Coinbase, the cryptocurrency exchange, announced that it will soon debut a marketplace for NFTs. Meanwhile, Visa and TikTok partnered with creators on new, NFT-focused projects. Bank of America published a report saying crypto and NFTs are “too large to ignore.” Indeed, observers estimated that so far this year, sales of NFTs have totaled anywhere from $7 billion to $13.2 billion.
For its part, Visa is now partnering with artist Micah Johnson, the former second baseman and outfielder for the White Sox, Dodgers, Braves and Rays, in building a program to support artists in the creation of NFTs, according to an Oct. 13 announcement on Visa’s website.
Through the collaborative effort, Visa and Johnson will help creators understand NFT technology and how to harness public blockchains for producing and selling digital goods.
For its part, Visa will offer an open application process aimed at selecting a group of creators. From there, the company will sponsor the group and offer consultation services to help participants move through the world of crypto and traditional payment infrastructure. In addition, Visa will look to develop relationships between artists and Visa’s network of payment providers, who can help creators expand their audience base and grow their businesses.
Coinbase also announced on Tuesday (Oct. 12) that it will soon debut a marketplace for NFTs that will let users mint, collect and trade the coins, according to a CNBC report. Users can sign up for a waitlist for early access to the feature, the company said in a blog post.
The NFT market exceeded $10 billion in transaction volume in the third quarter of 2021, according to the report, citing crypto-based data tracker DappRadar.
Coinbase’s NFT marketplace, called Coinbase NFT, will include what company leaders described as “social features,” and will also tap into what’s known as the creator economy, comprised of people who make money posting videos and other content online.
The clamor for NFTs continues to heat up, with third-quarter sales of $10.7 billion, up from $1.3 billion in the previous quarter and $1.2 billion in the first, DappRadar data shows.
Sales of NFTs largely happen across one of the many blockchains, although some take place off-chain at auction houses like Christie’s and Sotheby’s, which can make tracking sales volume difficult and variable.
DappRadar, which compiles data from several blockchains and includes off-chain transaction data, pegs the volume of NFT sales at $13.2 billion so far this year. CryptoSlam data, which doesn’t include off-chain volume, puts 2021 sales at $9.6 billion. NonFungible.com, which collects data only from the Ethereum blockchain, tallied $7 billion in sales so far this year.
Bank of America (BoA) has published a report saying that cryptocurrency and NFTs are likely here to stay, Cointelegraph reported.
The BoA report said crypto’s $2.15 trillion market capitalization is too big to ignore, and that the currency has evolved far beyond only bitcoin. According to the report, per Cointelegraph, digital currencies are “not about payments, per se. They’re about a new computing paradigm — a programmable computer that is accessible everywhere and to anyone, and owned by millions of people globally.”
TikTok is partnering with its top creators and jumping into the NFT pool, with rapper Lil Nas X launching the social media site’s first series of limited-edition tokens this month, according to a Sept. 30 announcement.
Lil Nas X will be joined by Rudy Willingham for the first release, followed by other TikTok creators partnering with the site to develop unique works for TikTok’s first NFT collection, TikTok Moments.
“Each one-of-one NFT celebrates the impact these creators — including Lil Nas X, Rudy Willingham, Bella Poarch, Curtis Roach, Brittany Broski, FNMeka, Jess Marciante and Gary Vaynerchuck — have made across entertainment, culture and the TikTok community,” the announcement stated.