New Endeavors from Crypto.com and NFTBank show that NFTs remain relevant

A year ago, NFT auctions broke new records, with art, memorabilia and other digital collectibles reaching sensational sums at auction. A prolonged bear market gripped digital assets not long after, including NFTs. Even Bitcoin (BTC-USD) is down 57% this year. Nevertheless, the NFT market remains relevant, as large companies make moves in the space.

Valuations of most NFTs have fallen significantly since they were issued, while NFT trading volume has shrunk by as much as 97% since reaching all-time highs back in January. According to figures collected by Galaxy Digitalalso has venture capital investments cooled to $5.5 billion in the third quarter from more than $8.0 billion a quarter earlier.

However, NFTs, along with Web3, metaverse, DAO and gaming, increased their combined share of funding to 22% during the third quarter and experienced the highest pace of deal flow across crypto segments. In addition, the NFT development pipeline remains open as the industry promotes new projects, awareness, integrations, data and better usability.

Unruly by the NFT bear market, Crypto.com and Visa (NYSE: V) is offering 2022 FIFA World Cup fans a hybrid NFT engagement experience called Visa Masters of Movement. The event includes an ongoing NFT auction and an immersive NFT minting activity in Doha, Qatar.

Hosted on Crypto.com, the auction features digital art inspired by memorable goals scored by five legendary footballers in FIFA history. In addition to the auction, an “interactive digital pitch” at the Qatar FIFA Fan Festival will enable fans to create their own NFTs by stepping onto a digital LED platform equipped to capture and transform real-time movements into digital art.

Crypto.com and Visa have a history of promoting cryptocurrency exposure. The partnership will soon roll out self-issuing Visa cards in Singapore, giving cardholders the ability to spend cryptocurrency at more than 80 million retail outlets and stores.

Besides NFT awareness and real-world applications, the crypto industry is focusing on bringing more value to NFT infrastructure. One advanced area is pricing, where market dynamics and limited data hurt users’ efforts to evaluate the value of their NFTs. NFTBank addresses this shortcoming with a machine learning algorithm that monitors the entire market to provide NFT price estimates.

Now, NFTBank is teaming up with MetaMask to offer a portfolio tracking solution to MetaMask wallet users. A new integration ensures that more than 21 million MetaMask wallets can access in-depth price information for over 5,000 NFT pools. In an instant, wallet users can review the portfolio balance estimate provided by NFTBank through this new decision tool.

Even Ripple (XRP-USD) enters the conversation with its recent move to support NFTs on its XRP Ledger (XRPL). In addition to hosting NFTs, it will allow creators to integrate royalties from NFT sales. Long before this latest move, Ripple opened the $250 million Creators Fund to spur the growth of the NFT ecosystem, underscoring its long-term investment in NFTs.

Although NFTs may not get the same attention as they did in early 2022 after prices fell sharply, the crypto industry is making strides in the area, seeing the long-term opportunity. Whether via sensational events or technical advancements, the outlook for NFTs remains compelling enough for development to continue apace, even if prices move in a different direction.

Mediation