24th August 2021 > > NFTs.
- Mark Timmis
- Aug 24, 2021
- 2 min read
tl;dr
Real life use cases for non-fungible tokens (NFTs) extend beyond digital art.
Market Snap
Market Wrap
With stability in the treasury market, and stocks gently bobbing around, cryptos are taking on the same mantle of responsibility with (relatively) small intraday moves. I believe that the strong base we saw in the low 40s could prove to be of enormous benefit.
Curious Cryptos’ Commentary – A negative BTC price prediction
Gareth Soloway, President of InTheMoneyStocks, is calling for a correction to $18k for the price of BTC, though I fail to understand his justification for such a sell-off:
“... large corporations will start investing more and more in both BTC and gold to offset dollar holdings and basically protect the value of the dollar from the mass printing”.
Curious Cryptos’ Commentary – CryptoPunks and visa
Visa have announced that in addition to their very vocal plans for cryptocurrency adoption, they have just bought a CryptoPunk for 49.5 ETH (roughly $160k):
This is about double the price paid for this same punk just one month ago…
In response, the daily volume of punks bought and sold doubled yesterday, with all prices rallying. The NFT revolution is almost upon us!
…
Visa have also issued a report about NFTs which can be found here:
This report makes it clear that though the first use case for NFTs began as “digital art” the commercial possibilities extend much further than just that. In much the same way that having a website is necessary for business these days, so will having personally branded NFTs in the relatively near future.
Cuy Sheffield, head of Crypto at Visa, reinforces this very point:
“ .. NFTs will play an important role in the future of retail, social media, entertainment, and commerce".
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