Although non-fungible tokens (NFT) collectibles are all the rage, some projects have been developing the concept of dividing NFTs, so investors without strong funds can buy shares in expensive collectibles. On Thursday, Otis revealed that people can invest in the NFT created by the world-renowned Canadian musician and record producer Grimes. The platform allows anyone to purchase a small part of the art of the recording artist named “Newborn 1 & 3”.
Grimes’ art work “Newborn 1 & 3” is subdivided
In the past 30 days, statistics are from Market history of nonfungible.com Shows that NFT sales are 219 million U.S. dollars. More than 48,000 active wallets recorded 214,654 sales, which is a steady increase in sales compared to 120,150 sales at the beginning of the month. The website also shows that there was a Meebits NFT recently Sold for 1,000 ETH Or $2.1 million and a Cryptopunks NFT character Price 450 ETH Or more than $1 million.
The famous NFT artist Beeple sells his “Every day: the first 5000 days“NFT was auctioned through Christie’s auction house for $69 million. However, prices like this strengthened barriers to entry, and only the rich could participate. This issue prompted developers and NFT projects to develop subdivided NFTs that allow people to purchase share of collectibles.
Bitcoin.com news reports on the fragmentation of NFT as a protocol in the past CIS NFT collectibles are subdivided by using native tokens called utoken. Tokens can be traded on the automated market maker (AMM) platform built by the Unicly team. “[Unicly is a] An agreement to combine, divide and trade NFTs,” the project’s website stated. “Convert your NFT collection into tradable assets with guaranteed liquidity,” the agreement description added.
Another project that subdivides non-fungible token collections is a project called Otis. On Thursday, Otis launched the limited edition Grimes’ NFT on the platform and revealed that “Anyone can invest in Grimes’ “Newborns 1 and 3“Only $10.” Announcement details:
“Newborn 1 & 3 are part of the first NFT launch by popular musician Grimes, marking an important cultural milestone in the NFT field,” the project announcement stated. “Otis believes that Grimes is an idol, and her art will serve as a milestone in her artistic career — and the overall legacy of NFT artists — to maintain lasting value.”
Claire Boucher, professionally known as Grimes, is the wife of Elon Musk and the mother of his child “X Æ A-12”. Otis emphasized that Grimes’ NFT “Newborn 1 & 3” is worth $6,400, and the series is called “Warnymph Collection Vol. 2”. 1. The creators of this project believe that NFT art will “continue to remain relevant as a milestone in Grimes’s artistic career and the overall legacy of NFT artists.” “
The Otis platform is available through iOS and Android operating systems, and the application allows anyone to buy shares in “cultural assets”. There are about 100 assets available on the Otis platform Banks Original Michael Jordan’s “Shattered Backboard” sneakers.
Projects such as Fractional and Daofi hope to support the Fractionalized NFT concept
Otis and Unicly are not the only protocols that delve into the world of fractional NFTs, as many projects are developing this concept.One project is called Fraction I believe that segmentation can help price discovery.
“[If] This asset is very valuable and they need help finding prices, segmenting the item and selling 20% in the market. It can be a valuable tool to help understand how the market evaluates NFTs,” the Fractional creator detailed in a blog post on the subject .
Another project that also subdivides non-fungible tokens is a project called Daofi It decomposes NFT into fungible ERC20 tokens.Doofy Blog post In mid-March, people also learned how the fractionation process works.
Daofi’s post stated that the NFT ecosystem needs to address the “lack of liquidity in the NFT secondary market”, “centralized exchanges charge extremely high fees”, “[the] Daofi representative Andrew Lee emphasized in the post that apart from owning collectibles, it lacks practicality and content management.
How do you see the breakdown of NFTs and projects that try to further this idea? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons, Grimes, Otis, Fractional, Daofi, Unicly,
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