NFT-Related Token Prices Soar Amid Digital Art Mania
Crypto assets that are linked with non-fungible tokens (NFTs) marketplaces have risen sharply since the mania took off a few months ago. NFTs are selling at prices that many consider ridiculous for intangible artwork. Third-Largest Art Sale by a Living Artist Was Tokenized One piece of art created by the digital artist called Beeple – a collage of the artist’s work since 2007 – recently sold for a record $69.3 million at the auction house Christie’s. The JPG file became the third-largest art sale by a living artist after Jeff Koons and David Hockney. According to....
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Litecoin creator Charlie Lee continues to criticize the NFT industry, seeing the hallmarks of a mania similar to 2017 and even 2013. Charlie Lee, the creator of major cryptocurrency Litecoin (LTC), believes that the ongoing spike in popularity of the nonfungible token, or NFT, industry has much in common with the 2017 initial coin offering, or ICO, mania.Lee provided at least five similarities between 2021’s NFT popularity and 2017’s ICO mania, also comparing both to the altcoin craze in 2013 in a tweet on Tuesday.According to the Litecoin creator, all three cryptocurrency phenomena look....
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Written by: BigChubbyCat (8BTC). Translated by: James Choi (8BTC). Edited by: Elizabeth T. Ploshay (Bitcoin Magazine). 1. Tulip. In 1635, the price of a certain kind of tulip reached 1615 Florins. At the same time, the prices of four bulls and 1,000 pounds of cheese were only 480 Florins and 120 Florins respectively. The price of a tulip, however, kept soaring to a level the next year that one tulip of a rare species was sold at 4600 Florins. Additionally, the specific buyer also gave the seller a brand new carriage, two grey horses, and a whole set of harnesses. Eventually someone woke....
Hang around Imgur and reddit long enough and you will find photos of Dutch tulip fields popping up with clock-like regularity. The country has long been famed for its flower industry, and the expansive fields of colourful flowers do create a mesmerizing spectacle. When discussed in the same breath as bitcoin, however, Dutch tulips are an insult. 'Tulip mania', a phenomenon in the early 17th Century where tulips traded at extraordinarily high prices and then spectacularly crashed in value, is pointed to as a historical analogue of the current controversy surrounding bitcoin. In December,....
This week’s market-wide correction lead to a sharp decline in NFT sales as decreased demand for digital collectibles led to a drop in the floor price of most major projects. The nonfungible token (NFT) sector has seen an explosion of interest all throughout 2021 and the month of August witnessed record-breaking trading volumes as one-of-a-kind digital collectibles sold for prices in excess of $1 million dollars on a regular basis. As is usually the case in the cryptocurrency ecosystem, hot sectors can cool down in the span of mere hours or days and this appears to be the case for the NFT....