10/01/2024 NFT trading volumes soar as cryptocurrency market rebounds

With the rebound in the cryptocurrency market, the trading volume of Non-Fungible Tokens (NFTs) has also recently increased. The picture shows Beeple's artwork (left) which was auctioned for 78.5 billion won($59 million) at Christie's in 2021, and Mari Kim's 'Missing and Found', which sold for 600 million won($454 thousand) at the first NFT art auction in Korea./Christie, Pica Project
With the rebound in the cryptocurrency market, the trading volume of Non-Fungible Tokens (NFTs) has also recently increased. The picture shows Beeple's artwork (left) which was auctioned for 78.5 billion won($59 million) at Christie's in 2021, and Mari Kim's 'Missing and Found', which sold for 600 million won($454 thousand) at the first NFT art auction in Korea./Christie, Pica Project

The market for Non-Fungible Tokens (NFTs) is showing signs of revival after a cooling-off period. NFT trading volumes had declined in 2022 due to events such as the Terra-Luna crash, but recent rebounds in major cryptocurrencies like Bitcoin have led to a swift recovery in the sector.

Upbit, the largest crypto exchange in South Korea, cited data from the crypto-specialist outlet The Block and reported that the global NFT market recorded approximately $1.8 billion in transactions during December of last year. Although this figure is not as high as in early 2021-2022, it marks the highest monthly volume recorded in 2022.

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NFTs, which are digital tokens that use blockchain technology to certify ownership of digital assets, have been widely used in various sectors, including art, sports, entertainment, gaming, and retail. The ownership and sales records of NFTs are stored on the blockchain, which makes them impervious to tampering or falsification.

The recent surge in the NFT market is attributed to the expectation of approval for Bitcoin Exchange-Traded Funds (ETFs), which has revitalized the broader virtual asset market. As the prices of Bitcoin, Ethereum, and major altcoins have risen, investors have once again become interested in NFTs.

The relationship between the cryptocurrency market and NFTs is becoming more apparent as we observe the price differences in alternative cryptocurrencies.

In the previous month, as reported by The Block, the trading volume of NFTs based on Solana exceeded $360 million, surpassing the trading volume of NFTs based on Ethereum for the first time. During the same period, Ethereum experienced a slight increase of about 10 percent, while Solana surged by more than 100 percent.

Starbucks Odyssey, a Non-Fungible Token (NFT)-based membership service. /Starbucks

With the NFT market rebounding, companies that had previously lost interest are re-engaging with NFT-based marketing.

Particularly, blockchain-linked gaming companies and retail sectors, who are known to be aware of younger demographics’ trends, have been issuing NFTs and initiating marketing campaigns related to them.

Com2uS Platform, a blockchain subsidiary of the gaming company Com2uS, has announced plans to sell tickets as NFTs for the upcoming 35th anniversary fan meeting of ‘Choushinsei Flashman,’ a popular special effects series in Korea, in April. In the past, Com2uS issued official Froesman NFTs, which included figures and various related products.

Starbucks has collaborated with the art-related platform Print Bakery to issue and sell NFTs. These NFTs are based on the concept of ‘a unique cup just for you’ and feature designs that incorporate Starbucks imagery on cups, tumblers, and other products. Starbucks states that they have introduced this initiative to promote environmental conservation by encouraging the use of personal cups.

Arts

https://www.chosun.com/english/market-money-en/2024/01/10/PYFOPIUIGRCYVDZ6CE43DOMLGU/

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