The week is heating up quickly in the NFT space with several stories hitting the tape early on. Here are the top stories in the space for Monday, November 8, 2021. 

‘I went from having to borrow money to making $4m in a day’: how NFTs are shaking up the art world

In this article on the Guardian, the author outlines the fact that NFTs are shaking up the art industry in a big way. The article starts by introducing Paris Hilton and her love for art. However, she hasn’t quite been known as a major player in the art world. 

Nonetheless, when you walk into her mansion, apparently, you’ll find several digital frames sporting NFTs she has collected since she started to become interested in Web3 back in 2016. 

The article goes on to explain that interest in NFTs has become a popular theme among celebrities. Moreover, the fact that celebrities are taking part is causing an explosion in the popularity of these assets everywhere. 

As a result of the high demand for NFTs, artists that were borrowing money just to make ends meet now find themselves making millions in a matter of hours. 

NFTs Take Over NYC

We thought this article on CoinDesk was a great read. The article outlines the success of the NFT industry and the NFT.NYC conference that took place last week. It starts by explaining that the conference was first held in February of 2012 as a quirky curiosity with a few hundred early enthusiasts. Nowever, last week, 5,500 tickets to the event were sold. 

Moreover, during the three-day event, 600 speakers addressed a massive audience. Moreover, attendees traded 70,000 speaker and sponsor swag NFTs during the event. 

As a result of the event, the streets in New York City were peppered with NFT enthusiasts, billboards were taken over, and most importantly, people have realized that NFTs aren’t just popular, they’re an overwhelmingly valuable technology that’s likely to change the way we see the internet. 

6 NFTs for Good Causes

This article on One Green Planet points to the fact that NFTs aren’t just pieces of art. Many of them are being used to address humanitarian and environmental concerns. The fact is that NFTs have exploded in popularity, and while many companies and artists have used them to make massive amounts of money, some people in the industry are using them to effect change in the United States and around the world. 

In fact, this article points to six NFT projects that back good, charitable causes. 

These projects have raised millions of dollars to help address major environmental and humanitarian concerns. Learn about the projects at the link above. 

Luxury brands like Burberry and Coach are cashing in on Singles’ Day shopping in China by creating limited edition NFTs for the event

Next up, this article on Business Insider points to the fact that big brands are diving into NFTs. In fact, these digital assets are being used by brands like Burberry and Coach to raise brand recognition during a key event in China, “Singles’ Day.”

In China, Singles’ day is a shopping event like Black Friday here in the United States. Several big brands participate, offering discounts that consumers simply can’t access during normal business days. 

However, digital assets are growing in popularity not just in the United States, but around the world. In fact, in order to tap into this consumer excitement surrounding NFT technology, many big brands are diving into the NFT industry, launching limited-edition NFTs to celebrate Singles’ Day.

Why people spend so much money on NFTs, according to the CEO of Tom Brady’s NFT marketplace

Finally, this article on CNBC’s Make It outlines the fact that some people are willing to spend massive amounts of money to own rare NFTs. We’re talking hundreds of thousands, and sometimes, millions of dollars. However, many don’t quite understand why NFTs are so valuable

The article offers an interview with Dillon Rosenblatt, the CEO of Autograph, Tom Brady’s NFT marketplace. 

According to Rosenblatt, there are two primary reasons NFTs are so popular. The first is the fact that the collectibles come with significant value simply as collectibles as a result of their rarity. However, perhaps more importantly, the community behind these digital assets is a massive and bustling one, only adding to their value. 

That’s All For Today

That’s all for today my friends. Come back tomorrow for the top stories in the NFT industry!