28 September 2021

How big is the NFT market?

One data point is that three projects – the NFT marketplace Opensea, the Cryptopunks collectible NFTs, and Axie Infinity’s sports-based NFTs – have made more than $10 billion in gross sales. That’s more than €8.5 billion.

It’s no wonder the rich, the near-rich, and the wanna-be-rich are rushing to embrace NFT technology.

Last week, collectors and speculators gathered in Basel, Switzerland, to view and invest in exclusive works of art. NFTs were everywhere. An NFT called “Post-Death or The Null Address NFT” sold for 8 Ether on the opening day of the event.

The British Museum is getting in on the action too. The venerable institution is partnering with NFT specialists at LaCollection to create and market digital postcard NFTs by Japanese artist Katsushika Hokusai. The NFTs will be available for sale and auction at the LaCollection website.

In a considerably less high-brow development, Metro Goldwyn Mayer has released a series of NFTs from its James Bond franchise – a set of digital collectibles from the upcoming “No Time to Die.” Among the offerings are a mask worn by Bond villain Safrin, played by Rami Malek. Minted by VeVe, the NFTs will be purchasable through VeVe’s mobile app. MGM says it expects to make additional drops of Bond-related NFT collectibles in the future.

Social media platform TikTok has announced its first NFT collection too. The collection will contain six unique TikTok videos plus a number of limited-edition NFTs based on “major cultural moments” in TikTok’s history. The first TikTok NFT will be a video produced by musician Lil Nas X and artist Rudy Willingham.

Snoop Dogg is making Animoca Games’ The Sandbox his virtual home. The rapper is creating a version of his real-life mansion in the NFT-based gamespace. Snoop Dogg says he will create a 3D avatar collection and allow Sandbox players to create games using items such as his personal car collection, pets, statues, and memorabilia. Players will be able to visit the Snoop Dogg mansion, attend pool parties, explore the rapper’s NFT art collection, and more.

This is not Snoop Dogg’s first NFT project. In April 2021 the rapper created “A Journey with the Dogg,” a set of NFTs intended to give fans a glimpse into his life.