• NFTs are the new crypto status symbol, replacing Lambos

  • Lamborghinis were the favorite “flex” for crypto “moon-boys” a few years ago, when token prices reached astronomical levels. Several high-profile bitcoin proponents established a habit of appearing at conferences in exotic supercars, and the phrase “when Lambo” became a famous catchphrase in the sector.

    These days, NFTs are undoubtedly the most talked-about item in the crypto community, and owning costly PNGs to flaunt on social media profile photographs has become the new status symbol for the “cryptorati.”

    On Thursday, Chinese crypto writer Colin Wu tweeted that some of the country’s online titans are among the most recent to get on the NFT bandwagon. Cai Wensheng, the founder of smartphone maker and photo editing app Meitu, is said to have purchased CryptoPunk #8236 for 125 ETH (about $387,000).

    Indeed, CryptoPunks, maybe the most popular NFT collection on the market, is gaining popularity even outside of the crypto industry. As previously reported by Cointelegraph, Visa just purchased CryptoPunk #7610 for around $150,000.

    Budweiser has recently purchased a $120,000 fan art as well as the Beer.eth domain, indicating a rising interest in NFTs. Facebook has also stated that it is “certainly looking” into NFTs as part of the development of its crypto wallet product Novi.

    In the midst of the current NFT craze, popular NFT marketplace OpenSea has registered a year-to-date surge in trade volume of over 76,000 percent as of mid-August. In terms of measures like internet traffic and governance token price, play-to-earn NFT games like Axie Infinity are on a tear.

    Warnings of a possible bubble in NFTs are also making the rounds, with detractors claiming that the current excitement is unsustainable. On the other hand, proponents argue that NFTs could be to Web 3.0 what social media and e-commerce were to Web 2.0.

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