Many expected the Non-Fungible Token (NFT) space to lose traction due to loss of user interest, but NFTs are proving resilient. NFTs have attracted influential people, companies, and institutions who are entering the NFT market, and creating headlines worldwide with record sales prices.
A recent announcement by the United States Space Force (US Space Force) about the adoption of NFTs has created a buzz in the space. The US Space Force plans to release NFTs featuring the digital representation of various things related to the launch of its fifth vehicle in the GPS Block III.
On Monday, the US Space Force unveiled its partnership with community-based NFT Ethernity Chain to release the tokens based on the satellite named after space pioneer Neil Amstrong. The satellite intends to provide a precise ‘Global Positioning and Navigation System’ for military and civil purposes. The launch is scheduled with a 15-minute window at 4:09 pm UTC Thursday, June 17, 2021.
Opening bids for the NFTs will begin at $1. The collection for the auction contains pieces between 25 and 100 ranging from $100 to $1000. The CEO of Ethernity Chain, Nick Rose believes NFTs have a long way to go and said,
“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically.”
NFTs Receive Worldwide Attention
With the NFT space expanding its presence at steady pace, there have been many notable events that gained mainstream attention. Recently, many recognizable personalities and world-famous brands entered the space seeing the growing demand for NFTs. Many blockchain platforms are also rolling NFT platforms for artists, brands, and leading personalities from all walks of life to launch a line of NFTs.
Recently German carmaker Porsche made headlines by foraying into the NFT space to launch a soccer-themed NFT collectible for its start-up Fanzone. It has partnered with the German national men’s, and women’s under 21 football teams. Fanzone also intends to support many more soccer leagues and sporting events in the near future.
Chainlink has also integrated with Genshiro for its Kusama-based parachain project Equilibrium to launch cartoon kittens-themed NFT’s inspired by Bitcoin, Ether, Polkadot, and Kusama. The main attraction of the project lies in the unlocking of the special functionality of NFT when the crypto on which the NFT is based reaches a certain price milestone.
In another set of recent events, Mark Cuban, an American Billionaire, and investor showcased his interest in the NFT space. He recently invested in an NFT-based start-up, Genius, along with Dapper Labs CEO Roham Gharegozlou, Bitcoin proponent Anthony Pomliano, and Actor Ashton Kutcher.
The NFT space was believed to be losing traction as user interest remained low throughout May. NFT sales were down by nearly 90%, and digital wallets also witnessed a decline of more than 30%. In June, ‘Covid Alien’ by CryptoPunk sold for nearly 4,520 Ether (worth close to USD$12 million) proves that NFTs are still around and there is a market willing to pay significant prices for them.
Collectively, Non-Fungible Tokens are gaining wide attention among major cryptocurrencies and the DeFi space. The adoption of NFTs by US Government divisions like the Space Force is likely to attract worldwide attention, and potentially huge investments globally.