What a hot day in the NFT community today proved to be. We analyzed Google data that showed interest in non-fungible tokens is soaring and NFTfi is bringing secured lending to Web3 in a big way. Here’s what’s happening:
Google Data Outlines Just How Popular NFTs Are Becoming
In the first Meta Masters News exclusive of the day, we analyzed Google Trends data over the past 12 months to see what consumer interest in NFTs looked like, and you may be shocked at what we found. Searches for NFTs have outpaced popular crypto term searches like “blockchain,” “DeFi,” and even “Ethereum.”
However, there’s a reason for the massive spike we’ve seen in interest for these digital collectibles.
Everyone and their moms seem to be jumping on the bandwagon. Just in the past week, we heard that Universal Music signed KINGSHIP, an musical supergroup made up of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs. Timbaland also announced that he purchased a Bored Ape and plans on managing and promoting musicians in the metaverse.
At the same time, major brands like McDonalds, the NBA, and other thought leaders among various industries are getting involved by launching their own projects. The bottom line is that the world is quickly realizing the value of these digital collectibles and consumers are interested in finding out more about just what they are.
NFTfi Aims to Bring NFTs to Secured Lending
In another Meta Masters Media News exclusive, we talk about the fact that NFTfi has created a service allowing NFT owners to unlock the equity in their collectibles. The simple fact is that unlike other forms of art, NFTs haven’t been used much as collateral in loans, even though these collectibles are often worth a pretty penny.
One company, NFTfi, is working to make a difference.
Launched in February of 2020, the company works to connect lenders with NFT owners that are looking to borrow money, using their tokens as collateral. The borrower has several options handed down by different lenders, based on the value of the collectible the borrower puts up for collateral. Once terms are agreed upon, a smart contract is created and the NFT is stored with the contract. Should the borrower pay as agreed, he, or she, will receive their tokens back at the maturity of the loan. Should the borrower fail to pay as agreed, the tokens will be transferred to the lenders.
The simple fact is that several enthusiasts have said cryptocurrency, NFTs, and the blockchain will change the world of finance as we know it. Services like NFTfi are a big jump in the evolution of the financial system.
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What Lawyers Need to Know about NFTs
This article on THE legal examiner was a very interesting read, not just because it was an informative article, but also because it points to the popularity and evolution of the non-fungible token industry. The article goes into detail, explaining what NFTs are, why they’re collected, and the legalities and logistics surrounding them.
I’ve always found law to be an interesting topic as the scales of justice are swayed so easily.
Nonetheless, what I got from this article came with much more than information on the legalities of digital assets. The reality is that a widely popular legal paper has decided NFTs are important enough to cover from a legal perspective. That decision must have been made under the guise that NFTs are becoming so popular that lawyers need to learn about them in order to provide top-notch services to their customers.
All told, this is yet another very big feather in the hat of the NFT industry!
How intense interest in NFTs and other collectibles is shaping marketing
We’ve been talking about it for some time. Major brands are diving into NFTs like the ship is about to sail away and they’re going to miss their chance. Every day it seems like we’re hearing about another celebrity, sports star, entertainment franchise, restaurant, or other thought leader jumping into the industry.
This article on MarketingDive discusses how these collectibles are reshaping the marketing process.
You see, brands like McDonalds aren’t releasing collectibles like the McRib NFT to simply give something to their customers. No, when massive companies like this spend money, they look for a return on their investments. So, they spend a bunch of money to launch an NFT collection and give collectibles in the collection to customers, many of whom may not have eaten at McDonalds for any other reason than their chance to win.
The fact is that NFTs are becoming so popular that big brands see value in spending bookoo bucks on launching their own promotional collectibles!
Baby Shark NFTs Announced
Finally, staying on the trend that massive brands are diving into the non-fungible token space, this article on comicbook outlines the fact that Baby Shark, the overwhelmingly popular childrens’ entertainment brand, is launching its own collection of NFTs.
To do so, SmartStudy, the creator of Pinkfong and their Baby Shark brand, will be partnering with MakersPlace to create a collection of NFTs that are expected to launch in December.
Each collectible will be based on the Baby Shark character, and his family, with each token coming with audio from the song.
That’s All for Today
That’s all for today my friends. Come back tomorrow to find out what’s hot in the NFT space.