NFTs or Non-fungible Tokens are in the rage currently. These tokens are similar to Bitcoins, but you can buy with them only digital artwork or products like videos, movies, tweets, etc. While it seems easy to duplicate digital files, NFTs operate with blockchain, which is virtually unhackable. Many companies have already begun creating their own NFTs.
For instance, Brands Inc subsidiary Taco Bell is offering its signature food in non-fungible token form. On Sunday, the company released the first set of its taco-themed NFTs, which were sold out on the Rarible marketplace soon after appearing. The fast-food restaurant operator created five NFTs in total and sold them as collectibles in a set of five.
According to Taco Bell, they will donate 100% of the profits earned from this sale to Taco Bell Foundation, Inc. The latter aims to empower the youth population to discover and pursue their educational and career pathways. Even though the initial price for the NFTs was only $1.79, the highest bid skyrocketed to $700.
That’s not a separate occurrence. According to reports, the tokenized version of the Banksy artwork called “Morons” sold for over $ 4,000 on Monday’s Open Sea NFT marketplace. The cryptocurrency enthusiasts destroyed the original piece in order to create the NFT.
Lately, NFTs have become popular with artists such as Grimes. Beeple and Lindsay Lohan also released works using the technology as a digital certificate of ownership.
However, some investors are skeptical. Charlie Lee, the Litecoin creator, warned against the NFT frenzy last week.
Chiliz token also skyrocketed by 200%. Why’s that?
A sports blockchain platform Chiliz released its namesake native token, Chiliz. The latter has rallied over 200% in the past week.
The sports blockchain venture provides fan tokens in partnership with sports clubs. After the boom in Non-Fungible Tokens, its native token surged forward along with other NFTs.
The company plans to expand operations within the U.S. It released info about a series of partnerships in the past week. Chiliz’s expansion to the United States will involve the company investing $50 million to the cause.
Chiliz CEO Alexandre Dreyfus noted that they head to the U.S. with a strong track record in showing millions of dollars of revenue for some of Europe’s major sporting organizations. He also added that they shared more than $30 million with their partners in 2020. However, this year they’re targeting a minimum of $60 million. Furthermore, the company is negotiating with Formula One teams for a potential partnership agreement.