Now, NFTs are everywhere! From relative obscurity to massive popularity, NFTs or Non-Fungible Tokens are making a whirlwind across the digital art scene. For your reference, more than $2B (approx £1.4B) was spent on NFTs during Q1 2021, an increase of about 2100% from Q4 2020.
In March, Mike Winkelmann (known as Beeple) created history when he sold his digital artwork – The First 5000 Days, for $69.3M (approx £50M) to Metapurse founder Metokovan. Notably, it is the most expensive digital artwork sale to date.
Thereupon, the NFTs phenomenon became massively popular, not only among blockchain users but also in the art world. Consequently, more and more artists started creating tokens for music, videos, digital art, and memorabilia (in sports) for collectors to buy and trade.
To reiterate, NFTs are unique cryptographic tokens that exist on the blockchain and cannot be replicated. Want to understand the basics of NFT? Click here.
World’s first hybrid NFT
In this regard, London-based NFT marketplace startup Mostexpensive.io has launched the sale of the world’s first hybrid NFT ball and tennis racket signed by a 25-year old Russian Tennis player Daniil Medvedev. He is currently ranked as world no.2 by the Association of Tennis Professionals.
View this post on Instagram
What is Hybrid NFT (NFTH)?
In general, the term Hybrid implies a mixture of two or more things. Hybrid is thrown around a lot these days, especially in automobiles, foods, and animals.
According to Mostexpensive.io, Hybrid NFT involves both digital encryption and unique physical object. Meaning, when a user buys NFTH, he gets both the digital certificate and a unique physical object or something that has value in the real world.
In standard NFT, you get a Digital certificate, which might lose its value if the market goes down. So even if NFT loses its value, the user will still have their physical item, which will not lose its worth, claims the company.
Advantages of NFTH
According to the First Tier-1 NFT marketplace, Hybrid NFT has quite of bit of advantages. They are:
- It does not lose value and does not depend on external circumstances as much as NFT.
- It can be used to receive loans in cryptocurrency in DeFi banks.
- The collection is replenished with real rare things, not just their digital encryptions.
However, this is not the first Hybrid NFT, Mostexpensive.io is auctioning. To list a few:
- Kobe Bryant autographed Los Angeles Lakers jersey
- Autographed magazine of Neil Armstrong
- Cristiano Ronald autographed FC Juventus jersey
- DAVID PROWSE (Darth Vader) autographed Mantle
- Time Magazine autographed by Muhammad Ali and Joe Frazier
- Daniel Radcliffe (Harry Potter) autographed magic wand
At present, everyone has their opinion about the meteoric rise of NFT. While artists see it as a medium to earn, others are almost convinced it’s a trap/scam. Do you think Hybrid NFT (NFTH) will make a difference? Do let us know in the comments section below.
The post World’s first ever hybrid NFT marketplace launched by British startup Mostexpensive.io: Here’s what it is and how it works? appeared first on UKTN (UK Tech News).
