Cointelegraph.com

Milking the cash cow: NFTs seen as investment opportunity by VCs

The NFT sector is growing rapidly, with NFT marketplaces seeing a huge increase in volume. Investors and analysts explain what’s coming next.
According to data from Messari, the NFT marketplace sales volume grew by 2,882% in February. It dwarfed the increase in monthly sales volume in any given month throughout the past three years. The fast growth of the NFT market follows high-profile auctions of nonfungible tokens led by Sotheby’s and other recognizable brands, such as Time Magazine, which is planning to auction three NFTs in the coming month.The NFT sector has begun to see explosive growth beginning in early February of 2021. NFT marketplaces, such as Rarible and OpenSea, have started to see an uptick in NFT sales as both traditional VC investors and celebrities entered the NFT market.The impending catalyst of NFTsSpeaking with Cointelegraph, Simon Dedic, managing partner of Moonrock Capital — one of the largest funds in the Polkadot industry and Web 3.0 ecosystem — said the NFT market is significantly different from where it was in 2018 when CryptoKitties saw explosive popularity.The infrastructure supporting NFTs has rapidly improved, allowing the sector to have full-stack NFT services from marketplaces, minting platforms, trading venues, NFT financialization protocols and more, as Dedic said:“NFT technology initially caught our interest a few years ago when CryptoKitties famously clogged the Ethereum network and became a huge topic of conversation within the space. The NFT market has now seen significant growth and interest, and there are obvious differences with this recent surge in …
Story continues on Cointelegraph

Related posts
Central BanksCointelegraph.comDigital CurrenciesMicrosoft

Microsoft president says fintechs should leave currency to central banks

Microsoft president Brad Smith is not keen on the idea of technology companies issuing private stablecoins. For Brad Smith, president of the Microsoft Corporation, fintech firms have no business issuing private digital currencies.According to Bloomberg, Smith gave these remarks while…
Blockchain dataCointelegraph.comCovalentDeFi

Covalent raises $2M to build a decentralized blockchain data provider

The blockchain data space is getting more and more heated. A number of notable investors and projects have provided $2 million to Covalent, a project building a decentralized blockchain data provider.Hashed Ventures led the round with participation from Binance Labs,…
Cointelegraph.comenterprise blockchainSingaporeWaves

Waves Enterprise expands to Singapore to pursue hybrid blockchain adoption

Asian markets are much friendlier to enterprise blockchain adoption, says Waves’s founder. Waves Enterprise has onboarded Tokenomika Pte Ltd., a Singapore-based fintech company, as an operator for its hybrid public-private blockchain. Tokenomika will operate the Waves Enterprise public permissioned network,…