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Sunday, July 3, 2022

NFTs To Watch: World of Women, Doodles, Galaktic Gang

In the realm of blockchain’s fast-paced developments, one of the most widespread technologies, namely NFTs, continues to enter the mainstream, whilst capturing global hype.

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In the spirit of how the NFT movement is inherently linked to popularism, the blockchain systems are seeing mentioned in the context of the Russian invasion of Ukraine. The Ukrainian government announced on Friday of its plans to launch a digital, blockchain-based museum. The purpose of this would be to immortalize the war crimes and aggressions committed by the Russian state against Ukrainians through NFTs which showcase the timeline of events across the invasion. This announcement pushes the already wildly popular phenomenon of NFTs onto new heights in the mainstream.

The NFT collection World of Women (WoW), which is aimed at promoting diversity and inclusion managed to sell out in a mere 3-day period. In the process, the collection managed to record revenues exceeding $33.9 million. Across feminist circles, where WoW NFTs are seen as highly prized possessions, the demand for the tokens was incredibly high, which explains the successful sale session. Moreover, WoW announced that all token holders will be part of their very own decentralized autonomous organization (DAO).

A further breakthrough in the realm of NFTs links to Instagram’s incorporation of the blockchain-based mechanism into its platform. Commenting on this, Deutsche Bank points out that the move would supercharge the market, and jolt it into the mainstream. Meta CEO Mark Zuckerberg recently said the company aims at incorporating NFTs into Instagram within the near future. By easing the buying and selling of NFTs, barriers to entry would be significantly lowered, with the tokens seeing a higher degree of liquidity. The bank further said that the repute and brand image Instagram holds would be crucial in the legitimization of the NFT phenomenon, where the concept will be exposed to billions of users. The NFT market could see an explosion in size, as a result of the move.

NFTs to watch

  • One of the hottest NFTs gathering phenomenal hype as of late is Doodles. The Doodle collection consists of nearly 10,000 pieces, each of which is produced by the dynamic digital art trio, Tulip, Poopie, and Burnt Toast. Doodles, given the hype surrounding the collection, holds a price ceiling of 13 Ethereum, which equates to over $43,500. The collection initially sold last year in October, almost immediately following its launch. Developers say this frenzy is linked to the accessible nature of Doodles art style, as well as the experience and credibility of its creators.
  • Autograph.io is another big name NFT collection which has increasingly been making its way onto the spotlight. It offers a way for celebrities and sports legends to launch their own collections, and target fans and the wider NFT market. Autograph.io describes itself as being an NFT agency and received $170 million in its Series B of financing.
  • Galaktic Gang collection is an NFT increasingly garnering attention across the blockchain spaces given a number of intrinsic characteristics the collection holds. Holding exactly 5,555 tokens in total, the art pieces are defined as having a unique, signature psychedelic art style, designed by Chris Dyer. Dyer, who is a Canadian-Peruvian artist has demonstrated a phenomenal art style generating high demand for the pieces. In addition to the art style, the philosophy behind the token is to cater to the masses, as opposed to the economically elite, whilst giving 10% of profits back to society in the form of donations. One token belonging to the Galaktic Gang collection, namely #5111 ended up getting sold for a price north of $140,000.
  • The blockchain-based game, Axie Infinity has been the latest in making a move in the NFT space, by launching the highly hyped, Axies. The Axies are monster characters used within the Axie Infinity games where winning battles against other players can result in Smooth Love Potions (SLP). SLPs are crypto coins that can be traded with others, allowing players to monetize their exploits captured within the game.

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