Crypto Windfalls Are in the Tokens Driving the Digital Art Boon

Bloomberg2021-03-23

Market values of the coins that power NFTs have surged Crypto lenders are also jumping in with NFT-backed loans Photographer: larvalabs While digital art is having a moment after Beeple’s shocking $...

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Comments

Chimmy
2021-03-23
Chimmy
NFT is the new hype field to dabble in
w8w8
2021-03-23
w8w8
Wanna buy
hellojo
2021-03-23
hellojo
Like and comment pls
- JeryChan:
  Done
Jaywei
2021-03-23
Jaywei
Sweet
CellK
2021-03-23
CellK
Wow
Chororo
2021-03-23
Chororo
.

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That dwarfs even Bitcoin’s meteoric rise in the past few months.\nThe surge is happening even as observers question whether NFTs, which also are used to control the number of copies in existence through unique identifiers, is the inevitable evolution of the collectibles market or the latest leg in a growing speculative bubble. Several apps and websites are now even also offering NFT-backed loans.\n“NFTs are a useful idea that will survive, but the current trading mania and extensions like lending will likely fade soon,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion.\nThat’s not a scenario that coin investors are betting on. Theta Token, used to validate transactions on the namesake corresponding network, has quadrupled this year to reach a market value of $10 billion. The project, focused on peer-to-peer video streaming, plans to let entertainment companies issue NFTs, such as “a pieceof all-time classic characters or moments from their favorite shows and movies or a part of an upcoming blockbuster,” according to the project.\nChiliz, a token to buy fan tokens that in turn can be used for voting in polls of sports clubs like FC Barcelona, has seen its value rise 23-fold year-to-date to $3 billion. It recently announced plans to launch NFTs with professional sports teams, so users can buy these items with Chiliz coins.\nThen there are also tokens that offer a path to owning of NFTs: Whale, which is backed by a wallet containing thousands of NFTs, lets users “rent” NFTs from the collection, and to purchase exclusive digital swag or even NFTs from the pool. That coin has doubled since mid-February, a boon for its creator and biggest holder, who goes byWhaleShark.\n“People are looking for exposure to NFTs and investing in platform, specific use NFT tokens as well as asset based tokens is a way to get into the space without having to hold specific NFTs,” WhaleShark said.\nThe problem is, coins like Whale are highly illiquid. Its 24-hour-trading volume is about $1 million, despite a $214 million market value.\nLenders are also beginning to issue NFT-backed loans, which essentially let owners use their NFTs as collateral. Stani Kulechov, chief executive of liquidity software provider Aave, expects that market will reach $50 billion by year-end. Project NFTfi, around since last summer, has shepherded around $1.8 million in loans, with collateral such as virtual cats from CryptoKitties and parcels of land in the virtual world of Decentraland.\n“NFT collateralized loans bring additional liquidity to the notoriously illiquid NFT markets,” said Stephen Young, chief executive officer of NFTfi. “Our users have done everything from covering margin calls to paying the rent while going through some tough financial times.”\nStill, henoted, default rates range from 10% to 30% -- but then, lenders aren’t complaining with demand 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