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    NFT Market Overview: News Stories and Top Opportunities

    By Wasim Omar

    Dec 29,2022

    9:05 AM UTC

    According to official sources in Beijing, the first national NFT marketplace will see its launch in China, on New Year’s Day – 2023. The venture is a private-public partnership between the state-owned entities, Art Exhibitions China and the Chinese Technology Exchange, working alongside Huban Digital Copyrights. The move is a major initiative towards reeling in NFT activity in the People’s Republic into a regulated and secure framework. In addition to dealing with NFTs, the marketplace will also be overseeing copyright trades and applications. This development could prove to be a major milestone for NFT acceptance, and its entry into the Chinese mainstream.

    Italy, which has historically been seen as Europe’s cultural center, is aiming to spark into life the next generation Renaissance, which will primarily be featuring NFTs, and other forms of digital art. According to official statistics, Italy has seen a 48% growth in NFT-related activity throughout 2022, indicating the popularity surrounding the concept. The cultural aspects of Italian society which celebrates vibrant art make it an ideal hotspot for the NFT phenomenon to take off spectacularly. Analysts project its market to climb by a compound annual growth rate of 35% over the following years.

    Yuga Labs, the creators of the famous Bored Ape Yacht Club, finds itself in the middle of a vicious copyright claim, which has resulted in a series of legal complications. The organization currently is facing a counterclaim alleging that its products are not under copyright protection due to them being curated via computer algorithms. Moreover, the court case is being closely followed by the global NFT industry, as it would clarify the relationship between intellectual property and non-fungible tokens.

    NFTs to Watch

    Pudgy Penguins NFT

    One collection of NFTs that has been seeing some serious social media hype around it is that of Pudgy Penguins. The cute and positive penguin characters are all the craze, with market players rushing to get their hands on these fuzzy creatures.

    As a brand, Pudgy Penguins foster the values of love and empathy, while keeping an open door to its merchandise, collectibles, toys, and content, which holders would gain exclusive access to. Additionally, this recent Web3 initiative on the Ethereum blockchain aims to spread much-needed good vibes across the internet.

    Live Like a Cat NFT

    The Live Like a Cat (LLAC) NFT collection has been seeing an incredible climb in its fame, with trading volume crossing 500 ETH this week.

    The collection is mainly a favorite among Japanese NFT holders, considering their love of cats. Moreover, owning an LLAC is a great way to link with the online community of cat lovers, and trade or exchange their Cats. In addition to having complete digital ownership of their Cats, holders also will receive a range of benefits such as early access to new features of the ecosystem, and participation in marketing discussions.

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