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Crypto Is Cool. Now Get on the Yacht. – The New York Times

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The Great Read
NFT.NYC, a gathering for nonfungible token enthusiasts, offered a taste of a crypto-filled future.
An NFT collector, Seedphrase, wearing an NFT helmet, was the DJ for a set at VR World in Manhattan on Monday.Credit…Jeenah Moon for The New York Times
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The masters of the metaverse — thousands of CryptoPunks and Bored Apes, artists and hackers, starry-eyed idealists and profit-hungry speculators — descended on Manhattan this past week, looking for a glimpse of the future.
Officially, they were here for NFT.NYC, a conference devoted to the nonfungible token, or NFT, the blockchain-based collectible that has upended the cryptocurrency and art worlds this year. The conference, now in its third year, attracted a record crowd of 5,000, plus a 3,000-person wait list, organizers said.
By day, they went to panels with titles like “Mainstreaming Blockchain Games” and “Fintech and NFTs: Risk and Regulation.”
But the real action happened at night, on the unofficial party circuit — a weeklong orgy of boom-time exuberance that some attendees jokingly referred to as “Crypto Coachella.”
It was a coming-out party of sorts for the NFT community, which was born online and has only recently started to experiment with offline fun. On Sunday, the Bored Ape Yacht Club — an elite NFT clique whose members own a series of extremely expensive monkey cartoons — threw a rager on an actual yacht on the Hudson River. On Monday, partyers packed into VR World in Midtown for a party DJed by an NFT collector named Seedphrase, who appeared on stage in a light-up CryptoPunk helmet. And on Tuesday, entrepreneurs rubbed elbows with drag queens at a downtown party hosted by Playboy to promote the magazine’s new “Rabbitars” NFT collection.
It was a more diverse group than one might think, due primarily to the presence of plenty of artists and musicians among the crypto die-hards, FOMO-stricken investors and corporate suits. Many NFT collectors know each other only from Twitter threads and Discord chats, and few use their real names or photos online, opting instead for pseudonyms and cartoon avatars. At first, they spent a lot of time figuring out who they might know as CoolCat43 or ApeChad690 and whether the guy who came dressed as CryptoPunk #3706 actually owned CryptoPunk #3706. (He did.)
They also found that not all of the customs of the online NFT world translate well to meatspace. T-shirts emblazoned with rallying cries like “Wagmi” (we’re all gonna make it) drew some confused stares from passers-by. One morning, a group of NFT fans in Times Square struggled to start a chant of “gm, New York” — “gm” being the traditional Twitter greeting of the crypto-converted. By the end, even Elmo looked embarrassed.
And forget about trying to explain to the uninitiated what an NFT conference is, or why you’d fly across the country to attend one. I overheard several attempts, mostly with polite waiters and bartenders, which almost always stalled out somewhere around the word “provenance.” The real answer for some of them — “we buy digital tokens corresponding to JPEGs because digital tokens corresponding to JPEGs sometimes become incredibly valuable, and we are here because we want to figure out which digital tokens corresponding to JPEGs will become incredibly valuable next so that we can buy them and retire early” — generally raises more questions than it answers.
I’m a fan of NFTs, but in some ways, they’re an odd fit for an IRL gathering. Like crypto itself, they’re a purely digital phenomenon — a technology that allows people to buy and sell intangible fragments of the internet as if they were physical objects, whether it’s trading NBA highlight videos or auctioning off collections of digital art. And between the cringe factor of certain NFT subgroups and the prevalence of literal children among the NFT elite, it’s a scene that could probably benefit from a little more mystique.
Here are more fascinating tales you can’t help but read all the way to the end.
By Monday night, the V.I.P.s who gathered at a reception on the roof of the Edison Hotel seemed to have worked it out. Snapping off their masks and flagging down trays of sliders and risotto balls, they caught each other up on their projects, and talked about how discovering NFTs had changed their lives.
Mostly, they seemed grateful to be in each other’s company.
“I met so many people online in the past year, and they’re all here,” said Keith Soljacich, a Chicago-based advertising executive who moonlights as a NFT collector. “I’m with my people, and I don’t have to hold back or translate.”
Jessica Ewud, an NFT artist who goes by the name Ragzy, said she thought the conference amounted to a coming-out party for the nonfungible token.
“It’s just all worlds coming together — arts, technology — and we’re celebrating this beautiful time of this booming industry,” she said.
“This, to me, is Woodstock,” said Kenn Bosak, a Philadelphia-based NFT collector, who had a small face tattoo that turned out, under close inspection, to be the letters N-F-T. (“I got it the day I became a millionaire,” he explained.)
Woodstock — which signified the mainstream embrace of a youthful counterculture — is actually a decent comparison to a gathering like NFT.NYC, albeit on a different scale. The crypto business is booming, with Bitcoin and Ethereum prices near all-time highs and new money arriving by the truckful. Big corporations are co-opting the language and aesthetics of crypto to market themselves to young customers, and celebrities are promoting crypto exchanges and releasing their own NFTs. And while there are still plenty of crypto skeptics, including U.S. regulators, the industry’s reputation as a haven of criminality and tax fraud is disappearing. Today, the emerging view seems to be that crypto is cool — something not even the truest believers would have argued until recently.
Much of this shift, I’d argue, is because of the crossover appeal of NFTs, which turned a thing people didn’t understand (crypto) into things they did (fan merch and premium loot), and which have gotten everyone from Coca-Cola to Martha Stewart to dip their toes in. More than $10 billion in NFTs were sold in the last quarter, a 700 percent increase over the previous quarter’s sales, according to DappRadar, a firm that tracks blockchain sales.
Growth like that screams bubble, of course, and many crypto enthusiasts will admit that the NFT market is in one. The hype around big, expensive NFTs — like Beeple’s $69 million sale earlier this year — has flooded the market with scammers and opportunists who are trying to make a quick buck. And while it’s entirely possible that NFTs will play some role in the future of art, it’s hard to argue with a straight face that a picture of a rock should sell for $1.3 million, or that a New York Times column’s fair-market value is more than $500,000. (Although, trust me, I have tried.)
There were a few cautionary voices at NFT.NYC, including Gary Vaynerchuk, the popular social media marketer and founder of VaynerMedia. Mr. Vaynerchuk, who has his own line of “VeeFriends” NFTs, said during a keynote speech on Tuesday that he was worried that investors were jumping into NFTs recklessly, and that they could suffer catastrophic losses if the market collapses.
“Ninety percent of people in our space are in the business of trading to make a bag,” Mr. Vaynerchuk said. “I’m incredibly worried about people betting money they can’t afford.”
But smart investors are not buying seven-figure JPEGs these days. In fact, many of them are looking past NFT artwork entirely, to a new and glorious future they believe the entire NFT phenomenon is ultimately pointing us toward.
This phenomenon is “Web3” (ooh, ahh), the new, flashy industry term for a new kind of decentralized internet service that runs not on big servers owned by Silicon Valley mega-corporations like Google and Facebook, but on public blockchains, with token-based reward systems that allow users to profit from their online activities.
Web3 is part of the futuristic picture that Mark Zuckerberg painted last month, when he announced that Facebook was renaming itself Meta and focusing on creating immersive digital experiences and lifelike virtual reality games. But the vision goes well beyond social media or VR. Many of today’s young crypto entrepreneurs are itching to tear down the entire technological edifice of the modern world and rebuild it, piece by piece, on the blockchain.
If they succeed, your electronic health records will one day be an NFT, which you’ll be able to seamlessly transport between doctors. Songs from your favorite musician? Those will be NFTs, too, perhaps attached to a smart contract that allows you to share in their future royalties. Your kid’s Fortnite skins? NFTs, or something like them, and she’ll be able to transfer them from game to game.
Not much of this vision has arrived yet, but it’s fun to think about. And crypto innovators are salivating over the promise of a new, blank canvas.
“This is the most excited I’ve been about crypto since Ethereum came out in 2015,” said Fred Ehrsam, the co-founder of Paradigm, a crypto-focused investment firm. “Suddenly, the total scope of people who care about crypto has expanded by a factor of 10. It’s beyond digital money and beyond a new financial system. Crypto is culture now, too.”
Several tech veterans I bumped into in New York said that the Web3 frenzy reminded them of the blue-sky optimism of the late 2000s, when the founders of start-ups like Twitter and Foursquare ran around South By Southwest conferences throwing parties and trying to persuade investors that this “social networking” thing would take off.
The difference now, of course, is that no one needs to be convinced that crypto is a good business. It’s already a trillion-dollar industry that has spawned dozens of huge companies, created dynastic wealth for early adopters, and attracted many of the best and brightest minds in Silicon Valley.
And when I looked beyond the decadence in New York, I could see strands of Web3 starting to weave themselves into things real people might want.
On Monday night, for example, I went to Greenpoint, Brooklyn, to attend a party thrown by Friends With Benefits, a new kind of leaderless crypto-club known as a “decentralized autonomous organization,” or DAO. Right now, DAOs — which have been described as “group chats with bank accounts” — are mostly an experimental plaything. But optimists think they could one day be a way that businesses and communities organize themselves.
Instead of selling normal tickets to the party — which featured a performance by the Russian punk-protest group Pussy Riot — Friends With Benefits required attendees to scan their crypto wallets at the door. If you owned at least five $FWB — the group’s membership tokens, which cost about $140 apiece as of party time — you got in. Bringing a plus-one required having 75 $FWB, or about $10,000. (There was a way to skip the line altogether: win an auction for the party’s official NFT, although that ended up selling for more than $50,000, making it a poor choice for the budget-conscious raver.)
All of this velvet-rope exclusivity might seem at odds with the claims of crypto enthusiasts that Web3 is a democratizing force that will expand access to financial services, level the playing field and get rid of legacy middlemen. And I did wonder, at times, if the Web3 kids were trying to tear down the old social hierarchy, only to replace it with a new, tokenized one where they were on top.
But the arrangement seemed to work for everyone — at least until around midnight, when the venue filled up and the $FWB token holders stuck on the sidewalk could no longer get in.
“I paid $600 to go to this party,” a man in line grumbled. “Oh well, at least the token might go up.”
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NFT

NFTs: four “secrets” to understand their real value – Domus

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If we take a look at the Bitcoin price chart, it’s quite easy to picture the ever-growing number of investors who, since the cryptocurrency’s first peak in June 2016, have found themselves spending one or more nights staring at those green and red lines, studying spikes and dips, desperately searching for a pattern that would help them predict the currency’s future value. Is it ever possible to predict the value of a cryptocurrency? How about the value of an NFT?
In March 2021, following the worldwide news that the NFT associated with the work of art by US artist Beeple Everydays: the First 5000 Days had just been sold by Christie’s for almost 40,000 Ether, corresponding to $69.3 million at the time of sale, researchers at the Alan Turing Institute decided to set up a data collection and analysis system that would tell the story of the NFT market from June 2017 to April 2021, covering a total of 6.1 million transactions. The recently published article Mapping the NFT revolution: market trends, trade networks, and visual features attempts to identify which factors determine the selling price of an NFT.
In just one year, the non-fungible tokens (NFTs) market has grown from around $340 million to $14 billion, and while some people are still questioning the point of investing in a .jpg and others are protesting against the environmental impact of proof-of-work transactions, luxury brands and auction houses, from Gucci to Sotheby’s, are rushing to launch their metaverse – a series of virtual places where it is now possible, among other things, to collect avatars and game items, wear digital designer clothes and exhibit intangible works of art, all easily purchased in the form of NFTs. In this new market, art and fashion come surprisingly second, imitating and seeking collaborations with the video game industry, while Morgan Stanley claims that in less than ten years, 10% of the luxury industry will be made up of NFTs bought, purchased and above all – get this! – rented, in the metaverse.
Homer Pepe, the currently most expensive and rarest NFT card of the first NFT collection to collect public success: Rare Pepe Wallet, created in 2016. The last auction that saw it as protagonist dates back to 2018, purchased in Ethereum for a value corresponding to approximately 320,000 dollars.
Genesis is the first NFT generated among the CryptoKitties, the collection that brought NFTs to the limelight, the kittens that congested the Ethereum network for the unexpectedly high number of sales, a few days after their release in December 2017. Genesis is born in November 2017 and is currently owned by Stimpson J. Cat who purchased it for the sum of 246926 Ether currently corresponding to approximately $ 750,000.
MoonCat #3531 belongs to a collection launched in 2017, and which was recently “adopted” by Sotheby’s: the MoonCat.
Sir Gregory is currently the most valuable NFT on Axie Infinity, the NFT-based online video game that in recent months has seen its users and consequently also the value of its tokens soar. Purchased in June 2021 for the sum of 369 Ether, currently corresponding to 800,000 Dollars. The rarity value of these characters, usable in the game, depends on their attributes and their “mystical parts”. Sir Gregory has three attributes: “Pink Turnip claws”, “Dreamy Papi eyes” and "Lam Handsome fangs” and a “Shiba tails”, apparently very popular.
Currently on sale in Sotheby’s Metaverse, Color is an NFT work composed of a generative script and therefore capable of generating almost infinite forms. Color is the perfect example of what can be found on Art Blocks, a collection of generative content hosted on the Ethereum network.
The legendary work of the artist and video game creator David OReilly, sold on the site of the Japanese auction house SBI Auction in November 2021 for the sum of approximately 12,000 dollars. Among other things, the artist declared: "POTATO literally represents my Irish roots, while as an NFT, depicts my future as a cyber-organic hybrid. POTATO embodies the collision between the past and the future.⁠ "
One of the database views of Mapping the NFT revolution: market trends, trade networks, and visual features. The densest clusters display very active moments in the history of a collection.
Homer Pepe, the currently most expensive and rarest NFT card of the first NFT collection to collect public success: Rare Pepe Wallet, created in 2016. The last auction that saw it as protagonist dates back to 2018, purchased in Ethereum for a value corresponding to approximately 320,000 dollars.
Genesis is the first NFT generated among the CryptoKitties, the collection that brought NFTs to the limelight, the kittens that congested the Ethereum network for the unexpectedly high number of sales, a few days after their release in December 2017. Genesis is born in November 2017 and is currently owned by Stimpson J. Cat who purchased it for the sum of 246926 Ether currently corresponding to approximately $ 750,000.
MoonCat #3531 belongs to a collection launched in 2017, and which was recently “adopted” by Sotheby’s: the MoonCat.
Sir Gregory is currently the most valuable NFT on Axie Infinity, the NFT-based online video game that in recent months has seen its users and consequently also the value of its tokens soar. Purchased in June 2021 for the sum of 369 Ether, currently corresponding to 800,000 Dollars. The rarity value of these characters, usable in the game, depends on their attributes and their “mystical parts”. Sir Gregory has three attributes: “Pink Turnip claws”, “Dreamy Papi eyes” and "Lam Handsome fangs” and a “Shiba tails”, apparently very popular.
Currently on sale in Sotheby’s Metaverse, Color is an NFT work composed of a generative script and therefore capable of generating almost infinite forms. Color is the perfect example of what can be found on Art Blocks, a collection of generative content hosted on the Ethereum network.
The legendary work of the artist and video game creator David OReilly, sold on the site of the Japanese auction house SBI Auction in November 2021 for the sum of approximately 12,000 dollars. Among other things, the artist declared: "POTATO literally represents my Irish roots, while as an NFT, depicts my future as a cyber-organic hybrid. POTATO embodies the collision between the past and the future.⁠ "
One of the database views of Mapping the NFT revolution: market trends, trade networks, and visual features. The densest clusters display very active moments in the history of a collection.
These staggering numbers raise further doubts and questions: Is this a bubble destined to get bigger and bigger as long as there are newcomers, and then to finally pop, or is it an investment capable of securing forms of “eternal passive income”, especially when NFTs can be rented out? From a conversation with two of the authors of Mapping the NFT revolution, some questions were finally answered.
Mauro Martino, director of the Visual Artificial Intelligence Lab at the MIT-IBM Research AI Lab in Cambridge, and Andrea Baronchelli, head of the Economic Data Science team at the Alan Turing Institute, tell us how from the very beginning – that is, since the rise of CryptoKitties (2017), one of the very first successful experiences in the world of NFTs – what we will call the first secret of the value of NFTs was already very clear: the sale value of NFTs depends on the community that supports them.
Here we are at the dawn of a new digital age. While we ask ourselves whether it makes more sense to invest in a sweatshirt made of only pixels from the “Balenciaga x Fortnite” collection, or in a piece of land next to rapper Snoop Dogg’s villa on the Sandbox metaverse, or simply in a digital potato, like the one sold by Irish artist David OReilly on the website of Japanese auction house SBI Art Auction, we should look, first of all, more than at the object for sale, at the potential fan base that supports it.
According to the researchers, this leads us to discover the “second big secret” of the sales value of NFTs: communities and capital are more likely to nest around collections or gamified experiences than episodic sales.
In Mapping the NFT revolution we discover that the greatest NFT buyers, the so-called whales, aren’t a lot – “the top 10% of traders alone make 85% of all transactions” – and tend to get attached to a single collection, making “at least 73% of their transactions in their main collection”. It is hardly surprising that companies traditionally associated with the world of sticker and card collecting, such as the NBA, MotoGP, Panini or Magic the Gathering, have jumped into the fray, quickly creating their own digital marketplaces.
As Martino and Baronchelli explain, the NFT landscape varies greatly depending on the industry it belongs to. There is the art world, where newly formed crypto marketplaces such as Foundation, Rarible and Nifty Gatheway fight against traditional auction houses. There are NFTs belonging to the “Metaverse” category, which would make no sense to exist outside of that world, as well as NFTs generated by the “Gaming” industry. Finally, there is the “Collectibles” category, the virtual counterpart of collectible cards, which could be considered as a kind of progenitor to imitate.
In Mapping the NFT revolution’s prediction system, half of which is based on data from previous sales, a big variable is the visual appearance of NFTs, analysed using AlexNet, a pre-trained convolutional neural network, which is simply an artificial intelligence that can ‘see’ images and detect recurring patterns. And what it sees is that buyers seem to like similar images. Just like the most mundane textbook instruction in social media management, the consistency of the feed rewards the artist.
The Fortnite X Balenciaga 3D digital clothing collection debuted on the multiplayer video game Fortnite. The multiplayer shooter made by Epic Games is currently the digital environment with the most users in the world.
This “Super Mega Yacht” called The Metaflower is currently the most expensive item in The Sandbox metaverse, purchased for $ 650,000. The Sandbox is currently one of the main metaverse platforms, which has seen its prices rise for collaborations with brands and celebrities such as adidas, Atari, Snoop Dogg, DeadMau5 and Bored Ape Yacht Club, another famous NFT collection.
Gucci recently inaugurated its “Gucci Garden” in the Roblox metaverse, another of the most powerful candidates in the “race to the metaverse”, which has recently opened its doors to other famous brands such as Nike and Sony.
A screencapture of the entrance to the Sotheby’s auction house virtual recreated in the metaverse of Decentraland, another top player in the metaverse and a real NFT real estate. Land plots on Decentraland are purchased with the local currency, MANA. In June 2021, Republic Realm spent an amount equivalent to $ 913,000 on 259 land plots in Decentraland, to transform them into a virtual commercial district called Metajuku, inspired by Harajuku, a famous Tokyo shopping district.
An example of an art gallery in the metaverse, in this case it is the Oasis Artwalk created by NFT Oasis on AltspaceVR.
A small part of the work Unsupervised, created by the famous Turkish-American artist Refik Anadol, exhibited in a royal gallery, the Moma, an exhibition of works created by training an artificial intelligence by feeding it the public metadata of the Moma collection. From 18 November, every three days new Unsupervised works will be revealed and put up for sale on Sotheby’s, following the gamified logic of the NFT market. The cover of this article “Machine Hallucinations – Space _ Metaverse” is part of a similar work by the same artist, created in collaboration with NASA’s Jet Propulsion Laboratory, also for sale on Sotheby’s NFT platform.
The Fortnite X Balenciaga 3D digital clothing collection debuted on the multiplayer video game Fortnite. The multiplayer shooter made by Epic Games is currently the digital environment with the most users in the world.
This “Super Mega Yacht” called The Metaflower is currently the most expensive item in The Sandbox metaverse, purchased for $ 650,000. The Sandbox is currently one of the main metaverse platforms, which has seen its prices rise for collaborations with brands and celebrities such as adidas, Atari, Snoop Dogg, DeadMau5 and Bored Ape Yacht Club, another famous NFT collection.
Gucci recently inaugurated its “Gucci Garden” in the Roblox metaverse, another of the most powerful candidates in the “race to the metaverse”, which has recently opened its doors to other famous brands such as Nike and Sony.
A screencapture of the entrance to the Sotheby’s auction house virtual recreated in the metaverse of Decentraland, another top player in the metaverse and a real NFT real estate. Land plots on Decentraland are purchased with the local currency, MANA. In June 2021, Republic Realm spent an amount equivalent to $ 913,000 on 259 land plots in Decentraland, to transform them into a virtual commercial district called Metajuku, inspired by Harajuku, a famous Tokyo shopping district.
An example of an art gallery in the metaverse, in this case it is the Oasis Artwalk created by NFT Oasis on AltspaceVR.
A small part of the work Unsupervised, created by the famous Turkish-American artist Refik Anadol, exhibited in a royal gallery, the Moma, an exhibition of works created by training an artificial intelligence by feeding it the public metadata of the Moma collection. From 18 November, every three days new Unsupervised works will be revealed and put up for sale on Sotheby’s, following the gamified logic of the NFT market. The cover of this article “Machine Hallucinations – Space _ Metaverse” is part of a similar work by the same artist, created in collaboration with NASA’s Jet Propulsion Laboratory, also for sale on Sotheby’s NFT platform.
Martino notices how the sentence of having to be recognisable, the nightmare of every artist and the imposition of every art gallery, is also present in the NFT industry: if Basquiat was forced to be Basquiat, today Mad Dog Jones will be permanently bound to the bright colours of post-vaporwave and to the cyberpunk illustrations that make him Mad Dog Jones, one of the most famous and prolific NFT artists on the scene. Apparently, as Martino and Baronchelli laughingly observe, even the non-fungible token, to sell better, ends up becoming fungible, i.e. potentially replaceable by a series of works that are identical to themselves.
Speaking of artists, here is the “third big secret” of the value of NFTs: the art market is an entirely secondary aspect of the NFT phenomenon. As of June 2020, “the most traded NFTs belong to the games and collectibles categories. Only 10% of transactions are related to the NFTs classified as art”.
We are dealing with a complex technology in its first years of use. We can imagine it, the researchers explain, as a Lego tower with vaults and architraves that the most diverse market forms are trying to mount on top of their castles, or their galleons, or their Lego spaceships. Infrastructures that are juxtaposed with other infrastructures, only to undergo violent processes of adaptation, including collapses, breakdowns and work fatalities.
In this scenario, the art industry is perhaps finding it most difficult to adapt. Attempts to gamify works or create communities around collections seem more forced than ever. And if we look at the success stories from the period of the so-called “NFT Craze” between February and June 2021, the greatest sales were made possible by unique factors that are difficult to repeat: “the first NFT sold by a traditional auction house”, i.e. Beeple, “the first Tweet”, i.e. Jack Dorsey, “the first NFT meme” i.e. Nyan Cat, or “the most famous meme ever” as well as the most iconic figure in the crypto world, i.e. Doge, or indeed one of the few visually and technically coherent digital art collections: Art Blocks.
Who guarantees that so many of the NFTs bought during this period of madness will be resold a second or third time, one, three, ten years from now? So far, the data do not look good: out of 6.1 million transactions, only 20% of NFTs were resold a second time, as Martino and Baronchelli note.
And so, we come to the end of this umpteenth gamification attempt, and thus to the fourth and last “secret”: it is impossible to imagine what the value of current NFTs will be one year from now, let alone in ten years from now, given the speed and the massive amount of works, tokens, platforms and metaverses that are currently on the table.
Remember the dot-com bubble at the end of the 1990s? This is a phenomenon of equal size and greater complexity, the researchers explain. We can assume that, as with dot-coms, when hundreds or thousands of economic proposals proliferate, only a few giants will survive, crushing and absorbing their competitors. In the transition between Web 2.0 and Web 3.0, as Baronchelli suggests, it is possible that the current economic system, where the user participates by enjoying free content while donating his data to a centralised platform that reaps huge profits, will be replaced by a model where the concept of ownership is redistributed among users. Following an observation by Matthew Ball, an acclaimed theorist of the future metaverse: if it wasn’t the New York Times, or any other print media mogul, that developed the most used news feed in the world – *spoiler* it was Facebook –, it will probably not be Facebook Meta that will develop the most frequented metaverse, or who knows what it will be called in three years, the most frequented tokenized virtual space.
Opening image: Machine Hallucinations – Space: Metaverse NFT Collection, Refik Anadol, Sotheby’s, 2021
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Wafini NFT Marketplace Set To Launch On Cardano, Kicks Off Seed Token Sale To Early Adopters – GlobeNewswire

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| Source: Wafini Wafini
VALLETTA, MALTA
Valletta, Malta, Oct. 04, 2022 (GLOBE NEWSWIRE) — Wafini, a Cardano NFT marketplace on a mission to facilitate a “DAO Powered NFT Marketplace on Cardano” has kicked off the initial seed round for early adopters.

As DeFi, GameFi and NFT projects are now leaning towards being run as a DAO, which in recent times have risen to become the perfect governance structure for Web3 projects, Wafini has announced that the $WFI token holders will have the benefits of governance DAO structures on Wafini and will be utilized in an easy to use interface.
The Wafini marketplace is set to launch within the fourth quarter of 2022.
This will come after the Wafini’s test-net that will be made available only to $WFI Token and Wafini Genesis NFT policy ID holders.
Wafini Seed Sale
Wafini team announced today that the Wafini utility tokens are now available to early adopters. 
Early adopters can join the $WFI Token Seed Sale here: https://sale.wafini.app/
To become a member of Wafini DAO, each participant has to acquire and stake $WFI Tokens and Wafini Genesis Passport NFTs
How To Join The $WFI Seed Sale 
You can join the Wafini seed sale in 3 simple steps.
1: Buy ADA from an Exchange like Binance, Kraken, Coinbase and transfer to your ADA Cardano Compatible wallet like Nami Wallet, Eternl or Flint wallet.
2: Visit the Wafini token sale page and input the amount of ADA you want to join with and continue to sign the transaction to confirm your purchase.
3: Your purchased $WFI Tokens will be sent your wallet as soon as the transaction is conformed on the blockchain.
Here’s a detailed and pictorial guide on how to join the Wafini seed sale.
Wafini Seed Sale Details 
1 ADA = 50 $WFI Tokens
1 $WFI = 0.025 ADA
Duration = 30 Days
Seed  Sale Allocation: 15,000,000 $WFI Tokens
Minimum buy: 500 ADA

For further details on the Wafini Token Sale visit the documentation page.
About Wafini
Wafini is a Web 3.0 community driven decentralized NFT Marketplace for Non-Fungible Tokens & NFT collectibles where users will be able to mint, list, sell and swap their Non fungible tokens utilizing the Cardano Blockchain.
Buy $WFI Token: https://sale.wafini.app
Litepaperhttps://docs.wafini.app/litepaper
Website :  https://wafini.app/
Pitch Deck: Seed Deck
Twitter : https://twitter.com/wafini_app
Telegram Group : https://t.me/wafini
Media Contact:

Name: Vincent Kowalski
vk (at) wafini.app
Website :  https://wafini.app/

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4 Steps to Take Before Buying Your First NFT – The Motley Fool

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by Emma Newbery | Published on March 26, 2022
Image source: Getty Images
Read this before dipping your toes into the NFT waters.
The Ascent's best crypto apps for 2022 (Bonuses, $0 commissions, and more)
At the start of 2021, most people hadn’t heard of the word non-fungible token (NFT) and fewer still had any idea of what it meant. By the end of the year, Collins Dictionary had declared NFT its word of the year, and the market was worth an estimated $40 billion.
If you’re considering buying your first NFT, there’s a lot to think about. Here are four important steps to take first.
NFTs are essentially digital certificates of ownership, and those certificates can apply to a broad range of things. These include art, music, videos, sports collectibles, gaming items, and much more. You need to be clear on what type of NFT you’ll buy, and why you’re buying it.

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If you’re buying an NFT because everybody’s talking about them, you may need to dig a little deeper. Otherwise it’s a bit like buying a book because you want to own a book, with no care as to who wrote it or what’s inside it. Choosing an NFT should depend on your own personal interests, and there are big differences between NFT sectors.
For example, perhaps you’re a gamer and want to buy an NFT avatar. You’ll have very different needs from a big basketball fan who wants to own an NFT of a favorite sporting moment. And someone who’s an art collector considering branching into digital art will also have different requirements again.
Every investment is different, but the fundamentals of investing are often the same. You need to understand what you’re buying — whether it’s a piece of art, shares in a company, cryptocurrency, or your first NFT.

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Here are some aspects of NFTs to get to grips with:
You’ll probably come across several NFT marketplaces during your research. These are platforms where you can create, buy, sell, and explore NFTs. First and foremost, look for a platform that trades the types of NFTs you want to buy.
Also consider what blockchain network is used — as we mentioned above, Ethereum is the most common but Solana (SOL) and Tezos (XTZ) are also getting in on the NFT game. This is important because it’s difficult to buy NFTs using traditional money such as U.S. dollars. Not only do you need to own cryptocurrency, you need to own the right cryptocurrency.
Given the prevalence of NFT fraud, look at what each platform does to ensure the NFT you buy is properly authenticated. You don’t want to buy your first NFT only to find it’s not legit and the original artist didn’t even know it had been made.
Finally, you’ll need an NFT wallet. These are crypto wallets that also support NFTs. It’s easy to set up a wallet, and there’s plenty of useful information online to help if you get stuck. When you first create your account, you’ll be given a kind of master password in the form of something called a seed phrase. Keep it somewhere safe, as this will help you access your NFTs if you ever forget your password.
You’ll need a wallet that’s compatible with the trading platform and blockchain network you chose above. Another key feature to watch out for is security — two factor authentication is a must. If you become a frequent NFT shopper, you might consider a hardware wallet that keeps your NFTs offline. But to start, a software wallet connected to the internet will do the job.
We don’t know how the NFT sector will evolve, but these assets could change the way we own items online. However, there are a lot of issues to address, including the environmental cost and copyright infringements. Right now, the best way to approach NFTs is to pursue your existing interests. This will help you judge the quality and value of the items you buy.
Be aware that there’s a lot of speculation, hype, and outright scams in the NFT world. There are no guarantees that NFT prices will continue to rise, in fact, many may fall. That’s why it’s best to only spend money you can afford to lose. If prices fall, it won’t prove financially devastating. Most of all, take your time and enjoy learning about a new world of digital ownership.
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Emma Newbery owns Ethereum, Solana, and Tezos. The Motley Fool owns shares of and recommends Bitcoin.
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