What’s Happening in the NFT Market? Here are the Giant Improvements!

We have another entertainment star who is excited about NFTs, social media platforms continue to invest in crypto, and a republished “meme” by Elon Musk delivered a great five figures. Here right now, cryptocoin.comWe take a look at what’s happening in the NFT market. Let’s recap last week.

Safety first!

There are whispers around the large NFT communities about the potential security risk from airdrop NFTs. Earlier this week, we covered some details about these reports, along with the Check Point Research (CPR) information used by OpenSea to combat this behavior. In any emerging community as much as NFTs, there are bound to be bad actors here and there. If you’re an NFT owner, stay safe and cool – most NFT community members recommend not interacting with any airdrop NFTs to your wallet.

Reddit is looking for more

While Twitter has a reputation as arguably the most ‘crypto-friendly’ social media platform right now, don’t fall asleep on Reddit. In fact, Reddit was the first major social media platform to test the waters with NFTs earlier this year. This comes after Reddit started building crypto compliance as part of a partnership with Ethereum rewarding users of the platform’s r/cryptocurrency subreddit with a token called ‘moons’.

Reese Witherspoon becomes the last star to join the NFT world

Reese Witherspoon, longtime actress with nearly 3 million followers on Twitter, says she loves NFTs. She announced her first purchase of Ethereum last month and now wears the ‘World of Women’ NFT as her profile picture.

Elon Musk and the “breast” effect

If you follow Tesla CEO Elon Musk on Twitter, you’ll probably notice his affinity for memes. The ‘meme master’ is frequently on the social media platform, posting and retweeting content that is decidedly unconventional compared to many Fortune 500 CEOs today.

A newly released meme from Musk has garnered almost 1 million likes, and the creator is packing his bag accordingly. It turns out that a meme posted by Elon showed a market cap of around $20,000, according to NFT listed on Zora.

Physically Fidenza NFTs

Fidenza’s has become one of the most coveted and recognized collections in ArtBlocks and the wider NFT environment. This week, Fidenza creator Tyler Hobbs sold nearly $7 million worth of minted “Golden Tokens”. Hobbs will host a money-printing event in New York in December where buyers must be physically present to use their NFT. The series is called ‘Incomplete Control.’

A whale’s world

A report from Moonstream analyzing NFT movement over the past six months reported (and posted on Github) that over 80% of NFTs are held by about 17% of wallets. However, it’s worth noting that some of the ‘owners’ referred to in this case are NFT marketplaces.

Paris Hilton releases NFT collection on Metaverse marketplace

Popular auction house Sotheby’s introduced the NFT marketplace, where it will step into the world of Metaverse. Sotheby’s Market Place houses an array of digital art collections, including cards from the Rare Pepe card collection. World stars such as Paris Hilton, Chelsea Evenstar and Maalavidaa promoted a few of their works at Sotheby’s NFT market.

The announcement, made on October 19, announces that a piece of art from Maalavidaa called “Fractures” will be available on Sotheby’s Metaverse NFT marketplace.

The first NFT sale took place in the French newspaper

The use of digital uniqueness continues to receive news of integration from the media world. “20 Minutes,” a French newspaper, sold its first NFT at a charity auction on October 19. The auction, organized by Piasa in Patis, managed to find buyers with a bid of 3,000 euros. The money raised will reportedly go to the International Federation of Journalists’ (IFJ) Security Fund.