Extreme FOMO, Hot NFT Market
Tesla CEO Elon Musk, who sparked the Bitcoin rally, and his wife were also unique. Grimes, known as singer, put her own NFT art at her auction, earning 6.5 billion won in 20 minutes. The image was grotesque works with a lot of cyborg baby angels. Prior to that, the first NFT art written on paper by singer Sean Ono Lennon, the only child born to the couple of the century, John Lennon and Yoko Ono, became a hot topic.
Is the movement of capital same as the movement of time?
One collector, who has collected $2.7 million worth of NFTs, told US economic media CNBC that “a majority of the world’s population spends 50% of their free time online.” As interest in virtual assets has increased further due to the corona 19 pandemic effects, millions of dollars of capital are flowing into the NFT market, where the interest of recent market appreciation is swelling.
Unlike the early NFT market that focused on game items and characters, anything in the current market can be NFT. Twitter CEO Jack Dorsey published the first tweet of his tweet account from the NFT token issuance platform CENT to NFT, and was recently offered a price of over $80,000. If you are a famous celebrity, you can make all of your morning coffee traces on a napkin, or capture real bad comments that you want to commemorate, all with NFT and sell them at a high price.
Charlie Lee (founder of Litecoin LTC, 8th in the market total) said that the NFT market, which is becoming hot through his tweet, has a low barrier to entry, including pumping the price and a large influx of new investors due to the ICO boom in 2017 and 2013. He said it was similar to the altcoin fever. In fact, according to Google data, as of the last 7 days, the search volume related to NFT has increased rapidly, exceeding the search volume of LTC, BCH, and XRP, which were the main keywords of the blockchain. As of early March, the NFT search volume was the highest ever. In the rankings of countries with high interest in NFTs relative to the population, Hong Kong and Taiwan ranked 1st and 2nd, Korea 3rd and the U.S. 5th.
Punch to the Privileged , SOBA
This is the latest happening. Those who purchased the ``Morons’’ work by graffiti artist Banksy burned the original work and made it NFT and posted it on the auction market OPENSEA. As of 4 pm on the 9th, OPENSEA’s highest bid is 217 WETH (about 450 million won). Banksy is an artist that symbolizes the destruction of idols, and the works of ‘Morons’ are also works that criticize the art world capital market centered on vested interests.
This performance has great implications in that the original works of art, which are real works, were burnt and ownership was transferred to the NFT. In addition, Banksy’s concept of destroying idols fits in with the decentralized and individual-oriented blockchain market. This is because the economy in the blockchain rejects the central system and aims for a more transparent and accurate individual economy. Below is a video that actually burns the original work.
SOBA is also a project designed to overturn the structure of the existing music copyright market, where capital gathers around the privileged ones. It was planned to return more profits to musicians by reducing multiple brokerage lines such as producers/distributors/planning companies involved until the release of the sound source and minimizing platform fees. There is an ecosystem in which fans can also participate from the early stage of music production to find music sources that match their favorite musicians, and receive dividends from music sources by investing in advance.
Blockchain technology provides a clear solution to the chronic problems occurring in the art and culture world as described above, and sometimes becomes a cider-like entity that blows a quick punch. In a system that is maintained for a long time, stinky things happen. As flowing water does not rot, blockchain technology will create a new waterway in the art and culture world that is being transferred to the digital environment.
Musicians’ personal branding, SOBA platform
Blockchain in the existing music market had an active market concept of a shared platform for non-mainstream musicians. Recently, however, following the NFT case of music producer Deadmou5, New York’s hip-hop legend Wu-Tang Clan published the NFT on Rarible, and the American rock band Kings of Leon publishes the entire album as NFT. They are using it as a means of high-end marketing. As the genre of music has now developed into a comprehensive genre of art, there is definitely a limit to showing the talent of a musician only with sound sources or performances. Therefore, NFT, which can turn their various creations into assets, is making them an asset of personal branding.
The SOBA platform is a platform where musicians can freely introduce their creative aspects to the public by reflecting the needs of these markets. Here, you can sell digital visual art NFTs as flashy as DeadMou5, or Grimes’ digital art NFTs. Of course, it is possible to release NFT albums like Wu-Tang Clan and Kings of Leon, and the characteristics of equity share and initial investment are added to this, further stimulating the fandom.
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