The spending frenzy for Bored Apes, Cryptopunks, Pudgy Penguins and other “NFT communities” has sparked a parallel frenzy in futurism.
Commentators like Kevin Roose at the New York Times are pondering whether owning a unique avatar drawn from these digital art “drops” could manifest into a new, monetizable expression of a person’s online digital status – combining the social value of a Twitter check mark, perhaps, with the speculative value of a diamond ring. Others talk about how these new identities will build hierarchies in the metaverse, that online world to which we’re all supposedly migrating.
The latest non-fungible token (NFT) craze is among the simplest – and the strangest – yet: a randomly generated list of items ostensibly intended for players of a fantasy video game.
In just five days, “Loot: (for Adventurers),” a text-based NFT side project from social media network Vine co-founder Dom Hofmann, has managed to attract $46 million in sales and a total market cap well in excess of $180 million.
Fantom is the latest blockchain to announce a big-budget incentive program, revealing in a blog post Monday a fund of 370 million FTM, Fantom’s native token, for attracting decentralized finance (DeFi) platforms. The fund is worth over $314 million as of press time.
Just in the last week, base layer platforms Celo and Avalanche also released incentive programs worth hundreds of millions of dollars – part of a broader push from competitors to the Ethereum blockchain such as Binance Smart Chain, Polygon and Solana to attract liquidity and users.