By Alicia Maher
NFT trade volumes have been on the rise following the increasing popularity of NFTs and the metaverse. One of the reasons for the surge in popularity is that many famous influencers and popular brands have been launching projects related to these projects. Hence, it is no wonder that IntoTheBlock data revealed that NFT trade volume within the past 15 months alone had reached nearly $55B.
The analytics firm’s YTD chart showed that NFT trade volumes rose from $16.95B on January 1, 2022, to about $55B as of April 16, 2022, indicating a 230% increase since the start of the year. The firm also revealed a rising interest in NFT adoption; its NFT adoption curve shows that nearly 4.55% of ETH addresses are NFT holders as of April 13.
ETH addresses holding NFTs. Source: IntoTheBlock
However, an updated version of the chart shows that the percentage was 4.65% as of April 17. This data indicates a stable progression in NFT adoption, which might keep increasing with time.
NFTs’ Boom Hasn’t Peaked Yet
Nevertheless, many crypto enthusiasts believe that NFTs’ boom hasn’t peaked yet. One of such persons is Gate.io’s CMO, Marie Tatibouet. Tatibouet was recently interviewed at the Paris blockchain summit, where she opined that NFTs’ market cap would likely surpass BTC’s market cap in the future.
Her statement closely aligns with the views of famous shark tank investor, Kevin O’Leary. Also, Amazon CEO, Andre Jassy’s comments in a recent interview about NFTs were similar when he said, “it is unlikely that Amazon will support crypto payments now and in the future, but Amazon might likely start selling NFTs in the future.”
Hyundai Explores The NFT Sector
Today, popular South Korea-based vehicle manufacturer, Hyundai, has revealed that it will be exploring the NFT space through a partnership with the ‘Meta Kongz’ Brand. Hence, the famous carmaker is the first to explore the digital collectibles space and have its NFT community through this initiative. Besides having a separate site, Hyundai’s NFT arm also has separate social media handles.
Hyundai’s primary objective of making a foray into the NFT space is to make those in the metaverse more aware of its highly efficient automobiles. The NFT social handles are available at any time of the day to respond to queries from its community and non-community members. Part of the launch of this NFT included a brief introductory video that showcased the car company’s NFT vision.
Hyundai further announced that part of the launch would be the release of 30 limited editions of Hyundai X Meta Kongz NFTs. Tom Schemera, Hyundai’s CMO for its world market, talked about the development, saying, “our foray into the metaverse space will help us strengthen our dedication to innovation in the physical and virtual worlds.”
He also said, “we hope to enjoy years of fruitful experience through our partnership with Meta Kongz.” While several automakers have explored the NFT market, Hyundai is the only one to have entered the space with a community it owns.