If 2020 was the year of Defi and COVID-19 then 2021 is certainly shaping up to be the year of NFTs and the digital artists embracing the technology behind them.
Already in 2021, we have seen the total market capitalization of NFT digital assets surpass that of 2020.
The NBA Top Shot series alone after launching late in February 2021, had more than $230 million USD worth of trades and climbing. This is compared to the total market cap of all NFT assets in 2020 being approximately $330 million USD according to nonfungible.com’s annual NFT report.
The idea of non-fungible tokens (NFTs) has been around since 2015, but it was the launch of CryptoPunks by Larva Labs and CryptoKitties by DapperLabs in 2017 that really made the crypto community take notice.
So this year it feels like the industry has taken another major step forward and has engaged a much more mainstream audience with celebrities like NFL star Rob Gronkowski and Lindsay Lohan among others cashing in on the trend.
Aside from the money-grabbing celebrities, we have seen genuinely talented creators grab headlines for their NFT artworks. Perhaps most notable among these is Beeple, the artist behind the record-breaking NFT that was sold at auction for $69 million USD by Christie’s auction house and making it the third most valuable artwork sold by a living artist in history!
In the background of all the celebrities, headlines, and world record art sales, however, is a committed community of crypto enthusiasts building infrastructure to support this world-changing movement. This community includes the old guard of digital asset marketplaces like Opensea.io as well as the more highly curated gallery-esque platforms like SuperRare, but also some notable new projects like CoinDogg that are showing significant early potential.
CoinDogg is building the blockchain’s first NFT digital rewards platform for content creators and their supporters. Their whitepaper sets out their vision for an ecosystem underpinned by the utility of the DOG token. Where fans are rewarded with NFTs for monetarily supporting their favorite creators online like YouTubers, podcasters, streamers, and more.
Creators and fans can use the CoinDogg token to commission other artists to make, mint, buy and sell NFT collectibles to be transacted amongst the community and across the Ethereum network more generally.
CoinDogg’s mission however goes beyond just simply promoting digital art for art’s sake, but is aiming to support what we think truly makes the internet so great. CoinDogg is supporting the global community of content creators, artists, and independent voices that make up the rich tapestry that is the internet. It’s this element of CoinDogg’s mission that we think sets them apart from all the other projects entering this space and we believe this will be a big factor that will ensure their success.
If CoinDogg is successful in its endeavor to support creators and win over their fanbases, we see their potential to be near limitless.