Real estate blockchain company Propy has sold its first NFT home in the great state of Florida for $653,163 – or in crypto terms, 210 ETH.
The sale received over 3,000 bidders, but the house could only go to one. “This is just the first seller in our pipeline and we're seeing a lot of demand,” said Propy CEO Natalia Karayaneva.
The appeal came in addition to the house, the owner would receive an NFT of the purchase. What could have also added to the draw was that the previous homeowner was Leslie Alesssandra, founder of the DeFi Limited crypto company.
According to Karayaneva, Propy hopes to take this technology global.
The Cent marketplace first made famous with the selling of Jack Dorsey’s first tweet ever has, for the time being, turned off NFT selling capabilities.
The site has seen an influx in plagiarized and fraudulent pieces being sold. Cent founder Cameron Hejazi calling it a "fundamental problem.”
The issue lies in three different problems according to Hejazi: “people selling unauthorized copies of other NFTs, people making NFTs of content which does not belong to them, and people selling sets of NFTs which resemble a security.”
Even likening the illegal actions to a game of whack-a-mole, saying when they would take down one fraudster, then three more would pop us, and so on.
Though Cent is a relatively small marketplace, especially in comparison to the likes of OpenSea, web3 fraud is happening on marketplaces big or small and everywhere in between.
OpenSea has said that over 80% of their freely minted NFTs are spam, fake, or plagiarized.
Cent CEO says they are working around the clock to create a platform on protecting content creators. For now, they are going to be working on a centralized market to hopefully alleviate some of the issues being faced, perhaps later on they will consider decentralized solutions.
NFT and crypto guru Gary Vaynerchuk has likened the NFT craze to the stock market boom of the early 2000s, saying that after the NFT gold rush, only 98% of NFTs will actually be successful.
“Most of the behavior I see in NFT buying reminds me of the way people bought beanie babies,” he said. Vaynerchuk expects to see a downturn in the NFT space.
Business development lead for NFTs for Web3 company Protocol Labs Jonathan Victor said that going forward, NFTs won’t be so art based, but solely looked into based on utility. Sporting and event tickets will be NFTs and the web2 world will eventually transition into web3.
"Soon NFTs will just be things we use in a time where everything will be digital and interoperable. We'll eventually get less excited about the term 'NFT,' and people won't even think about items as NFTs anymore,” said Victor.
CEO of Decentralized Labs Erin Chen couldn’t agree more. "The marketplace became overwhelmed. Most of these NFT projects with little differentiation or innovation will likely die over time."
In a move that is being hailed as a game changer for the entertainment industry, Warner Bros. Home Entertainment has announced the launch of the WB Movieverse with The Lord of the Rings: The Fellowship of the Ring (Extended Version) Web3 Movie Experience NFT. This groundbreaking new release will allow fans to engage with the film in ways never before possible!
Reddit has onboarded millions of new users to NFTs during a bear market. Read on to learn more.