Massive NFT sales numbers to start 2021! This time last year we were reporting NFT sales in the range of $13.5 Million, so what gives?
The era of NFT's is definitely upon us but you already knew that. We've watched platform after platform emerge from the shadows with a market to sell your creations, and nearly every relevant brand in existence jump on the hype train for a piece of the action!
The Big Winners So Far
The enthusiastic collectors of course! Or would that be the brands that have been able to find new ways to further enhance their customers experience, expand their audience, and experiment with new revenue stream?
While there are some brands out there working hard at building product offerings in the NFT space there have been some significant one off sales that have inflated the overall picture.
In March a Beeple piece went for $70 Million at a Christies auction, and an OG Crypto Punk recently fetched in the area of $11.8 Million.
NBA Top Shots Leading The Way
I don't think there's been a better mainstream flag barer for the NFT industry than the NBA and their Top Shots digital collectibles.
The market is sleek and smooth, the collectibles look fantastic, and the audience size is significant. Someone needed to go first, and it was the NBA with its Dapper labs partnership that got the job done. When NFL, MLB, Premier League.
I recently wrote about DC and Marvel gearing up to launch NFT's on Ethereum through their VeVe partnership.
It's all starting to come together.
Is This Peak NFT?
I think Q4 will be a test for the industry, or at least a measure of its maturity. Will NFT publishers be able to create product offerings around the holiday season and move inventory?
Are NFT's giftable, are digital collectibles a desired gift. How many kids will be asking for an NBA Top Shot, a Gods Unchained Card, or a pack of Horrors in their digital Christmas stockings this year?
The industry is by all measures booming and for good reason, but in my opinion I don't think we're there yet.
My best guess would be the plane has taxied, it's in position and the engines are roaring. The pilot is about to release the break and let the force of twin turbo engines propel thousands of pounds of steel up into the sky.
Be smart with purchases now, not everything will hold it's value until this all goes to the moon in a few years from now, perhaps the next bull run. This is when every professional sports league on the planet will be minting digital collectibles, every sports super star will have moments permanently minted into the history books, and in-game digital items are stored cryptographically in your own wallet to which you control the keys.
We haven't even touched on the music industry yet! Film and music artists are super creative and once they're able to get their hands on this tech I think things will get real fun.
That ticket to your favourite bands tour, yeah that's an NFT!
It comes with digital collectible moment in band history, with an exclusive audio track, and access to a an augmented reality version of the show for you to replay the set in all it's glory whenever you want. Not listening to it much anymore, sell it on a secondary market and recoup some funds you spent on the ticket. Oh yeah and the band earns a small % on the market re-sale, so they have an additional revenue stream too!
The future is bright, gotta wear shades!
Ciao for now,
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