Taco Bell Joins in on NFT Action as Non-Fungible Tokens Mani Goes Mainstream
The NFT space sees impressive growth with $91 million in crypto art sold last month, 8x of January.
Taco Bell, a popular fast-food chain, is the latest to join the non-fungible tokens (NFT) mania.
The restaurant chain created five different NFTs that were released late Sunday on the marketplace Rarible. The tokens were put on sale for 0.001 ETH worth just $1.79, with the highest bid on them going to 0.4 WETH ($700).
All profits were donated to the Taco Bell Foundation.
— Taco Bell (@tacobell) March 8, 2021
Taco Bell is the just latest one to join the digital art and collectibles ecosystem. Last week, the band King of Leons released its latest album with an NFT. The largest crypto collectible brand, NBA TopShot, has recorded $300 million in all-time sales. Currently, a Snoop Dogg Niftydudes NFT has bidding of $1.4 million.
Lindsay Lohan is particularly making use of NFTs, minting and selling her “Mean Girls” images for thousands of dollars. Musician Grimes, partner of Bitcoin fan and Tesla CEO Elon Musk, and Dallas Mavericks owner Mark Cuban are also getting in on the action around NFTs.
Popular collectibles CryptoPunks, one of the earlier crypto art blockchain projects created by larva Labs in 2017, have also gone parabolic, surpassing 66k in all-time ETH sales ($105 million).
“There wasn’t a way to own things or know that you owned them online before this,” said Matt Hall, the co-founder of CryptoPunks. “The miracle of digital is that copying was perfect and free. This is reversing part of that — which is kind of weird.”
Another project is Hashmasks, whose index funds allow investors to get exposure without owning an entire NFT themselves, which are currently 825 in NFTX.
There are currently four artists with more than $10 million in artwork value.
According to Dune Analytics, one of the popular NFT marketplace Opensea’s monthly transaction volume in February reached a record-high of $93.9 million, about 11.68x of the volume recorded in the previous month. Its users have also exceeded 50k.
Overall, $91 million in crypto art was sold last month, 8x of January, as per CryptoArt.
“NFT projects are soaring! Since the beginning of the year, the combined market cap of the top NFTs has increased 5x, holding a whopping $4.4bil of value today!” notes The TIE.
NFTs are expected to drive crypto adoption as it gains so much of the mainstream attention.
“NFTs are a big statement on the longevity of blockchain technology, cryptocurrencies, and the monetization of content creation,” said Douglas Boneparth, president of Bone Fide Wealth, a New York-based financial advisory firm.