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<ul><li>Indian crypto exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> has announced a <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword> for <keyword id="480599" type="ORGANIZATION" weightage="20" keywordseo="Indian-artists">Indian artists</keyword>.</li><li>It is one of the first marketplaces for NFTs in India.</li><li>A NFT is a digital asset and it can be in the form of a picture, audio, video or even a tweet.</li></ul>Indian crypto exchange WazirX has announced the launch of a non-fungible token (NFT) marketplace for Indian artists and creators. The company has said that it is one of the first marketplaces for NFTs in India. The NFT marketplace from WazirX is being spearheaded by Sandesh B Suvarna, a Canada-based entrepreneur. Film actor Vishakha Singh has also joined the firm as an advisor. Speaking about the launch of its NFT marketplace, Nischal Shetty, founder of WazirX, said, “Both digital creators and collectors stand to benefit from the <keyword id="11047571" type="UNKNOWN" weightage="20" keywordseo="wazirx-nft-marketplace">WazirX NFT marketplace</keyword>. As of now, we are working around a certain nitty-gritty to make NFTs more lucrative for our customers.” <cmsannotation type="cmsannotation" annotationid="What is a non-fungible token (NFT)?" comment="subhead" text="What is a non-fungible token (NFT)?">What is a non-fungible token (NFT)?</cmsannotation> A non-fungible token (NFT) is a one-of-its kind digital asset that can be in the form of art pieces, audio files, videos, programs, digital goods and even tweets. What makes NFT unique is that it is non-fungible in nature, meaning that it cannot be replaced by another identical item and its copies cannot be created after its purchase. “Like the status of cryptocurrencies and Blockchain, even the non-fungible tokens that are NFTs are not recognised under any of the regulations in India. Having said that since the nature of NFTs is different from cryptocurrencies, there does not seem to be any specific restriction on usage of NFTs,” said Rashmi Deshpande, partner at law firm Khaitan &amp; Co. “Under the given legal structure, NFTs can at the most, be treated as a digital commodity and have taxation implications as any other asset. One needs to be clear that since NFTs are not competing with fiat currency in any possible way, there is no major issue on their usage in India as of now,” Deshpande explained. Twitter founder Jack Dorsey sold his first tweet on the platform for <a href="https://www.businessinsider.in/tech/news/twitter-ceo-jack-dorseys-first-tweet-is-expected-to-sell-for-2-5-million-on-sunday-this-is-why-the-nft-is-so-valuable-/articleshow/81619369.cms">$2.9 million</a> in an NFT-based transaction last month. The launch of the WazirX NFT marketplace will allow <keyword id="10910622" type="UNKNOWN" weightage="20" keywordseo="indian-creators">Indian creators</keyword> to place their digital assets for auction over the block-chain based marketplace and earn royalty. <cmsannotation type="cmsannotation" annotationid="What will be the charge for auctioning on the WazirX NFT marketplace?" comment="subhead" text="What will be the charge for auctioning on the WazirX NFT marketplace?">What will be the charge for auctioning on the WazirX NFT marketplace?</cmsannotation> WazirX has said that it will not charge its customers for creating and listing NFTs on its platform. However, a gas fee has to be paid to miners as NFT uses blockchains that allow smart contracts. A gas fee is the cost of the computational power used to verify the transaction. WazirX has added that it is working on removing this cost to make NFT minting more attractive for creators. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms">The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself</a> <a href="https://www.businessinsider.in/stock-market/news/snoop-dogg-and-lionel-richie-jump-in-on-nft-craze-as-crypto-com-launches-a-token-marketplace/articleshow/81655953.cms">Snoop Dogg and Lionel Richie jump in on NFT craze as Crypto.com launches a token marketplace</a> <a href="https://www.businessinsider.in/stock-market/news/nft-related-stocks-jump-as-investors-look-to-break-into-the-red-hot-digital-art-market/articleshow/81655687.cms">NFT-related stocks jump as investors look to break into the red-hot digital art market</a>

WazirX launches NFT marketplace for Indian artists and creators

<ul><li>One of the world's richest men, billionaire <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>, has turned down $1 million for a tweet he was selling as a <keyword id="10848592" type="UNKNOWN" weightage="20" keywordseo="non-fungible-token">non-fungible token</keyword>.</li><li>This comes after the founder of <keyword id="6360701" type="DEFINITION" weightage="20" keywordseo="spacex">SpaceX</keyword> and <keyword id="107096" type="COMPANY" weightage="20" keywordseo="Tesla">Tesla</keyword> posted that he was selling a song "about <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword>s as an NFT." </li><li>Listed on the NFT platform, Valuable, the highest bid was from Sina Estavi, the chief executive of Bridge Oracle, at $1.12 million. </li></ul>The eccentric billionaire Elon Musk just turned down $1 million for a tweet that he was selling as a non-fungible token (NFT) — small peanuts for the second-richest man the world, currently worth $175 billion, according to <a href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">Bloomberg.</a> On March 15, Musk tweeted that he is “selling this song about NFTs as an NFT.” The tweet was accompanied by a two-minute video featuring an NFT-themed electronic dance music track. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1364491704817098753/V22-Luf7_normal.jpg" favoritecount="206537" retweetcount="27329" status="I’m selling this song about NFTs as an NFT https://t.co/B4EZLlesPx" createdat="1615837967000" id="1371549960030842893"></div> The tweet, the video and the caption were subsequently <a href="https://v.cent.co/tweet/1371549960030842893">listed as a NFT for sale on ‘Valuables’</a>, a platform released by Cent — a social media network built on blockchain. And, the highest offer is $1.12 million from Sina Estavi, the chief executive of Bridge Oracle. But, Musk seems to have changed his mind. “Actually doesn’t feel quite right selling this. Will pass,” he said in another tweet on March 16. According to <a href="https://www.cnbc.com/2021/03/17/elon-musk-turns-down-1-million-offer-to-buy-his-tweet-as-an-nft.html">CNBC</a>, the flurry of activity around Musk’s announcement helped distract his followers on Twitter from the news about personnel changes within the ranks of Tesla and the ongoing Federal probe into a Tesla crash that occurred in the US city of Detroit last week. What are NFTs? Non-fungible tokens or NFTs are a special class of digital assets but they operate differently from digital currencies. They cannot be exchanged with one another for equal value or broken down in smaller values like most currencies. No two NFTs are identical. They are characterised by their unique qualities as well as authenticity — a collectors item of sorts. The SpaceX and Tesla founder is only the latest to jump on to the NFT bandwagon. Global brands like Nike and Louis Vuitton are also generating NFT-based consumer goods and services. In fact, the NFT market is estimated to be worth $250 million according to a 2020 report by tech tracking company L’Atelier BNP Paribas. And, NFT creators are earning big bucks. On March 2, Musk’s partner, a musician who goes by the name Grimes, sold her digital collection WarNymph for $5.8 million in under 20 minutes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-initial-public-offer-ipo-worth-581-crore-live-should-you-subscribe/articleshow/81543610.cms">Suryoday Small Finance Bank IPO worth ₹581 crore opens today – should you subscribe?</a> <a href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-opens-today-should-you-subscribe/articleshow/81542657.cms">Nazara Technologies will be the first pure-play gaming company to debut on the Indian public markets – analysts are all in for it</a> <a href="https://www.businessinsider.in/india/news/nita-ambani-set-to-become-a-visiting-professor-at-bhu-her-competition-for-the-post-were-gautam-adanis-wife-priti-and-lakshmi-mittals-wife-usha/articleshow/81543118.cms">Nita Ambani set to become a visiting professor at BHU – her competition for the post were Gautam Adani’s wife Priti and Lakshmi Mittal’s wife Usha</a>

Elon Musk turns down $1 million for the tweet he was selling as an NFT

Everything you want to know about NFTs

<ul class="summary-list"><li>"<keyword id="31081" type="ENTERTAINMENT" weightage="60" keywordseo="Saturday-Night-Live">Saturday Night Live</keyword>" broke down what it means to buy a piece of <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword>.</li><li>Kate McKinnon played Treasury Secretary Janet Yellen, who is asked to explain nonfungible tokens, or <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword>.</li><li>NFTs are unique digital assets whose popularity has boomed in recent months, generating millions of dollars of turnover.</li></ul>A skit on "Saturday Night Live" took on explaining the concept of <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2#:~:text=Non%2Dfungible%20tokens%20account%20for,of%20Insider%20for%20more%20stories.">nonfungible tokens, or NFTs,</a> and crypto art.The show breaks down the meaning of NFTs to a parody of Eminem's "Without Me."In the skit, hosted by former cast member Maya Rudolph, Kate McKinnon plays US Treasury Secretary Janet Yellen. The former Federal Reserve chair presents to a college class when a student played by <keyword id="6077908" type="PERSON" weightage="60" keywordseo="pete-davidson">Pete Davidson</keyword> asks her what an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> is:NFTs have captured the spotlight in recent months with eye-catching sales. In the past month alone, crypto-art sales have brought in over $1 billion, according to the NFT marketplace <a href="https://www.cryptoslam.io/">CryptoSlam</a>.Earlier in March, digital artist <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">Beeple made history when he sold a crypto-art piece for $69.3 million</a>. Other high-profile figures, including <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">Grimes</a>, Steve Aoki, and <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3">Jack Dorsey, have sold NFTs for millions.</a>NFTs operate as unique digital assets that can be bought online using <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, including ether and WAX. The tokens can include anything from art to sports highlights, cat videos, memes, and even tweets.<a href="https://www.businessinsider.com/why-are-people-buying-nfts-investing-in-nft-crypto-art-2021-3">When you buy an NFT, in most cases you're not buying content,</a> but rather a token that connects your name with the creator's art on the blockchain. If someone buys a image or meme, they can own it on the blockchain, but they have no control over rights to its distribution.Read more: <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2#:~:text=Non%2Dfungible%20tokens%20account%20for,of%20Insider%20for%20more%20stories.">What you need to know about NFTs, the collectible digital tokens selling for millions online</a>After Davidson's character, dressed as Batman's sidekick Robin, poses the question to Yellen, she does not immediately answer. Instead, she directs his question to the other students.Chris Redd, who plays a character reminiscent of "The Matrix"'s Morpheus, and guest star Jack Harlow, dressed as a janitor, each attempt to explain the concept of NFTs through the Eminem rap.The skit ends when the group becomes part of an NFT, taking on the Beatles' famous "Abbey Road" poses.<div type="image" title="SNL NFT skit" height="716" width="1278" msid="81747779" hostid="261"></div>The skit gained a lot of traction on <a href="https://twitter.com/nbcsnl/status/1376032888764960769?s=12">Twitter,</a> where crypto investors, including Tesla CEO Elon Musk, interacted with the video.The NFT investor and Tron CEO Justin Sun <a href="https://twitter.com/nbcsnl/status/1376032888764960769?s=12">tweeted</a> in response to "SNL"'s video: "Where can I buy the NFT of this video?"If "SNL" sold the video as an NFT, it would hardly be the first media company.Last week <a href="https://www.businessinsider.com/new-york-times-sells-nft-crypto-art-for-600000-2021-3">The New York Times sold a column making light of NFTs - for nearly $600,000.</a>

Watch 'Saturday Night Live' explain the multimillion-dollar phenomenon of crypto art and NFTs in an Eminem parody

<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.

Crypto investing: All you need to know!

<ul class="summary-list"><li><keyword id="11892996" type="UNKNOWN" weightage="60" keywordseo="instagram" source="Orion">Instagram</keyword> head <keyword id="12187779" type="UNKNOWN" weightage="60" keywordseo="adam-mosseri" source="Orion">Adam Mosseri</keyword> revealed on Monday that <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> support is coming to the service.</li><li>It will be rolled out in a limited fashion this week, Mosseri said.</li></ul>Instagram is rolling out support for <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> this week, Instagram leader Adam Mosseri <a href="https://www.instagram.com/reel/CdVsX5AA4tw/?hl=en">announced on Monday morning</a>."What we're starting with this week is the ability for <keyword id="11910992" type="UNKNOWN" weightage="60" keywordseo="creators" source="Orion">creators</keyword> and people to share NFTs that they've made or that they've bought, either in feed or in stories or in messaging," Mosseri said. "It's a limited number of people to start."Rather than facilitating the sale or trade of user NFTs, or non-fungible tokens, Instagram's NFT support is limited to sharing either still or moving images of a digital object — albeit with a "digital collectible" tag that, when tapped, enables the NFT owner to share more information about the object. Still, the idea to add NFT support came from Instagram wanting to help creators "make a living doing what they love," Mosseri said. Whether it will fulfill that goal remains to be seen, and the once-booming NFT market appears to be cooling down.NFT sales have "leveled off," <a href="https://blog.chainalysis.com/reports/chainalysis-web3-report-preview-nfts/">according to a new report from blockchain data firm Chainalysis</a>. "NFTs saw explosive growth in 2021, but this growth hasn't been consistent and has leveled off so far in 2022," the firm said.Resales of some of the most well-known NFTs, including Twitter founder Jack Dorsey's first tweet, have floundered. The NFT of that tweet originally <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3">cost nearly $3 million in March 2021</a>, but it has been <a href="https://opensea.io/assets/matic/0x28009881f0ffe85c90725b8b02be55773647c64a/20/">unable to reach $25,000 at auction just 13 months later</a>. Mosseri said the new NFT functionality on Instagram is rolling out on a limited basis, and the company has a lot more work to do to make NFT support more robust. Check out the intro video right here:Got a tip? Contact Insider senior correspondent Ben Gilbert via email (<a href="mailto:bgilbert@insider.com">bgilbert@insider.com</a>), or Twitter DM (<a href="https://twitter.com/RealBenGilbert">@realbengilbert</a>). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Instagram is adding NFT support 'for creators and people' as the once-hot market appears to be on a decline

<ul class="summary-list"><li><keyword id="251605" type="PERSON" weightage="60" keywordseo="Tim-Berners-Lee">Tim Berners-Lee</keyword> is selling the code he used to create the World Wide Web as an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>.</li><li>The NFT also includes a 30-minute animation and a letter written by Berners-Lee.</li><li>NFTs operate as digital assets but can't be directly exchanged with each other.</li></ul>Sir Tim Berners-Lee is selling the code he used to create the World Wide Web in 1989 as an NFT, or nonfungible token.Sotheby's, which is auctioning the NFT, described the World Wide Web as "the first hypermedia browser/editor, allowing users to create and navigate links between files across a network of computers."The <a href="https://www.sothebys.com/en/buy/auction/2021/this-changed-everything-source-code-for-www-x-tim-berners-lee-an-nft/source-code-for-the-www">NFT</a> includes the original archive of dated and time-stamped files containing the source code, which is about 9,555 lines long.It includes a 30-minute animation of the code being written; a graphic representation of the full code created by Berners-Lee from the original files using Python; and a letter from Berners-Lee reflecting on the code and his creation of it."It has been fun to go back and look over the code," <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.sothebys.com%2Fen%2Fbuy%2Fauction%2F2021%2Fthis-changed-everything-source-code-for-www-x-tim-berners-lee-an-nft%2Fsource-code-for-the-www">he wrote in the letter</a>. "It is amazing to see the things that those relatively few lines of code, with a help of an amazing growing gang of collaborators across the planet, stayed enough on track to become what the web is now."Read more: <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2?r=US&amp;IR=TIR=T">What you need to know about NFTs, the collectible digital tokens that are selling for millions online</a>Sotheby's is set to auction the NFT, called "This Changed Everything," on June 23. The auction closes a week later.Sotheby's said Berners-Lee and his wife would give the proceeds from the sale to causes they support, <a href="https://www.bbc.co.uk/news/technology-57474504">the BBC reported</a>.NFTs are products that operate as digital assets but can't be directly exchanged with each other, unlike cryptocurrencies, <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2?r=US&amp;IR=TIR=T">Insider's Grace Kay reported</a>."No one NFT is the same as another. They are characterized by their unique qualities and authenticity," Kay wrote. "The digital tokens often operate as a type of collector's item and cannot be duplicated."A crypto-art piece by Mike Winkelmann, the digital artist known as Beeple, <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">sold as an NFT for nearly $70 million</a> in March.

World Wide Web creator Tim Berners-Lee is auctioning his source code as an NFT

<ul class="summary-list"><li>Despite the buzz, <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> have a long way to go before becoming mainstream, Rarible cofounder Alex Salnikov said. </li><li>They have to become more affordable and accessible, and companies figure how they might appeal to consumers, he told Insider. </li><li>Interest in the digital assets has skyrocketed, prompting celebrities and leading corporates to put out their own NFTs. </li></ul>Non-fungible tokens have skyrocketed in price and popularity this year, as celebrities and major companies jump onto the hype, but they have a long way to go before really reaching the mainstream, according to Rarible cofounder Alex Salnikov.To do that, NFTs have to become more affordable and accessible, and companies have to think hard about what value they have for ordinary consumers, Salnikov told Insider in an interview this week. This includes making it easier for people to understand the market and simplifying the purchasing process. Right now, buyers have to set up a <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> wallet and add funds to it if they want to get an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword>."It's not as seamless as just going onto Amazon and buying something," said Salnikov, who is also head of product at Rarible, one of the biggest NFT marketplaces.NFTs are a class of unique digital assets - such as videos, audio, images or even tweets - whose ownership is inscribed on blockchain ledgers. To break into the mass market, those offering the digital assets must first figure out what use they could have for the ordinary buyer, Salnikov said."The biggest part of mainstream NFTs that needs to happen is the exploration of the real-use cases that appeal to consumers, in order to participate in that market," he said.We don't yet know what those use cases are, according to Salnikov. At the moment, the digital assets are mainly bought by rich people with an existing interest in crypto, who treat NFTs as an asset class. Only one person can own an NFT, which makes them attractive for collectors in particular. Others use them as a store of value, or to <a href="https://markets.businessinsider.com/news/currencies/elon-musk-tweet-twitter-nft-auction-why-valuables-cameron-hejazi-2021-4">make a connection with the creator of an NFT, or a community</a>. Interest in NFTs is skyrocketing. In the 30 days to August 5, a total of 175,179 NFTs were sold for an overall $510.6 million, according to data from NFT tracking platform <a href="https://nonfungible.com/market/history">Nonfungible.com</a>. That is a record for amount of money spent on NFTs in that length of period, it found. The buzz grew in March when digital artist Beeple sold an NFT artwork for a <a href="https://markets.businessinsider.com/news/stocks/nft-market-outlook-huge-risk-beeple-buyer-bubble-vignesh-sundaresan-2021-4?utm_source=markets&amp;utm_medium=ingestgest">record-breaking $69 million.</a> Since then, a stream of celebrities such as <a href="https://markets.businessinsider.com/news/currencies/katy-perry-is-selling-her-own-nfts-on-a-video-streaming-platform-2021-7?utm_source=markets&amp;utm_medium=ingestgest">Katy Perry</a>, and leading organisations such as <a href="https://markets.businessinsider.com/currencies/news/us-space-force-nfts-satellites-gps-mission-crypto-tokens-2021-6?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">US Space Force</a>, have jumped in to sell their own NFTs, raising their profile further. NFTs have also entered the sports world, with the NBA's <a href="https://markets.businessinsider.com/news/stocks/golden-state-warriors-commemorate-nft-nba-championship-wins-digital-2021-4">Golden State Warriors launching an NFT collection.</a> Luxury auction houses <a href="https://markets.businessinsider.com/news/currencies/cryptopunk-nft-covid-alien-draftkings-sothebys-auction-fungible-token-2021-6?utm_source=markets&amp;utm_medium=ingestgest">Sotheby's</a> and <a href="https://markets.businessinsider.com/news/currencies/cryptopunk-nft-christies-auction-value-crypto-art-larvalabs-2021-5?utm_source=markets&amp;utm_medium=ingestgest">Christie's</a> have sold digital assets such as CryptoPunks for millions of dollars.These high-profile sales of often expensive, one-off NFTs aren't helping set the stage for the asset class to move into the mainstream, Salnikov believes. Even though mass-market brand Coca-Cola recently launched an NFT, it was for $500,000, he noted."It's still not for the consumer," Salnikov said. "Big businesses that have intellectual property need to figure out what is speaking to their audience. What are the NFTs that would benefit the audience, not the business?"

NFTs are skyrocketing and everyone from Katy Perry to the NBA is selling them - but they've got a long way to go before they really go mainstream, Rarible's co-founder says

<ul class="summary-list"><li>An <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> version of <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> CEO <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>'s first tweet sold at auction for $2.9 million. </li><li>The tweet was as valuable as fine art, like the Mona Lisa, said the buyer. </li><li>Observers said NFT buyers may be speculating, buying pieces they expect to resell in the future. </li></ul>The buyer who <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-nft-first-ever-tweet-sold-29-million-twitter-2021-3-1030233702">paid $2.9 million</a> for an NFT version of Twitter CEO Jack Dorsey's first tweet said he's valuing it like fine art - specifically the Mona Lisa. On Sunday, Hakan Estavi, chief executive at at <a href="https://bridge.link/index.html">Bridge Oracle</a>, had the highest bid in an online auction for the piece. Insider has reached out to Estavi for comment. "This is not just a tweet!," Estavi said on <a href="https://twitter.com/sinaEstavi/status/1374063984396136450?s=20">Twitter</a>. "I think years later people will realize the true value of this tweet, like the Mona Lisa painting." Dorsey's message - <a href="https://twitter.com/jack/status/20">"just setting up my twttr"</a> - clocked in at 24 characters, including spaces, placing its value at more than $100,000 per character. What made a tweet from 2006 so valuable? Even in the form of a <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2?r=ks-sub">non-fungible token</a>, or NFT, with a digital signature from Dorsey, it was still just a few lines of code. "An NFTs value is largely derived as a function of scarcity and speculation," said Tom C.W. Lin, a professor at Temple University's Beasley School of Law.The value of high-priced NFTs - like, say, the <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3">$69 million NFT</a> sold this month - comes from the combination of high demand and rarity, as with any piece of art. An NFT version of Dorsey's tweet is a digital object that can't be duplicated, making it scarce. Lin added: "An NFT itself does not have much intrinsic value beyond those factors." Demand for Dorsey's tweet started slowly. According to <a href="https://v.cent.co/tweet/20">Valuables by Cent</a>, where the auction was hosted, the chief executive created the auction for his own tweet. The first offer was made on December 15, coming in at one dollar. Within a few weeks, the top offer was $3,500. But that offer was canceled by the bidder, sending the price back to zero. After Dorsey <a href="https://twitter.com/jack/status/1367990471759306752?s=20">tweeted a link</a> to the auction in early March, bidders quickly entered nearly 30 offers, sending the price to $2.5 million. As of midday Sunday, that was still the highest bid. Dorsey <a href="https://twitter.com/jack/status/1369326373035245581">said</a> he would convert the proceeds from Sunday's sale into <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, then donate it to charity. He <a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-nft-first-ever-tweet-sold-29-million-twitter-2021-3-1030233702">sent a tweet</a> confirming his donation on Monday. Skeptics and NFT novices may question whether a public tweet can truly qualify as scarce, commanding such a high price. After all, Dorsey's Twitter post had been live for all the world to see since March 2006. And it will continue to be live on Twitter even after Sunday's sale, so anyone can read it for free anytime they want.It's right here:So what exactly did the buyer get with an NFT version? That version would add a digital signature, making it a one-of-a-kind moment, akin to a work of signed art, according to the <a href="https://docs.google.com/document/d/1kBx-HXY8ow_7bElsJZ6Sk3r2V9cQjSRdWFyKCUXZtAs/edit#">Valuables FAQ</a>.Dominik Schiener, cofounder and chairman of the <a href="https://www.iota.org">IOTA Foundation</a>, said anyone who buys an NFT version of a tweet is basically getting the "essence" of the tweet's value.It's important that the buyer trusts both the auction website and the seller. Otherwise, they could just post a new NFT version someplace else, he said. <div type="image" title="Twitter HQ in San Francisco" height="1978" width="3058" msid="81619309" hostid="261"></div>"In order for the tweet-NFT to be valuable, there has to be consensus that the platform and <keyword id="6355118" type="UNKNOWN" weightage="60" keywordseo="technology">technology</keyword> is a de-facto representation of scarcity," Schiener said via email. "If the world comes to an agreement that the NFT version of an asset on <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> is 'real', then it means you are acquiring the 'essence' of that thing's value."Dorsey's tweet might also be worth $2.9 million for collectors simply because they could resell in the future for an even higher price, said David McCarville, a director at <a href="https://www.fennemorelaw.com/people/attorneys/k-n/mccarville-david">Fennemore Craig</a>.He said the rise of the NFT market is being driven by early adopters who've made money from cryptocurrency. They may be seeing similar opportunities in the NFT market. McCarville said: "These early adopters believe that they are in a position to be the first movers in a market that is still very new and therefore should enjoy significant appreciation in value."

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