With the rise in popularity of non-fungible tokens (NFTs), the space has seen the sale of some interesting bits and pieces on the blockchain. In February 2022, an artist blew up a Lamborghini Huracan and sold the charred remains as NFTs. British artist Damien Hirst burned hundreds of physical works of art after selling them as NFTs on the blockchain. Citizenships are now sold and traded as NFTs on markets.
Shop your way to Satoshi Island
An ambitious development project plans to create a Satoshi Island that would turn a South Pacific island into a paradise for crypto investors. This island is Lataro Island, which is currently mostly pristine rainforest that is set to become a sustainable smart city. Leading this project are real estate developers Anthony and Theresa Welsh, who currently inhabit the 300-hectare island.
They plan to turn the island into a cryptocurrency investor community. The biggest draw to the island is the lack of income taxes there. Anthony Welch explained that the plans are for 21,000 investors for the island and for anyone buying or developing land, they would need to have a citizenship NFT which is currently traded on the markets.
Each NFT minted generally represents some type of property being sold. It also provides exclusive access to the island which will only have 21,000 citizens. However, for those who do not wish to become citizens, the property developer says there are plans for a resort so crypto investors can enjoy the island without citizenship.
The citizenship passes were minted on October 30 and already have a volume of almost 1,000 ETH. Open sea.
NFTs are not dead
NFTs are a long way from their glory days, but that doesn’t mean they’ve been completely canceled. Even during the crypto winter, they continue to make waves as creators find innovative ways to apply NFT ownership to their projects.
NFT marketplaces see rise in volume | Source: DappRadar
These non-fungible tokens have been able to move away from in-game access to some real-world utility, such as Citizenship NFTs. Trading volume has also picked up during this time as more traders return to the space.
OpenSea’s trading volume over the past 24 hours increased by more than 30% to $22.27 million. The number of merchants in the leading NFT market also grew more than 42% during this time to stand at 34,267, according to Dapp Radar data.
Featured image from MARCA, chart from TradingView.com
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