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The undefeated Floyd Mayweather announced that he would launch his own NFTs before his fight with Youtuber Logan Paul. The NFTs will celebrate the boxing legend’s legacy in life and sport by tokenizing unique items. The collection will consist of artwork, animations, and rare memorabilia.
“I started from nothing and beat all the odds to achieve what I did in my career and I think that’s the American dream… These digital collectibles give everyone a chance to be part of the Mayweather legacy,” commented the boxer.
The collection will be designed by Reality Gaming Group, a publisher of blockchain-based digital entertainment, along with Ironbend, which turnkey digital NFT solutions, and Zytara Labs, which produce NFTs.
The NFT craze has created insane momentum. Even if you tried to, you probably couldn’t get away with blissfully ignoring NFTs. They have taken over the news; Twitter feeds, Clubhouse chatrooms, and others, becoming a buzzword.
Everywhere you look, there they are. From sports to music, to artwork, to clips, and so many more. Here’s a list of some past and upcoming NFT auctions that will shock you:
Italian Lega Serie A is planning to release a special collection to commemorate this year’s Cup of Italy Final.
An NFT collection celebrating late American rapper XXXTentacion is currently being auctioned off.
Merriam-Webster is auctioning the NFT of their definition of the word NFT.
Collection of CryptoPunk’s Portraits – sold for $16.9 million.
Beeple’s Collection of Artworks – sold for $69 million.
Aston Martin Cognizant Formula One Team commemorated their return to Formula 1 with NFTs.
Grimes’ and Mac Boucher’s artwork and music video – sold for $6 million.
Axie Infinity Virtual Game “Genesis” Estate – sold for $1.5 million.
NFT stands for non-fungible tokens. Non-fungible is an economic term for non-replaceable, and a token is…well, a token. In simple terms, NFTs are tokens that cannot be replaced or interchanged.
For example, if two people have $10 each in their pocket and then swap them, they will each still have $10. Therefore, money is interchangeable. On the other hand, there is only one original Mona Lisa, and it is hanging on the Louvre. If you see another Mona Lisa hanging on a wall elsewhere, you know that it is not the original. This is because certain goods are not interchangeable.
NFTs are similar to art. Both are unique works of art that are valuable because they are one of a kind, but both can be duplicated. However, it is far harder to prove that something is a duplicate if it’s digital. This is where NFT comes in. With NFTs, digital files can be tokenized and saved on the blockchain, creating a digital footprint that certifies the originality of the file. Essentially, an NFT is proof of ownership of the ‘original’ file.
These tokens have penetrated our consciousness and are challenging the way we perceive value and ownership. They are unique digital assets that can be traded like any other instruments, but they have no inherent value and are not tangible.
Many are calling the NFT momentum a fad, something that’s going to pass quickly and something that may disrupt industries.
While NFTs are undoubtedly on the rise, they are not flawless. According to Adelyn Zhou of Nasdaq, only when NFTs transcend from static digital collectibles to dynamic ones will they really be valuable. The future of NFTs may lie in unlocking novel gameplay and incentive mechanisms.
On the other hand, many creators see NFTs as a means to push the boundaries of art even further.
“It’s great that now people are really understanding that digital art can be the product itself, not just marketing for something else. It takes a lot of time to create that work of art, and it’s liberating for us as artists for that work to be valued as well. I’m really hyped to be a part of this community that supports artists and appreciates the work we do,” commented Greg Yüna, a luxury jewellery designer.
Although it’s hard to make any predictions, especially in the world of cryptocurrencies, it doesn’t seem so far-fetched to suggest that the NFT trend could be here to stay.
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