The massive interest in NFTs around the world happened in 2021. The first NFT to be sold on the Binance NFT Marketplace was a digital work by renowned artist Trevor Jones called “Genesis”.
It was launched at the launch of the Binance NFT platform on June 24, 2021. The cover features the Binance logo and was created to commemorate the launch of the platform.
The artwork sold for 96.5 BNB, at the time of sale the value was equivalent to approximately US$47,000. Since then, this market has expanded considerably. And since the launch of the Binance NFT Marketplace, more than 3.9 million NFTs have been sold.
“NFTs can be much more than digital collectibles and offer real world benefits. For example, in the entertainment and sports sector, NFTs could revolutionize ticket sales for events, preventing them from being stolen or cloned, and even offering mechanisms that set maximum resale value, avoiding exorbitant pricesGuilherme Nazar, general manager of Binance in Brazil, said in a note to Livecoins.
Since 2020, NFTs have become significantly more popular due to increasing adoption and interest from various industries including arts, gaming, sports and entertainment. Artists, celebrities and brands entered the space and contributed to its expansion.
2023 is quite a challenging year for these tokens with sales peaking at the beginning of the year, followed by a general decline in activity in recent months. The downward trend, coupled with declining interest from market participants, has created headwinds for the NFT market.
“NFT market is still new,” confirms Guilherme Nazar, general manager of Binance Brasil
According to Binance’s report, NFTs posted $5.3 billion in sales volume in the first half of 2023, down 75.9% year-over-year, but up 32.9% from the previous year. from 2022.
The sharp year-over-year decline is not surprising when you consider the change in market sentiment from a year ago.
There are some signs of stabilization when comparing NFT sales in the first half of 2023 to the second half of 2022.
For Nazar,”the NFT market is still relatively new and the technology has the potential for further growth and innovation. As the industry evolves, new use cases, platforms and regulatory frameworks are likely to emerge, shaping the future NFT landscape.“.
Of course, all enthusiasts and stakeholders need to stay abreast of the latest trends, developments and risks to successfully navigate this rapidly evolving ecosystem, adds Nazar.
Binance Research, the institution’s research arm, produces studies and research reports on the subject, which are distributed free of charge.
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“Speaking of the plans, I will highlight the main points. Binance will focus on partnering with gaming, entertainment and esports companies to launch dedicated NFT partnerships, leveraging the broad interest in these sectors. The NFT has even more interesting value as it unites passions for technology, art and sports, enhancing the experience for these fans and even giving access to collectibles that would otherwise be out of reach.‘ says the management.
An example of this is the exchange’s investment in Brazil, a highly relevant market for Binance, which came together with the Brazilian Football Federation (CBF), the largest football entity in Brazil, to launch the first NFT in the history of Brazilian Assai. .
This initiative provides fans with access to technology that enhances the experience and offers exclusive benefits to fans who own the token.
In addition, Binance is partnering with The Weeknd to create the first Web3 powered music tour in support of philanthropy. Fans of the artist can participate in games, metaverse experiences, and redeem NFTs that offer the opportunity to win exclusive prizes such as autographed items.
A percentage of NFT sales go to the United Nations World Food Programme. The shows will take place in São Paulo and Rio de Janeiro in October, giving audiences the chance to experience the show in the metaverse.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
