Articles15 August 2021

NFTs: 2021 hype & beyond <Part 4>

As another potential use case of NFT technology, music also opens up opportunities for monetizing artists’ creativity. In the spring of 2021, Justin Blau (3LAU) became the world’s first artist to tokenize his music album and sell it for $11.6 million. At the same time, the American band Kings of Leon released their eighth studio album as a non-fungible token, selling it for $2 million. Artists such as Steve Aoki, Linkin Park’s Mike Shinoda, and Deadmau5 have supported the frenzy surrounding the benefits of NFT technology by their own example.

Besides visual arts and music, video NFTs are increasingly gaining popularity. For example, recently, CNN put up historical news items for sale in the form of NFTs. Among them are exclusive materials, presidential election results, space travel, and other significant events. Also, the new feature-length film Zero Contact featuring Anthony Hopkins will be distributed only in the form of non-fungible tokens on the specialized marketplace NFT Vuele. Access to it will only be available upon purchasing the corresponding token.

The popularity of crypto games is stably rocketing. In such games, cryptocurrencies and NFTs are usually used as in-game items traded and exchanged by players. Probably the most famous of these games is Gods Unchained, an Ethereum-based card game, where each collectible card is confirmed by a smart contract. The game supports the sale of cards and entire collected decks.

Another trendy crypto game is Axie Infinity. The crypto community remembered it for the land purchase by one of the players for $1.5 million. Specifically, this land consisted of nine contiguous genesis blocks — the most valuable land pieces in the game. The price was so high since there are only 220 of these parcels. It is likely that as more gamers join the game, the cost of this limited number of pieces will rise even higher.

NFTs-related activities go far beyond this. Variations with their creation never cease to amaze. In early June, Tim Berners-Lee, a British computer scientist, and inventor of the World Wide Web, auctioned off some of the source code as a non-fungible token. A collector who remained anonymous bought it for $5.4 million.

Meanwhile, biology pioneer George Church and the company he founded, Nebula Genomics, announced their intention to sell Church’s genome as NFT. The idea has sparked controversy in the scientific community, as Church, the geneticist at Harvard University in Cambridge, is already well known among academics for his controversial proposals that include the creation of a dating app based on DNA and the idea of ​​resurrecting the mammoth.

Btw, talking about the resurrection. This summer, Gone to Mars, an Ethereum-based project of a virtual decentralized cemetery, was launched. 1089 NFT capsules are already ready for sale and await their future owners. Sealed until 2050, they will be passed on along with messages from their holders to the next generations.

Since 2020, an advantage to combine the pros of NFT technology with the functionality of decentralized finance has appeared. For example... <read it in the final part of "NFTs: 2021 hype & beyond" tomorrow>

Alexandra Shilina
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