The highly publicized auction of Beeple’s Everydays: the First 5000 Days NFT (non-fungible token) has gotten everyone talking about the technology, mainly due to its price at a whopping $69 million.
The reactions of the public towards NFT have been mixed. Some are excited about this new form of collectibles, and some are less-than-receptive about the technology.
The popularity of NFT started gaining significant traction in March before slowing down in May. Some authorities in the space have noted that the technology matured along the way.
Words From the Experts
John Toomey, the co-founder of Intelligent NFTs, said that the environmental and volatility problems that many of the detractors are concerned about are being worked on.
Toomey pointed out that newer cryptos like Tezos need only less than a millionth of the energy to mine and mint, in comparison to traditional cryptos. He also said that platforms like Xooa provide the security of traditional NFTs without needing crypto at all.
Artists who know their marketplace and who learn the rules, which are the only artists our platform will accept, can succeed financially via NFTs far more than most of them can in the offline world.
John Toomey, Co-Founder of Intelligent NFTs
Universities have just found out that their academic assets can be sold as NFTs. The University of California at Berkeley was one of the firsts to auction off an NFT containing a link to online digitized documents.
Academic institutions are sitting on a gold mine, but few realize it.
Ross Tomkins, NFTs for Good
According to Save Tigray CEO Savannah Partridge, the organization mints images from photos of the current war in Tigray as NFTs and donates the proceeds to relief organizations combating the regional famine in the area.
As for the extreme volatility commonly associated with NFTs, the deal with Beeple and LeBron James making millions off of their NFT auctions are actually exceptional cases. An average trader makes far less profit.
Recently, there are emerging platforms that offer stability by providing tools that enable real-time analysis of prices, trends, and sales histories. This allows collectors and investors to make smarter decisions when buying and selling NFTs.