As the NFT wave continues to hit the world by storm and celebrities/big brands continue to make their entry to the booming market, the trading volume is seeing a steady increase.
According to data from the cryptocurrency market analytics platform – IntoTheBlock on April 18, the total volume traded in NFTs has recently exceeded 18M ETH or $54 billion in aggregate value.
Breaking this down, IntoTheBlock’s year-to-date chart shows that the global trading volume of NFTs grew from $16.94 billion on January 1, 2022, to $54.58 billion on April 17, an increase of 222.2% since the beginning of the year.
NFT to overtake bitcoin?
At the Paris Blockchain Summit that was held last week, she said she agreed with Shark Tank’s Kevin O’Leary in his view that non-fungible tokens could outshine Bitcoin (BTC) in terms of market capitalisation:
“Absolutely. I think 100% because the NFT market can be so many different things and I really do think for example all of the art pieces will have NFTs or fractionalised NFTs as well associated with them every single piece of art for short not now but 10 years from now I’m almost certain.”
US e-commerce giant – Amazon’s CEO Andy Jassy in an interview with Squawk Box last week quickly turned a discussion off Bitcoin back to NFTs, commenting that “I expect that NFTs will continue to grow significantly,”
When asked if Amazon would consider selling NFTs, he said – “Yes, I think it’s possible down the road on the platform.” Rival e-commerce platform eBay has already permitted NFT sales on its platform last year and it was also looking into crypto payments options.
Big Brands joining the train
Yesterday, Louis Vuitton announced plans to release a new NFT collection. The new collection by Louis Vuitton will be tied to the brand’s mobile app game, Louis: The Game. Players in the game who have collected a certain number of in-game NFTs will become eligible for a raffle. The raffle will continue until August 8, with players eligible to win one of ten new Vivienne NFTs. These NFTs will be compatible with multiple platforms.
Louis Vuitton is not the only fashion brand exploring NFTs, Burberry has also released an NFT character, Sharky B, for its game, Blankos Block Party.
Luxury fashion house Dolce & Gabbana had also announced its foray into NFTs, announcing an exclusive NFT collection with UNXD, a luxury digital marketplace on the Polygon Network. The collection – the Collezione Genesi or Genesis Collection marks the brand’s first steps into NFTs and their associated technologies.
Hyundai Motor Company has become the first in the automotive business to enter the community-based NFT market. Hyundai Motor will launch NFTs representing its mobility solutions which are part of the ‘Metamobility Universe’ that the automaker unveiled at CES 2022, the company said in a press release on April 17.
Thomas Schemera, Hyundai Motor’s Global Chief Marketing Officer and Head of Customer Experience Division said:
“The Hyundai NFT Universe will extend the Hyundai brand experience, especially with MZ generation, in a completely new way, further reinforcing our commitment to innovation in both the real world and in the metaverse. We are extremely excited to introduce ‘Metamobility’ through our own NFTs and start this journey with ‘Meta Kongz’.”
The success and growing popularity of NFTs in 2022 can be attributed to the interest of popular names and companies in the space. However, jumping on the trend requires you do proper research first.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.