One of the hottest fields in the cryptocurrency space at the moment is nonfungible tokens (NFTs). NFTs have gained adoption in the entertainment and art sectors, with many celebrities adopting digital arts.
OneOf One NFT Sold for $999,999
Music artists have been one of the biggest winners since the emergence of NFTs. NFTs make it easier for artists to sell the digital versions of their work, be it sound, video or art. The NFTs space has generated millions of dollars for artists over the past few months.
The latest beneficiary is Whitney Houston. An NFT of the late artist was sold for nearly a million dollars yesterday. The OneOf One NFT is a never-before-heard demo track from Houston at age 17 and was sold for $999,999.
The Whitney Houston OneOf One NFT, a never-before-heard demo track from Houston at age 17, SOLD for $999,999! Thank you to all who made this incredible moment in music and NFT history possible! 🙏 @dianaesinclair #BeOneOf #whitneyhouston #NFTnews #WomeninNFTs pic.twitter.com/cmdSuyfOBH
— OneOf (@OneOfNFT) December 15, 2021
Artists have been entering the cryptocurrency space since the start of the year as they look to take advantage of the features of blockchain technology and cryptocurrencies. A music social media app, Geojam, backed by music star Mariah Carey launched a cryptocurrency token earlier this month.
The token was launched after the project received investment from music celebrities such as Mariah Carey, Nyjah Huston, and 24kGoldn. Universal Music, one of the leading music labels in the world, also joined the NFT space earlier this year. The company partnered with Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), in a move to create some exclusive NFTs.
The NFT Space has Experienced Huge Growth this Year
The NFT space is one of the best performing areas of the cryptocurrency sector this year. In the third quarter of the year, NFT trading volume surpassed the $10 billion mark for the first time. The trading volume is expected to top that level in the current quarter.
The adoption is expected to grow bigger over the coming months and years as more media companies and investors enter the space.