In our coverage of NFTs, we’ve tried to focus on the practical stuff: what non-fungible tokens could *really* do for musicians and music companies. But sometimes it’s fun to take a look at the wackier Wild West frontier of this technology. Three stories today offer a good snapshot.
First: digital fashion label 1Block and culture magazine Nylon Japan have teamed up to make a “collectable virtual sneaker” called Air Bubble 1. Yes, virtual shoes, which are being sold as an NFT. Selling virtual trainers that you can’t wear in the real world is quite a feat. Or should we say… feet? No, sorry, we shouldn’t.
The second story harks back to the $4m sale earlier this year of an NFT based on the original doge meme (the internet’s favourite cute but grammatically-challenged dog). Now that NFT has been ‘fractionalised’ into nearly 17bn tokens and auctioned off, giving it a value of – sit down for this – more than $225m.
Finally, Loot: (for Adventurers) is a side project of Vine founder Dom Hofmann that mints NFTs that are randomly-generated lists of ‘adventurer gear’ game items. “Grave Wand of Skill, Hard Leather Armor, Divine Hood, Necklace of Enlightenment” etc. In a few days, Coindesk reports that it has “managed to attract $46 million in sales and a total market cap well in excess of $180 million”.
While you parse all this, we’re off to mint an NFT with a sneaker-wearing dog in a enlightening necklace…