Forget BoredApes And CryptoPunks, NFTs Are Making A Corporate Comeback
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Non-fungible tokens are created, bought and sold on blockchains, like cryptocurrencies such as bitcoin and ether. But while each currency’s tokens are alike, every NFT is unique and can be used to reward users with various perks or be linked to objects in the real world. They can also be traded on numerous secondary markets like OpenSea.
The NFT landscape has drastically shifted in the two years since the tokens became part of mainstream art and pop culture. Barely more than a year ago, CryptoPunks, a collection of thousands of pixelated head shots and the cartoon simians of Bored Ape Yacht Club commanded multi-million-dollar price tags at auction. Now, the most expensive rarely trade for over $100,000. NFTs selling for over $10 million disappeared last year and companies born out of NFT collections, like Rektguy and Bored Apes purveyor Yuga Labs, are struggling to pivot their business models away from royalty payments generated by secondary sales. The overall market shrank to $9.5 billion of revenue last year from $26.7 billion in 2022, according to CryptoSlam. Emerging from the aftermath of the NFT craze are major companies that are embracing the tokens as a cutting-edge marketing device, helping them get closer to existing customers and woo new ones.