How much would you pay for this? NFT market in the dumps after exploding in popularity last year

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Is there a future for NFTs, or is it another example of a pandemic-fuelled boom gone bust?

The collection went on sale in October, each one priced at about US$475. Mr. Martin was on a Zoom call with his two partners, watching as the number of NFTs available for purchase quickly ticked lower. Within a few minutes, they were all gone. The sale resulted in a windfall, and Doodles receives a 5-per-cent royalty on transactions through major NFT marketplaces.

Because Joe found out about Doodles early, he was able to join the group’s private Discord server before it closed to new members. As part of the exclusive club, he and his investment partner were each given access to purchase five Doodles just before the public sale. Later on, they resold four of them and pocketed a US$125,000 profit.

In May, Doodles hired a CEO named Julian Holguin, who previously headed music publication Billboard. At a recent NFT event, he too talked about Doodles as a budding entertainment franchise that takes a “blockchain and Web3″ approach while “leveraging traditional media and experiences to on board; on-board new people to our community.”

Other ideas remain frustratingly abstract. For a planned NFT collection that will be offered at a lower price to appeal to more people, the team has suggested that owners will be able to purchase wearables for their Doodles and select music for them to listen to. I tried to make sense of this with Mr. Martin, but failed. “It’s like a digital character that you can dress and pose and switch emotions,” he said. “It’ll make more sense when the metaverse is more mainstream.

The Doodles team are not the only ones seeking to expand the applications for NFTs. The technology has been touted as a way to do all kinds of tasks more efficiently, such as providing more visibility and traceability into supply chains, tracking blood donations, and powering real estate transactions. But Molly White, a U.S. software developer who has become a prominent critic of crypto and Web3, isn’t convinced they’re good for much of anything.

When I asked proponents about practical uses for NFTs, some pointed to the metaverse, which refers to immersive and connected virtual words, a concept that has yet to fully take shape. In the metaverse, NFTs denote ownership of wearables for avatars, along with digital land. Yuga Labs, the company that owns Bored Apes, raised US$320-million through selling digital real estate in its own virtual world, which has not launched. Such digital assets don’t have to take the form of NFTs, however.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

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