NFTs are red hot and it seems anyone speculating on the digital images wants to make that abundantly clear in the social media cryptosphere. Sean Kelly said he is a 24-year-old who recently helped launch Chibi Dinos NFT and sold nearly 10,000 cartoonish dinos for $2 million in 18 minutes. EtherRock, digital photos of cartoonish rocks, fetch hundreds of thousands of dollars. In the past week, a CryptoPunks head image sold for $4.5 million, according to industry tracker NonFungible.com.
The mania is climaxing on Twitter, the main meeting place for crypto enthusiasts, where users exchange stories of expensive purchases and huge returns. Stories of lives changed as NFTs skyrocketed in value. Under the hoopla, unit sales of NFTs have more than doubled since June, per NonFungible.
Andrew Kang, founder of Mechanism Capital, recently bought two digital bricks for about $200,000 each, he said. Companies are also investing in NFTs: Crypto wallet ZenGo just bought a digital penguin as its mascot.
Daily dollar NFT sales peaked at $81.5 million on Aug. 6, but have since fallen, according to NonFungible. However, the prices of some NFTs are still rising. The average price of an NFT in the art and collectibles category hit an all-time high of $63,730 on Aug. 27, according to The Block, citing data from NonFungible.
But as has often been reported on Crypto Twitter in recent years, tulip prices soon collapsed into what is considered the first of many speculative frenzy.
(Except for the headline, this story has not been edited by NewsMadura staff and has been published from a syndicated feed.)