demand for digital assets becomes widespread | PYMNTS.com

Coinbase, the cryptocurrency exchange, has announced that it will soon be launching a market for NFTs. Meanwhile, Visa and TikTok have partnered with creators on new NFT-focused projects. Bank of America released a report saying crypto and NFTs are “too big to ignore.” Indeed, observers have estimated that so far this year, NFT’s sales have totaled between $ 7 billion and $ 13.2 billion.

Visa creates program to highlight and promote NFT artists

For his part, Visa is now teaming up with artist Micah Johnson, former second baseman and outfielder for the White Sox, Dodgers, Braves and Rays, to set up a program to support artists in the creation of NFT. , according to an announcement on Oct. 13. on the Visa website.

Through this collaborative effort, Visa and Johnson will help creators understand NFT technology and harness public blockchains to produce and sell 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 consulting services to help participants move around the world of crypto and traditional payment infrastructures. Additionally, Visa will seek to develop relationships between artists and Visa’s network of payment providers, which can help creators expand their audiences and grow their businesses.

Coinbase creates an NFT marketplace

Coinbase also announced on Tuesday (October 12) that it will soon launch a market for NFTs that will allow users to mint, collect and trade coins, according to a CNBC report. Users can sign up on a waitlist for early access to the feature, the company said in a blog post.

The NFT market topped $ 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 business executives have described as “social features” and also tap into what is known as the Creator Economy, made up of people making money. by posting videos and other content online.

NFT Fever pushes third quarter sales to $ 10.7 billion

The clamor for NFTs continues to mount, with sales of $ 10.7 billion in the third quarter, down from $ 1.3 billion in the previous quarter and $ 1.2 billion in the first, according to data from DappRadar.

Much of NFT’s sales take place on 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 multiple blockchains and includes off-chain transaction data, estimates NFT’s sales volume at $ 13.2 billion so far this year. CryptoSlam data, which does not include off-chain volume, puts 2021 sales at $ 9.6 billion. NonFungible.com, which collects data solely from the Ethereum blockchain, has totaled $ 7 billion in sales so far this year.

BoA says Crypto and NFTs are ‘too big to ignore’

Bank of America (BoA) released a report indicating that cryptocurrency and NFTs are likely to stay, Cointelegraph reported.

The BoA report said the crypto’s $ 2.15 trillion market cap is too big to ignore and the currency has moved far beyond bitcoin. According to the report, according to Cointelegraph, digital currencies “are not about payments per se. It is about a new computing paradigm: a programmable computer accessible everywhere and to all, and owned by millions of people in the world.

Rapper Lil Nas X Launches First TikTok NFT

TikTok is teaming up with its top creators and launching into the NFT pool, with rapper Lil Nas X launching the social media site’s first limited-edition token series this month, according to a September 30 announcement.

Lil Nas X will be joined by Rudy Willingham for the first release, followed by other TikTok creators in partnering with the site to develop unique artwork for TikTok’s first NFT collection, TikTok Moments.

“Each unique 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 had on entertainment, culture and the TikTok community, », Says the ad.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

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