MLB NFT Tops NBA Top Shot | 1.19.22

GM Ser,

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MLB NFT Tops NBA Top Shot

The NBA better watch its NFT back because the MLB is hot on its tail. 

Candy Digital announced their partnership with the MLB to sell NFTs last summer, and the sales volume has exploded since the opening of the trading venue. 

The NFT sale reached $2.7 million in sales with only eight hours of the Candy Digital platform going live. 

A trading volume of this size rivals the ever popular NBA Top Shot, owned by Dapper Labs. The MLB NFTs run on the Palm blockchain through Candy. Palm offers virtually no gas fees, which allows for the masses to be able to purchase the NFTs within this collection more freely. 

Candy actually only allows fiat currency, or government issued funds, to purchase the NFTs. 

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Young Artist Taps into the NFT Market

15-year-old Jaiden Stipp from Tacoma, Washington is now worth more than $1 million. How? NFTs. 

Last year, Stipp saw an Instagram ad on how to sell NFTs online. With the help of his parents and a lot of research, he dove in head first and sold his first NFT for $30 million. 

The young artist says he doesn’t price his own work, but rather allows the bidders to price it for him. Except for now, a piece of his work generally won’t start lower than 30 mil. 

It’s artists like Stipp who are really going to thrive in this new digital art market. With his social media know-how and a loyal following, Stipp is well on his way to cementing himself as a true NFT artist. 

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‍JPMorgan Steps into the Crypto Vortex

Crypto currencies Ethereum, Solana, and Cardano have been able to keep a level margin whilst bitcoin has seen better days. After a 40% drop since hitting their all-time high this last November, bitcoin’s reign in the crypto community is seemingly starting to crumble. 

These days, bitcoin makes up 40% of the overall crypto market, a 20% dip since only a year ago. With Ethereum creeping up to Bitcoin measure, JP Morgan has issued a statement concerning the potentially negative rise of ethereum. 

In an email statement to clients, JP Morgan analysts said, “It looks like, similar to DeFi [decentralized finance] apps, congestion and high gas fees has been inducing NFT applications to use other blockchains." 

The rise of Ethereum has caused an issue for NFT users, which according to JPM, are the fastest growing market in the crypto space. Due to the high volume of users on ethereum, it has caused their gas prices to surge, leading NFT consumers to go through Solana. 

JPM also issued a warning saying that ETH may not be able to keep up with the competitive demand due to their neglect of upgrading the network. Because of this oversight to stay on top, they could lose out to Solana and cardano who had been able to update systems and networks for users.