectibles space doesn't show signs of slowing down.
🤯 South Korean GIANT takes on NFTs?
We have seen a resurgence from NFTs this year, especially with Ordinals taking the Bitcoin blockchain by storm then followed by the $BLURBLUR airdrop. If you’re an NFT fan, then things are still looking positive as a major South Korean company; Lotte Group has just partnered with Polygon to release a stream of NFTs.
Who are Lotte group and why is this important?
Lotte Group is the 5th biggest conglomerate in South Korea, with total assets valued at around $92B, this is a big player to be moving significantly into the NFT world.
This is important as from an institutional point of view, a major worldwide company like Lotte will help not only expand NFT exposure into mainstream eyes, but also it will entice more companies to get involved in the Web3 space.
Who will be the next big hitter to join the NFT building club? Either way things are looking great and adoption continues to grow in the Web3 space, it is only a matter of time before adoption will move into the mainstream.
🎹 Music platform enters NFT space?
Speaking of new powerhouses getting involved in the Web3 world, please give a drum roll for…
Yes, Spotify has also been working towards a clearer vision in the Web3 space, with an interest in NFT integrations, and has actually gone ahead and announced they’re teaming up with KINGSHIP on a token-enabled playlist. However, if you were looking to get involved, this is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders.
Pretty dope, right? Overall, this is MASSIVE news in terms of adoption with Spotify having over 450M active monthly users, which could enable hyper Web3 adoption in years to come! Major streaming platforms are likely to follow, and new discussions around streaming royalties and music licensing will surely be unlocked. We can see this shift coming from platforms such as Pixelynx (founded by music moguls Richie Hawtin and Joel Zimmerman aka deadmau5) that are already pioneering the way music can be consumed and distributed, via the format of NFTs and Metaverse experiences.
You could say that is music to our ears… 🎵👂
Yes, that was a horrible pun, but we are excited, AND we are not the only ones excited, a certain someone in the Web3 world is too.
For Mr. Binance himself, CZ tweeting about such news is obviously a good sign, so definitely keep a look out for developments over the next few months.