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<ul class="summary-list"><li><keyword id="11948246" type="UNKNOWN" weightage="60" keywordseo="budweiser" source="Orion">Budweiser</keyword> is the latest major company to enter the <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> and <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space. </li><li>The beer brewer purchased a Bud-themed space rocket NFT and the domain name 'beer.eth'.</li><li>More and more companies are tapping into NFT hype as the digital assets enter the mainstream.</li></ul>Budweiser bought a non-fungible token (NFT) of a space rocket emblazoned with its logo to use as its <a href="https://twitter.com/budweiserusa">Twitter</a> image, and snapped up the domain name beer.eth, the beer brewer confirmed to Insider this week. The Anheuser-Busch subsidiary garnered attention from the cryptocurrency community on Wednesday after it uploaded a Bud-themed rocket, part of artist Tom Sachs' Rocket Factory NFT project. It also <a href="https://twitter.com/budweiserusa/status/1430316343392354306">tweeted</a> three space-rocket emojis, which are often used by meme-stock buyers and crypto fans to signify that an asset is 'going to the moon.'"Budweiser is taking its first steps into the NFT universe. We're excited to support Tom Sachs and his Rocket Factory project and join this incredible community," a Budweiser spokesperson told Insider. NFTs are digital assets like pieces of art, audio clips, virtual sports cards, or even tweets, which are tied to blockchain networks. Each NFT is therefore unique and almost impossible to edit or duplicate, making them popular among artists. Often anyone online can still view NFTs, but there's only one verified owner of the token on the blockchain. The Rocket Factory project was launched earlier this year and allows people to purchase parts of a NFT rocket, which they can then create in the real world if all parts of a NFT rocket are put together. The physical rockets are then assembled and launched - according to the project's <a href="https://medium.com/@tsrocketfactory/pre-flight-check-6db50fb6befd">Medium</a> page, the first flights will take place on August 28. Budweiser paid 8 ether coins (worth $25,000 at time of writing) for the rocket, according to NFT platform <a href="https://opensea.io/assets/0x6b00de202e3cd03c523ca05d8b47231dbdd9142b/325">OpenSea</a>. <a href="https://opensea.io/assets/0x57f1887a8bf19b14fc0df6fd9b2acc9af147ea85/69406976489375853983395395232238482141787305592400082827240731448876110915645">Records</a> show that the beer brewer also purchased the domain name 'beer.eth' for 30 ether (worth $94,000 at time of writing), under which the rocket and other NFTs are stored on crypto platforms. Budweiser is the latest major company to move into the NFT and crypto space, joining the likes of Coca Cola and Marvel in creating and selling the digital assets to consumers. The popularity of NFTs has soared throughout 2021 and the market shows no signs of slowing - close to $1 billion has been spent on NFTs across nearly 300,000 sales in the past 30 days, according to data from <a href="https://nonfungible.com/market/history">nonfungible.com</a>. Still, experts say there is <a href="https://markets.businessinsider.com/news/currencies/nft-sales-soaring-crypto-market-growth-rarible-alex-salnikov-2021-8">still a long way to go before the tokens reach the mainstream and adjustments have to be made</a> in terms of affordability and accessibility.

Budweiser gets into NFTs by launching a Bud-themed space rocket on Twitter

<ul class="summary-list"><li><keyword id="11940401" type="UNKNOWN" weightage="60" keywordseo="kraken" source="Orion">Kraken</keyword> is working on a marketplace where customers could use their <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> as loan collateral, <a href="https://www.bloomberg.com/news/articles/2021-12-24/kraken-exchange-ceo-wants-you-to-borrow-against-your-cryptopunk?srnd=premium-europe&amp;sref=GUP2BhaG">according to a Bloomberg interview with CEO Jesse Powell</a>.</li><li>Powell <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-metaverse-crypto-winter-exchange-kraken-ceo-2021-12">told Insider in an interview earlier this month</a> that Kraken was aiming to open an NFT marketplace as early as February.</li></ul><keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword> exchange Kraken is developing a marketplace where customers can use their non-fungible tokens as collateral for loans, <a href="https://www.bloomberg.com/news/articles/2021-12-24/kraken-exchange-ceo-wants-you-to-borrow-against-your-cryptopunk?srnd=premium-europe&amp;sref=GUP2BhaG">according to a Bloomberg interview with CEO Jesse Powell</a>."If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that," Powell told Bloomberg.Powell was referring to the <a href="https://markets.businessinsider.com/news/currencies/cryptopunks-nft-collection-buggy-unnoticed-launch-wired-ethereum-blockchain-2021-11?utm_medium=ingest&amp;utm_source=markets">CryptoPunk collection</a> of 10,000 pixel-art images that's considered a groundbreaking project for NFTs, or digital representations of art, music and other items that live on blockchains. Kraken's marketplace would ​​provide custody services and could appeal to people who want to do more with their NFTs beyond collecting, Powell said. <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-metaverse-crypto-winter-exchange-kraken-ceo-2021-12">He told Insider in an interview earlier this month</a> that Kraken was aiming to open an NFT marketplace as early as February. Kraken currently serves 8.5 million customers, nearly doubling its base over the past year. Bloomberg noted that Kraken's larger rivals Binance and FTX Exchange have started NFT marketplaces and <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange Coinbase has a waiting list of millions of people who want to <a href="https://www.coinbase.com/nft/announce">join its NFT marketplace</a>. OpenSea, meanwhile, is one of the NFT world's largest marketplaces but it doesn't offer custody services. The cryptocurrency market boomed to a valuation of more than $3 trillion during 2021, in part as the NFT section of the market grew in value largely as digital art has grown in popularity. NFT sales <a href="https://cointelegraph.com/news/nft-sales-aim-for-a-17-7b-record-in-2021-report-by-cointelegraph-research" target="_blank" rel="noopener noreferrer">could hit a record $17.7 billion</a> in 2021, according to Cointelegraph Research.Highlighting such growth, the 225-year-old auction house Christie's in March sold an <a href="https://markets.businessinsider.com/news/currencies/christies-nft-sales-total-beeple-auction-crypto-cryptopunks-2021-12">NFT art piece for a record-breaking $69 million</a>.

Kraken is working on a marketplace where customers can take out loans backed by their NFTs

<ul class="summary-list"><li><keyword id="12947823" type="UNKNOWN" weightage="60" keywordseo="stan-wawrinka" source="Orion">Stan Wawrinka</keyword> is launching an NFT collection of 5,555 digital <keyword id="11897437" type="UNKNOWN" weightage="60" keywordseo="tennis" source="Orion">tennis</keyword> players who can compete in <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> tournaments.</li><li>NFT owners can train their players and improve their stats to make them more valuable.</li><li>Wawrinka, the three-time Grand Slam champion, is the latest prominent athlete to join the NFT space.</li></ul>Looking for a spot in the first-ever metaverse tennis tournament? One of the 5,555 <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> from three-time Grand Slam champion Stan Wawrinka could be your ticket.The 36-year-old Swiss tennis player has forged into the world of non-fungible tokens with his launch of <a href="https://ballmanproject.io/index.html">the Ballman project</a>, an NFT collection of 5,555 unique digital tennis players that give owners the chance to play in virtual tennis tournaments for prizes, including ethereum, according to the <a href="https://ballmanproject.io/index.html#faq">website</a>."The NFT Open series aims to be the largest virtual tennis tournament circuit bringing together fans of NFTs and Tennis alike," the whitepaper said. The first sale is February 7 with more to follow. In a Wednesday Zoom call announcing the project, Wawrinka said NFTs are "roaring" and that he wants to build community with his collection, <a href="https://www.bloomberg.com/news/articles/2022-01-12/tennis-star-stan-wawrinka-jumps-into-nft-game?srnd=markets-vp">Bloomberg reported</a>. He's right -- NFTs have <a href="https://markets.businessinsider.com/news/currencies/nft-piracy-painter-says-work-stolen-thousands-of-times-opensea-2022-1">surged in popularity</a> in the last year, with sales topping $25 billion in 2021. The term NFT refers to a digital collectible or piece of art tied to blockchain technology. As for community, Wawrinka has stayed in touch with fans through a <a href="https://discord.com/channels/907931309115080736/907985654670033006">Discord server</a> about the project by frequently checking in with messages to the more than 1,500 players in the channel.For Wawrinka's collection, the NFTs, or digital players, have randomly assigned traits like technique, conditioning, power, mindset, tactics, and luck, that help determine how they perform in virtual tournaments, which will be held in a virtual arena called the "<a href="https://twitter.com/ballmanproject/status/1480595626563887104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1480595626563887104%7Ctwgr%5E%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-01-12%2Ftennis-star-stan-wawrinka-jumps-into-nft-game">Ballman Meta Stadium</a>."Players progress through different levels like daily training, weekly tournaments, the super series, and the final four. Winnings include prize money in the form of ether and boosters. "Just like real tennis players, you can enhance your player's skills (better tennis gear, better shoes, training, rest or even a coach)," the site said. The more a player trains and wins, the more valuable the NFT becomes.Wawrinka, whose <a href="https://twitter.com/stanwawrinka?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">Twitter</a> and Discord profile picture features a bored ape from the well-known NFT collection, is the latest professional athlete to enter the world of digital collectibles. Others, including NBA superstar <a href="https://markets.businessinsider.com/news/currencies/linksdao-nft-prices-roughly-steph-curry-golf-course-ether-crypto-2022-1">Steph Curry</a> and NFL legend <a href="https://markets.businessinsider.com/news/currencies/tom-brady-nft-collection-autograph-digital-tokens-crypto-nfl-2021-12">Tom Brady</a>, have entered NFT space with offerings of their own.

Buying one of these 5,555 NFTs from tennis star Stan Wawrinka will give you a chance to play in the first-ever metaverse tennis tournament

<ul class="summary-list"><li>An "all female" NFT project called Fame Lady Squad was founded entirely by men.</li><li>It was advertised as the "first female avatar project of all time," with an all-female team.</li><li>Many who purchased <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> felt misled, leading to a change in ownership.</li></ul>An "all-female" NFT project dropped earlier this month, but it was later revealed to have been founded by three Russian men.An NFT is a non-fungible token - a unit of data whose authenticity and ownership are tracked through a decentralized network. Even if an NFT is screenshotted or saved, the original owner can be verified. In the last year, NFTs have skyrocketed in popularity as a way for <keyword id="11931454" type="UNKNOWN" weightage="60" keywordseo="art" source="Orion">art</keyword>ists and art collectors to better secure the authenticity of pieces of digital art.The Fame Lady Squad (FLS) NFT project was advertised as the "first female avatar project of all time." People could buy images (called "ladies") that were produced for the project as NFTs, which could then be used to represent users on various social media platforms. It spurred $1.5 million of investment into the 8,888 individual NFTs, <a href="https://www.inputmag.com/culture/fame-lady-squad-nft-women-men-scandal-scam" target="_blank" rel="noopener">Chris Stokel-Walker reported for Input Mag</a>.The FLS website listed team members from the US and Norway with feminine names and avatars.But on August 10, NFT developer Fedor Linnik published <a href="https://twitter.com/FedorLinnik/status/1424920147362557952" target="_blank" rel="noopener">a Twitter thread</a> saying a male developer who goes by the name D Mefi advertised the project in a Discord chat server and on Twitter before it gained public attention. Then, a Russian developer who goes by Max Rand <a href="https://twitter.com/realMaxRand/status/1425176983839850502">tweeted</a> on August 10 that he was one of the founders, apologizing for any confusion.The FLS Twitter account, which has now been deleted, also posted a thread where it apologized and listed Rand, D Mefi, and one more developer who was not named, as the three founders, and said they were all men."It doesn't mean that it is a scam or a fraud. We love NFT community and everything that is related to NFTs," the account said.Prices for the NFTs sank on the secondary marketplace OpenSea after owners began panic-selling, <a href="https://decrypt.co/78329/ethereum-nft-fraud-fame-lady-squad" target="_blank" rel="noopener">Decrypt reported</a>. A digital art collector called "digitalartchick" <a href="https://twitter.com/digitalartchick/status/1424906893546381314" target="_blank" rel="noopener">tweeted that the floor price had "tanked 90%"</a>.<h2>Some people who felt cheated didn't want the founders to profit from the project anymore</h2>Buyers of FLS and onlookers started calling for the founders to transfer the ownership of FLS' smart contract to respected <keyword id="11892913" type="UNKNOWN" weightage="60" keywordseo="women" source="Orion">women</keyword> in the NFT space. A smart contract is a program that automates and documents elements of an NFT's transactions. Whoever has the smart contract can get money when NFTs are traded and resold.The FLS founders conducted a poll on their Twitter account, asking the NFT community about whether they should give the smart contract away. Over three quarters of respondents voted yes, after which FLS said they transferred the smart contract to "digitalartchick," who is a prominent personality in the space and suggested the transfer on Twitter. She <a href="https://twitter.com/digitalartchick/status/1425427897272131591" target="_blank" rel="noopener">tweeted sceenshots</a> of what she said was a conversation with the founders. Digitalartchick did not respond to a request for comment.She then said she passed it on to a team of women who are active in the community as NFT collectors: Bored Becky, who is a realtor in Canada called Ashley Smith, and NFTignition, whose real name is Danielle Davis.Davis told Insider her team received the contract and it was a "huge surprise."She said the situation could have been a "huge stain" on the history of NFTs, but it's turned into an opportunity."This is definitely historic as it is the first time that an entire project has ever been given to the community," she said.There is no public record of NFT transfers, but Davis and Smith are both active members of the NFT community who have posted videos and images to prove their identities in the new FLS server.D Mefi and Rand, two of the FLS founders, told Insider in a joint statement over Twitter that they didn't expect the backlash they received and that they created FLS because there were no NFT projects dedicated to women, which "amazed" them. They said they used the feminine avatars because it was their artwork, and that they didn't expect that people would think they were women.On August 12, the Fame Lady Squad founders said they would give the new owners control of their social media accounts too. The floor price of the NFTs on OpenSea is now 0.08 ethereum ($268).The new Fame Lady Squad is set to relaunch on August 24.<a href="https://www.insider.com/culture">For more stories like this, check out coverage from Insider's Digital Culture team here.</a>

An 'all female' NFT project was exposed as being founded by 3 men. Now, they're trying to give back to women.

<ul class="summary-list"><li>Multicoin Capital and Jump Crypto led a $46 million funding round for Metaplex. </li><li>Nearly 100 individual investors also participated, including NBA legends <keyword id="11897663" type="UNKNOWN" weightage="60" keywordseo="michael-jordan" source="Orion">Michael Jordan</keyword> and Allen Iverson. </li><li>Metaplex allows users to build Solana-based NFT marketplaces, and has already been used to make over 85,000 projects.</li></ul>Metaplex, which allows users to build Solana-based NFT marketplaces, completed a $46 million funding round that included NBA legends Michael Jordan and Allen Iverson.Multicoin Capital and Jump Crypto led the fundraise, with <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">Solana</keyword> Ventures, Alameda Research, and Animoca Brands also participating — in addition to nearly 100 individual investors. The capital infusion will allow the company to expand more broadly into gaming and <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> applications in 2022, and also provide grants to support underrepresented communities, according to Metaplex. The company's protocol has been used to make over 85,000 projects and over 5.7 million <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> since it launched in June 2021, according to <a href="https://www.metaplex.com/">Metaplex</a>. Since then, it also has handled $385 million worth of NFT transactions, led by Degen Ape Academy and Aurory."We believe the metaverse will be open, censorship-resistant and globally accessible," Sergey Vasylchuk, director of the Metaplex Foundation, said in a press release. "In this metaverse, Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experiences."Cryptocurrency exchange FTX supported Metaplex's initial launch of its NFT marketplace, as the platform was meant to bolster the infrastructure of the Solana network. In September, <a href="https://www.coindesk.com/business/2021/09/29/solana-based-nft-firm-metaplex-names-adam-jefferies-ceo-of-new-studio/">Metaplex tapped Adam Jefferies as new CEO</a>, while naming high-profile board members from Coinshares, Saber Labs, and Cultur3 Capital.Interest in the startup comes as the total market capitalization of Solana's NFT market recently passed $1 billion, per <a href="https://www.solanalysis.com/">Solanalysis data</a>. JPMorgan noted that <a href="https://markets.businessinsider.com/news/currencies/ethereum-eth-killers-nfts-defi-solana-cardano-wax-crypto-investing-2022-1">ethereum is losing ground to rivals in the NFT marketplace</a>, and that solana could see a boost. Due to sky-high transaction fees on the network, the bank's analysts found that <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>'s NFT volume share has fallen from 95% to around 80% over the past year.

Michael Jordan-backed NFT marketplace Metaplex raises $46 million in latest funding round to expand into metaverse

<ul class="summary-list"><li>In an interview with CNBC, <keyword id="13155047" type="UNKNOWN" weightage="60" keywordseo="gary-vaynerchuk" source="Orion">Gary Vaynerchuk</keyword> said 98% of NFT projects will fail. </li><li>Vaynerchuk is the creator of the popular Vee Friends NFT series, the cheapest of which currently sell for about $41,000.</li></ul><a href="https://twitter.com/garyvee">Gary Vaynerchuk</a> is not shy about<a href="https://markets.businessinsider.com/news/currencies/gary-vaynerchuk-nft-market-valuations-gary-vee-friends-vaynermedia-2022-2"> his bullishness</a> for non-fungible tokens, but he thinks there's a downturn coming for the sector.In an interview with <a href="https://twitter.com/garyvee/status/1491968761724903428?s=20&amp;t=-9IKAsGq0TUjTABHEVLy5g">CNBC</a>, the entrepreneur and CEO of VaynerMedia likened the current NFT craze to the dot-com era stock market boom of the early 2000s. "This is internet stocks [19]99," said Vaynerchuk when asked about the current NFT landscape. "I put out content every week saying that 98% of [NFT] projects are going to zero. Most of the behavior I see in NFT buying reminds me of the way people bought beanie babies.""In March 2000 when all those internet stocks which were grossly overrated and collapsed, Amazon was sitting there at seven or eight dollars per share, the same thing will play out in the NFT space," Vaynerchuk said.Vaynerchuk, who has 2.9 million Twitter followers, is the creator behind the popular NFT series <a href="https://opensea.io/collection/veefriends">Vee Friends</a>. The price for a single Vee Friends NFT is currently 13.25 ETH, or about $41,000. He believes it's still the early days for digital assets. He urged investors to recognize that currently, "things don't make sense," but eventually the <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> will become an influential and established market.Jonathan Victor, business development lead for NFTs for Web3 company <a href="https://protocol.ai/">Protocol Labs</a>, agrees that things are just getting started for the NFT space. Much of the utility, he says, will be seen once people stop focusing on the term "NFT.""People will stop talking about NFTs as NFTs, and the focus will shift to what they actually offer," Victor told Insider. "Instead of just fixating on the term, we'll look at what the digital objects can do for us."Because an NFT has built-in proof of ownership on the blockchain, Victor explained how vaccine cards could have been improved if they were NFTs. Then, people could have proof of who issued it, who it was assigned to, and the date and time it was given — all while minimizing the risk of fake cards. For the same reasons, he expects event or sports tickets to transition to NFTs, too. "Soon NFTs will just be things we use in a time where everything will be digital and interoperable. We'll eventually get less excited about the term 'NFT,' and people won't even think about items as NFTs anymore."Similarly, <a href="https://twitter.com/ericinjective?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">Eric Chen</a>, CEO of decentralized trading platform, <a href="https://injectiveprotocol.com/">Injective Protocol</a>, said there's a lot of noise in the NFT space that distracts from the utility of the digital assets. In time, he anticipates a broad adoption of the technology. "The marketplace became overwhelmed," Chen wrote to Insider in an email. Most of these NFT projects with little differentiation or innovation will likely die over time." "'NFT' used to be a term only familiar to a small group of users," Chen continued. "We've already seen the metaverse concept and NFT sector being validated by large traditional tech companies, I think it'll slowly grow to become part of everyone's daily life. I think it'll be less flashy."Vaynerchuk predicts that the "short-term greed behavior" he is seeing in the space will lead to an NFT downturn. After the dust settles, he expects a handful of operators to come out on the other side to make "remarkable returns." In 2021, the NFT market ballooned to about <a href="https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1?utm_medium=ingest&amp;utm_source=markets">$41 billion</a> in sales — almost the same size as the traditional art market, and celebrities and pro athletes continue to pour into the nascent Web3 space.Over the past week, there were over <a href="https://markets.businessinsider.com/news/currencies/nft-crypto-best-selling-collections-non-fungible-tokens-doodles-sandbox-2022-2?utm_medium=ingest&amp;utm_source=markets">$535 million</a> in NFT sales.

Gary Vaynerchuk says 98% of NFT projects will fail after the gold rush fades. Here's why 2 experts think he might be right.

<ul class="summary-list"><li>NFL quarterback Tom Brady has lost tens of thousands of dollars on his Bored Ape NFT.</li><li>He paid 133 ether ($430,000) for it in April, which is $235,436 right now. Its best offer is $136,034.</li></ul>It appears that NFL quarterback legend Tom Brady has taken a bit of an L on one of his recent investments.The 45-year-old purchased an NFT from the popular Bored Ape Yacht Club collection in April for 133 ether, which amounted to around $430,000 at the time.But its value has plummeted in the four months since — 133 ether is now worth $235,436, and the best offer his NFT, <a href="https://opensea.io/assets/ethereum/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d/3667">#3667,</a> has is 77 ether, or $136,034.31, meaning its worth has dropped by 68%.It's a stark dip that has coincided with a broader slump in the world of crypto and all things decentralized finance. Bitcoin's price has dipped considerably — dragging other coins, like ether, down with it. Trust in the ecosystem has fallen, and users are less likely to invest in such risky assets right now due to rises in inflation and federal interest rates.Bitcoin was at an all-time high of $68,000 in November and is around $23,000 this month, for example, while ether sat at $4,800 in late 2021 and is now trading at about $1,700.Though luckily for Brady, he has plenty of cash to spare — <a href="https://www.insider.com/tom-brady-fox-sports-contract-super-bowl-2022-5">the NFL great penned a post-retirement, 10-year, $375 million broadcasting contract</a> with Fox in May. He also launched an NFT company called Autograph in 2021 <a href="https://markets.businessinsider.com/news/currencies/tom-brady-nft-autograph-platform-crypto-retirement-nfl-2022-2">that will sell digital collectibles from celebrities and sports icons.</a>Brady is one of <a href="https://www.businessinsider.com/celebrities-metaverse-hype-snoop-dogg-paris-hilton-snoopverse-2022-1">many crypto-curious, </a><a href="https://www.businessinsider.com/celebrities-metaverse-hype-snoop-dogg-paris-hilton-snoopverse-2022-1">multimillionaire </a><a href="https://www.businessinsider.com/celebrities-metaverse-hype-snoop-dogg-paris-hilton-snoopverse-2022-1"> celebrities that have dived into the Web3 space</a> face first in the past year, endorsing exchanges and NFT projects and likening investing in crypto to exploring outer space.But the crypto winter that began creeping in last November has wiped out much of the market, which in June fell <a href="https://markets.businessinsider.com/news/currencies/crypto-market-value-1-trillion-bitcoin-winter-ethereum-inflation-cardano-2022-6">below the $1 trillion mark for the first time since February 2021.</a>The NFT market specifically has seen <a href="https://www.insider.com/nft-sales-down-nonfungible-phishing-scams-bayc-opensea-2022-5">daily sales decline from 225,000 in September 2021 to about 19,000</a> as of early May, the Wall Street Journal reported.And as Insider's Avery Hartmans has reported, it's the average retail investor — not the deep-pocketed celebrity sponsors — <a href="https://www.businessinsider.com/crypto-crash-losses-celeb-ads-matt-damon-tom-brady-2022-5">who feel the greatest effect from dwindled or lost holdings.</a>For example, if you had invested in bitcoin on the same day that actor <a href="https://markets.businessinsider.com/news/currencies/crypto-com-matt-damon-water-org-global-ad-digital-asset-2021-10">Matt Damon's now-famous Crypto.com ad</a> aired on October 28, you would have seen over half of that investment wiped out by now.

Tom Brady bought a Bored Ape NFT for $430,000 in April. He's lost at least $194,000 on it since then.

<ul class="summary-list"><li>A new line of NFTs has dethroned the Bored Ape Yacht Club when it comes to seven-day trading volume: <keyword id="12964904" type="UNKNOWN" weightage="60" keywordseo="phantabear" source="Orion">PhantaBear</keyword>.</li><li>The <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> collection was launched on January 1 this year, backed by Taiwanese pop star Jay Chou and Hong Kong actor Edison Chen</li><li>On January 14, it had a floor price of 3.88 ether or roughly $12,750. </li></ul>A new line of non-fungible tokens has dethroned the highly coveted Bored Ape Yacht Club on trading volume in the past seven days: <a href="https://ezek.io/">PhantaBear</a>.The NFT collection was launched on January 1, backed by Taiwanese pop star Jay Chou and Hong Kong actor Edison Chen. The 10,000-piece collection <a href="https://www.globenewswire.com/news-release/2022/01/10/2364259/0/en/NFTs-Valued-at-53-Million-USD-Jay-Chou-s-PhantaBear-Surpasses-Cryptopunk-as-1st-Place-in-Global-NFT-Sales.html">sold out</a> less than an hour after it was released on New Year's Day, and its price has also tripled since then.The project was jointly launched by Chou's fashion brand, PHANTACi, and new NFT platform Ezek. And just like Bored Apes, each PhantaBear has unique features and traits. While trading volume is just one way to measure the popularity of an NFT, it is indicative of people's interest in the collection. And data shows that the bears are beating the apes.In the past seven days, the trading volume of PhantaBear surged to $63.82 million with its lowest floor price at 4 ether (roughly $13,200), according to <a href="https://www.nft-stats.com/collection/phantabear">NFTstats.com</a>. Bored Ape saw $54.51 million in trading volume with a floor price of 74.69 ether (around $247,000). Also in the same time period, 185 apes were sold compared to 4,812 bears.The dethroning of the Bored Ape collection is notable as it has been considered one of the most sought-after NFTs since launching in April 2021. High-profile figures who own a part of the collection include NBA star <a href="https://markets.businessinsider.com/news/currencies/steph-curry-nft-bored-ape-yacht-club-180000-ethereum-nba-2021-8?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Stephen Curry</a>, who purchased one for $180,000, and hip hop artist <a href="https://markets.businessinsider.com/news/currencies/eminem-bored-ape-yacht-club-nft-opensea-celebrity-music-grammy-2022-1?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Eminem</a>, who bought one for $462,000. This continuous interest pushed the sales of Bored Ape to jump past <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-1-billion-opensea-bayc-2022-1">$1 billion</a> in January. A month before in December, its <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nfts-beat-cryptopunks-first-time-price-2021-12?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">floor price</a> surpassed that of CryptoPunks — considered one of the original NFT collections since it came out in 2017 — for the first time on OpenSea, the biggest NFT marketplace.The recent emergence of PhantaBear illustrates the ongoing frenzy behind NFTs, <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=markets" target="_blank" rel="noopener">digital representations</a> of artwork, sports cards, or other collectibles tied to a blockchain.In 2021, NFTs recorded over $12 billion in sales on the ethereum blockchain, where the majority of these tokens run, according to data from <a href="https://nonfungible.com/market/history">NonFungible.com</a>, marking a stunning 17,864% year-on-year growth compared to 2020's $67 million.<div type="image" title="Quarterly Sales Count and Sales Value (USD)" height="310" width="620" msid="88934726" hostid="261"></div>NFTs, as a whole, still have yet to fully break into the mainstream due to their highly speculative nature, and many question the intrinsic value of these tokens.But celebrities, digital artists, and traditional art auction houses like Christie's and Sotheby's are riding the NFT wave, according to a 2021 year-end report by <a href="https://kraken.docsend.com/view/qfg7sxsdfgfp2kg5">Kraken Intelligence</a>."By the end of 2021, the NFT market boasted a diverse audience and made waves in several sectors, namely in art, collectibles, DeFi, gaming, metaverse, and utility-driven NFTs," Kraken said.

A new NFT collection called PhantaBear has beaten the sales volume of Bored Ape in the past week

<ul class="summary-list"><li>High gas fees and congestion have pushed NFT apps away from the <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> network, JPMorgan said.</li><li>The bank's analysts found ethereum's NFT volume share has fallen from 95% at the start of 2021 to around 80%.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> is losing ground to rivals such as solana in the NFT sector of the cryptocurrency universe, due to sky-high transaction fees on the network, JPMorgan has said. Ethereum's volume share of non-fungible token trading has fallen from around 95% at the start of 2021 to around 80%, according to JPMorgan's analysts, led by Nikolaos Panigirtzoglou. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains," Panigirtzoglou said in a note sent to clients last week, referring to apps built for decentralized finance. The bank's global <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword> team found that the solana network in particular had been <a href="https://markets.businessinsider.com/news/currencies/solana-crypto-take-market-share-away-from-ethereum-sol-ether-2022-1">seizing market share</a> from ethereum in recent weeks. "If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum's valuation," Panigirtzoglou said. <a href="https://www.businessinsider.com/nft-meaning">Non-fungible tokens, or NFTs,</a> are <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> assets that represent ownership of items such as pieces of digital art, video clips, and virtual clothing. The now roughly $12 billion NFT market has boomed over the last year, with one digital art NFT selling <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;r=US&amp;IR=T">for $69 million</a> in March 2021. Bored Apes and CryptoPunks, two types of digital avatars, are some of the most popular <keyword id="902592" type="General" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. The ethereum cryptocurrency network, founded in 2015, is the technology that underlies the vast majority of NFT buying and selling. Yet traders are becoming increasingly frustrated with congestion and very high transaction or "gas" fees on the network, which often add more than $80 to a purchase. Read more: <a href="https://www.businessinsider.com/nft-investing-opensea-treasure-marketplace-ethereum-wave-financial-les-borsai-2022-1?r=US&amp;IR=T">Wave Financial's Les Borsai invested in 2 NFT collections that have soared by 450% and 70% in 2 weeks. Now the chief strategy officer is looking toward another under-the-radar collection.</a> Newer blockchains such as solana are now muscling in, attracting NFT developers with much lower transaction fees. Other networks, such as wax or tezos, are also jostling for position, JPMorgan said. Ethereum has also been <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">ceding market share</a> in the world of decentralized finance. DeFi apps allow people to carry out financial transactions, trade or sign "smart contracts" without the need for intermediaries such as banks and clearing houses. Cardano, one of a number of rival networks sometimes dubbed <a href="https://markets.businessinsider.com/news/currencies/ether-outlook-4-cryptocurrencies-considered-ethereum-killers-crypto-solana-cardano-2022-1">"ethereum killers"</a>, has been a particular beneficiary in the DeFi space. However, ethereum remains by far the dominant blockchain when it comes to both NFTs and DeFi. The total value of projects locked on the ethereum network stood at around $156 billion — almost double that of the next 10 networks combined — analysts at the Coinbase exchange estimated last week. Ethereum developers are racing to try to <a href="https://markets.businessinsider.com/currencies/news/ethereum-upgrades-boost-ether-price-eip1559-prrof-of-stake-2021-5-1030404464">solve the problem</a> of high gas fees. But a crucial network upgrade known as "sharding", intended to <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">add more capacity to the network</a>, is not due until early 2023. <keyword id="6709758" type="General" weightage="60" keywordseo="ether" source="Orion">Ether</keyword>, the cryptocurrency on the ethereum network, was down 3.4% to $3,162 on the Coinbase exchange Tuesday. It's been hit by a <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-tech-futures-bond-yields-oil-prices-2022-1">broad sell-off</a> that has whacked tech stocks and digital assets.

JPMorgan says ethereum is losing ground to rivals in the NFT market, which could boost the likes of solana

<ul class="summary-list"><li><keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">Cryptocurrency</keyword> exchange <keyword id="13654388" type="UNKNOWN" weightage="60" keywordseo="okcoin" source="Orion">Okcoin</keyword> is launching the first NFT marketplace that features no royalty cap for creators. </li><li>The Randi-Zuckerberg backed crypto exchange will headline the launch with Bored Ape and Crypto Punk <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>, among others. </li></ul>Cryptocurrency exchange <a href="https://www.okcoin.com/">Okcoin</a> announced a new non-fungible token marketplace <a href="https://www.prnewswire.com/news-releases/okcoin-announces-nft-marketplace-with-zero-fees-uncapped-royalties-301528075.html">Tuesday</a>, adding its name to the growing digital collectibles space alongside companies like <keyword id="12012796" type="UNKNOWN" weightage="60" keywordseo="opensea" source="Orion">OpenSea</keyword>, Rarible, and Axie Marketplace.The marketplace, Okcoin NFT, will feature zero transaction fees for retail investors, as announced by CEO Hong Fang alongside Serena Williams at the eMerge Americas conference. Founded in 2013, Okcoin's platform will be the first marketplace on a regulated cryptocurrency exchange that does not put a limit on the royalty rates that creators can set for sales on their work. "We're launching a free market for NFTs where prices and profits will be determined by supply and demand, more so than anywhere else," Fang said. "Web3 is about restoring economic power to the people, and at Okcoin, we're doing our part by granting as much sovereignty to individuals as possible when it comes to their money, and now, their art."Typically, NFT royalty rates can range between 0 to 10% on competing platforms, the company said. Popular collections like Bored Apes and Crypto Punks will headline Okcoin's platform, and members of the waitlist will have first access to the launch. <a href="https://blog.okcoin.com/2021/12/04/randi-zuckerberg/">Randi Zuckerberg</a>, sister of Meta chief executive Mark Zuckerberg, joined Okcoin's advisory council in 2021."Okcoin's work in making crypto more accessible is vital, and I'm thrilled to be working with them to elevate more projects led by underrepresented groups, through my work advising on Okcoin NFT," Zuckerberg said in a statement.The NFT market ballooned to <a href="https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1">$41 billion</a> in 2021, and experts expect the NFT market to surpass $80 billion by 2025. Supporters claim that the digital art is <a href="https://markets.businessinsider.com/news/currencies/facebook-metaverse-nfts-crypto-meta-cryptocurrencies-2021-11?utm_medium=ingest&amp;utm_source=markets">the key to the next phase</a> of the internet, or Web3, while skeptics say there's little value in the tokens. Meanwhile, in March 2022, Okcoin, along with Stacks Accelerator, launched the <a href="https://www.coindesk.com/business/2022/03/10/okcoin-stacks-launch-165m-pledge-to-support-bitcoin-related-projects/">Bitcoin Odyssey</a>, a year-long commitment for venture capitalists to pledge $165 million into products that support the adoption of <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.

Crypto exchange Okcoin launches first-ever NFT marketplace without a cap on creator royalties

<ul class="summary-list"><li>Yuga Labs, the team behind <keyword id="13098105" type="UNKNOWN" weightage="60" keywordseo="bored-ape-yacht-club" source="Orion">Bored Ape Yacht Club</keyword>, has acquired <keyword id="12418197" type="UNKNOWN" weightage="60" keywordseo="cryptopunks" source="Orion">CryptoPunks</keyword> and Meebits from Larva Labs.</li><li>Bored Ape Yacht Club and CryptoPunk <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> have together done more than $3 billion in trading volume. </li></ul>Bored Ape Yacht club creator <keyword id="13382724" type="UNKNOWN" weightage="60" keywordseo="yugo-labs" source="Orion">Yugo Labs</keyword> has bought CryptoPunks and Meebits from Larva Labs, giving the company control over three of the most popular <a href="https://www.businessinsider.com/nft-meaning?utm_medium=ingest&amp;utm_source=markets">non-fungible token</a> collections on the market. The Bored Apes and <a href="https://cryptopunks.app/">CryptoPunks</a> collections are iconic among NFT enthusiasts, boasting over $1 billion and $2.2 billion in trading volume, respectively. "[Yuga Labs is] the ideal stewards of the CryptoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web," said Matt Hall and John Watkinson, co-founders of Larva Labs, CryptoPunks, and Meebits in a <a href="https://mirror.xyz/0xEc9f53fA69682833FBd760C104B5D61aE29221E0/Km81y6Mc3O5LzS0wnrghVIV0HnZgLOd4wsnfcGw3_2I">statement</a>. Larva Labs said it will retain the rights to a group of its "favorite Punks and Meebs."CryptoPunks were one of the earliest NFT projects, and 10,000 unique iterations of them exist on the ethereum blockchain. The current floor price for a single CryptoPunk is 69.95 ETH, or about $181,000. <a href="https://meebits.app/">Meebits</a>, for its part, has seen about $227 million in trading volume, per OpenSea. The floor price for one MeeBits NFT is 4.7 ETH, or about $12,000. After a sizzling 2021 when total volume hit $23 billion, the NFT market has cooled to start the new year. Sales dipped 29% week-over-week as of Friday, and the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-technical-sell-off-violates-support-downside-ahead-2022-1?utm_medium=ingest&amp;utm_source=markets">ongoing sell-off</a> in cryptocurrencies is beginning to creep into the NFT space.Bored Ape Yacht Club and CryptoPunks were the <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-plunge-crypto-non-fungible-2022-3">first and second top-sellers</a> last week.

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