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- Artists were among the first to use non fungible tokens, also known as nonfungible tokens, to leverage their work online.
- Kings of Leon released their eighth album on the blockchain, with fans receiving a mix of digital NFTs and real vinyl
- Collectibles, or the sale of huge quantities of low-cost NFTs in the same manner that real trading cards did in the previous century, are one element of NFTs that has gotten a lot of interest
Artists were among the first to use non fungible tokens, also known as nonfungible tokens, to leverage their work online. The $69 million sale of Beeple’s Everydays: the First 500 Days made headlines across the world, and was shortly followed by massive sales by digital artist Pak, Warhol, and even a Jack Dorsey Twitter – well, it was his first tweet. It wasn’t simply artists who flocked to the site; musicians could see how they might earn considerably more money than Spotify presently does.
Kings of Leon released their eighth album on the blockchain, with fans receiving a mix of digital NFTs and real vinyl. The beauty of this transaction – which brought in several million dollars – was that more than 75 percent of total revenues went directly to the band, considerably more than a record deal could have provided. What’s the real kicker? The band then donated a large sum to a foundation that helps out-of-work roadies. Everyone comes out on top.
Collectibles, or the sale of huge quantities of low-cost NFTs in the same manner that real trading cards did in the previous century, are one element of NFTs that has gotten a lot of interest. The WAX blockchain, in particular, has established itself as the King of NFTs, with an ever-growing community of passionate collectors, traders, and fans of NFTs, as well as a staggering 100 million digital collectibles to date. WAX quickly established itself as the most used Layer-one blockchain in the world, with 16 million daily transactions and more than 5.5 million active users this month, thanks to collections from Funko, William Shatner, and Capcom’s Street Fighter breaking the mould and an active secondary marketplace.
It also has a carbon-neutral blockchain, which uses around 100,000 less energy than Ethereum, as evidenced by the WAX Blockchain’s three years of 8,000 transactions per second. Last month, Funko, the creators of the Teenage Mutant Ninja Turtles, took a similar approach to Kings of Leon, releasing NFTs on WAX while also including a chance to win rare and exclusive IRL Pop Editions. It sold out in minutes, and it appears that combining digital and physical editions is becoming more popular.
Tags: digital, crypto, blockchain, NFT, collectibles, community, artists
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
