According to a Chinese court of law in the city of Hangzhou, NFTs have legally earned the status of virtual properties, within the People Republic’s legal system. This ruling passed in the context of a case involving a disagreement between a consumer and a platform used to sell a group of non-fungible tokens. From a legal point of view, this marks a significant milestone for NFTs within the dynamic and tech-oriented Chinese market. NFT holders may likely act more boldly with the knowledge that their ownership holds recognition with the Chinese legal system.
According to industry trackers and blockchain market analysts, the FTX contagion has evidently been contained, based on a number of indicators observed. The behavior of the NFT market in particular is a compelling market that suggests this. The largest exhibition in Miami’s art show in 2022, was the marriage between Emir Muhovic and Kelly Daniels, who chose for the event to be minted as NFTs, which includes all photographs, ceremonial vows, and the marriage license. This role of NFTs and blockchain in general in otherwise traditional spaces point to their sustainable potential, despite present market hesitance.
One domain, in particular, that has been performing exceedingly well on the NFT landscape is the music industry. The music NFT market site, Sound.xyz has seen 100% growth in its number of mintings during the last two months alone. Top names in the music industry such as 3LAU, Steve Aoki, and even Warner Music Group have been going all in on the NFT realm. This appreciation for NFT application for musicians, despite market stresses, highlights that NFTs are clearly here to stay.
NFTs to Watch
Kanpai Pandas NFT
The Kanpai Pandas NFT collection is one that caters to those who have a knack for stylistic fashion, as well as an enthusiasm for parties. The collection thus shows 10,000 unique pandas, each of which is stylistically curated.
The Kanpai Panda collection infuses real-world utility with virtual application and thus maximizes value for each of its holders. A Kanpai Panda holder would have exclusive access to some of the hottest concerts and parties both physically and virtually. In addition, being a member of the Kanpai Pandas community on its own also allows holders to be part of regular airdrops and giveaways.
Metaphysics by Jinyao Lin NFT
Metaphysics by Jinyao Lin goes back to the roots of the NFT vision and is purely an artistic-based project. The 200 items within the collection aim to tap into the unseen but undeniable realities of the life force, in everyday existence and lying in the realm of metaphysics.
Each of the tokens in this collection is visually captivating, despite portraying an abstract concept. The collection had its launched by the artist, Jinyao Lin, on the Art Blocks site, and has a total volume of more than 130 ETH. Given the appeal the project holds among art enthusiasts, Metaphysics has been the talk of the town in various circles of these spaces.