![]() ![]() When Starbucks launched an NFT collection in March, it sold out within the first 20 minutes. As a result, the companies that launch these projects, still end up selling them. Starbucks NFTs reward and connect with members by offering collectibles, digital stamps, and access to exclusive benefits. Mattel's Fast & Furious project, for example, will give holders the opportunity to own a physical version of Suki's car if they manage to collect the entire set. Many of the launches come with built-in perks that can't be accessed through other means. So why do brands keep launching them when the numbers seem to show that the trend of buying and trading NFTs is dying off? Because for the most part, launching NFTs is helping brands build a community of super fans. Trading in projects like Donald Trump's NFTs, which sold out within 24 hours when it was first released in December, have plunged to an all time low, seeing an 80% drop from all-time highs, according to OpenSea data. "This implies that for the first time this year, the monthly NFT trading volume might fall short of the $1 billion mark." As of May 12th, the NFT trading volume has reached only $293 million," said Sara Gherghelas, a blockchain analyst at DappRadar. "In the month of May, the NFT market has witnessed a significant shift. Brands haven't given up on their efforts to release nonfungible tokens.īut data shows that NFT trading volume is at an all time low this year. Last month, Starbucks launched a new NFT collection, and Nike-owned RTFKT released a digital sneaker collection of NFTs, that LeBron James was later spotted wearing. You can find me on Twitter at to share any thoughts on crypto, this newsletter, or your personal stories with digital assets.īrands launch NFTs This week, the famous toy company Mattel announced the launch of the Fast and the Furious NFTs, ahead of the release of the movie. So why do brands keep launching collections? Read more below. ![]() They're backed on a blockchain, and serve as a digital certificate that verifies ownership and authenticity.īut with the hype fading around the metaverse, web3, and crypto, it seems that traders aren't splurging on NFTs the way they used to. NFTs are unique cryptographic tokens that can be linked to digital or physical items. It was exactly 2 years ago, in May 2021, when artist Beeple sold NFT digital art for $69 million. ![]() But brands, despite the low trading volume, are surprisingly still launching NFT collections.Īs a reminder, NFTs, or nonfungible tokens, surged in popularity in 2021. May is on track to become the first month in 2023 when NFT trading volume will fall well below $1 billion, according to new analysis from DappRadar. This is Anushree Dave, crypto reporter at MarketWatch. Hi everyone, welcome back to another Distributed Ledger. ![]()
0 Comments
Leave a Reply. |