empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

04.03.202103:57 Forex Analysis & Reviews: Media personalities master a new function of digital money: What does this mean for the cryptocurrency market?

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

In the last few months, the cryptocurrency market has been actively occupying the information space. Investors are announcing large infusions, and well-known personalities are investing in research into new opportunities for crypto assets. However, the most successful case was the introduction of digital assets in financial transactions. In recent weeks, the process of selling certain products using NFT tokens has become very popular.

Recent examples include the former wife of Elon Musk, who created a digital collection and sold it on the Nifty Gateway site. The creative collection was created with the help of the NFT token, which is gaining popularity. Thanks to this approach, Grimes was able to earn almost $6 million. Most of the funds received by the artist gave to charity.

Another media personality who used the function of the NFT token was the musician, Justin Blau. He held an auction to sell his latest album and unreleased tracks using tokens. Thanks to an innovative approach to bidding, the artist earned more than $11.6 million. Justin put up for sale 33 NFT tokens, which were "attached" to tracks from the artist's new album.

Exchange Rates 04.03.2021 analysis

These cases will be a turning point in many ways. The simplest and most obvious observation: this is a significant increase in attention to both the performers themselves and digital money. Secondly, similar auctions (with the help of different cryptocurrencies) already held in all parts of the world. However, for the first time, the innovative bidding format has combined with huge profits, both financial and media.

In the end, we see a situation where the stars of the world of show business begin to exploit the popularity of cryptocurrencies for their own personal purposes. There is a certain exchange: the stars get a good profit and greater recognition, and the digital money niche gets excellent PR and unobtrusive popularization of virtual assets as an unusual but profitable means of conducting transactions. The impact of such operations on the media market of cryptocurrencies is difficult to overestimate, because the desire to create your own NFT tokens was expressed by Hollywood actress Paris Hilton.

Artem Petrenko
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off