To keep readers abreast of developments concerning the NFT sector, Altcoin Buzz has compiled the latest updates from the last week of August.
Non-fungible tokens (NFTs) space never ceases to come up with new episodes of interesting updates. If you want to keep track of the top five developments in the NFT industry during the last week of August, check this out:
1 – Cryptopunks Undergo Massive Sales in 30 Days, Increasing its Adoption
During the week, Non-fungible tokens (NFT) asset CryptoPunks hit new massive sales height. The tokens generated over $896 million over the past 30 days.
This amount is expected to be over $900 million by the month, thus, breaking a new record.
Also, CryptoPunks had a good run in previous months, especially in May when over $255 million worth was sold in auctions. In addition, August has brought a new taste of demand for the NFT market as sales on CryptoPunks, where Axie Infinity is also going stratospheric.
Source: CryptoPunks
Therefore, Visa also revealed its purchase of CryptoPunks during the week, paying 49.5 ether to acquire the asset.
2 – Fox Corporation Partners Eluvio, Raising $100m for Its NFT Project
Fox Corporation also became the latest company to dive into the NFT industry. Based on reports, the corporation made a strategic investment in the firm. Therefore, the investment is aimed at supporting the development of Fox’s NFT business.
Eluvio is a firm specialized in monetizing, distributing, managing premium content through blockchain technology. Eluvio will provide the technology for Fox and Bento Box Entertainment who has recently launched the NFT business and a creative unit.
Certainly, Fox Cooperation and others companies are betting on the firm’s blockchain technology to attract larger market clients. These give them the power to launch and market new NFT collectibles connected to popular content and TV shows.
Paul Cheesbrough, CTO and president of Fox Corporation, said: “At FOX, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences.”
3 – Budweiser Invests in NFT With $120k NFT Purchase
A subsidiary of Anheuser-Busch InBev, Budweiser, reportedly acquired a piece of non-fungible token (NFT) art and utilized it on its Twitter profile. The purchase includes the “beer.eth” domain.
Records from OpenSea NFT’s marketplace revealed the company purchased a Budweiser-branded rocketship NFT on August 24th. Therefore, the data shows the beer company paid 8 Ether (ETH), about $25,704 for the art.
Source: Global Online mony
Also, Budweiser used the “Life of the Party” picture showing three beer cans making up the body of a rocketship for its official Twitter profile picture. (Picture above)
4 – Facebook Management: We Are ‘Definitely Looking’ at NFT
Facebook indicated a future entrance into the NFT sector. For instance, people have predicted that the company will embrace NFTs once Novi.
Therefore, David Marcus’s statement said: “When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.” As a way of support, Marcus indicated on Wednesday that the company is ‘definitely looking’ at NFTs.
5 – Fetch.ai launches NFT platform for AI-generated Art
Blockchain-based artificial intelligence lab -Fetch.ai has unveiled a new NFT marketplace for AI-generated images. Colearn Paint, the new platform name, will facilitate users’ effort to create digital collections in coordinated settings via a learning-technology machine.
It also allows groups of developers generate and collectively own NFTs designed by a machine learning algorithm. Artificial intelligence could give NFT developers a more streamlined method for developing and putting their digital arts on sale.
In a statement issued, According to the CEO of the artificial intelligence company, Fetch.ai’s overarching focus is on “abstract composition.”
Also, CEO Humayun Sheikh cited “collective learning” as one trend with huge potential for the future.
On the other hand, in the artificial intelligence industry, collective learning is an expression that describes the use of deep learning algorithms to data and privacy.
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