Global NFT Market Expected to Hit $97.6B by 2028, Recording a CAGR of 31.6%

Since non-fungible tokens (NFTs) help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.  

NFTs are viewed as stepping stones towards more economic prospects. This is the other key driver anticipated to render more growth in this market. Per the report:

“For a very long period, the primary focus of NFT experts has been on their essential characteristics. In the modern era, NFTs have a wide range of applications in the field of digital content.”

A compound annual growth rate (CAGR) of 31.6% will be recorded during the forecast period. 

By ensuring that intellectual property is stored in a tamper-proof blockchain, Research and Markets expects NFTs to continue gaining steam. For instance, a fashion designer can have their garment embedded in a blockchain-powered smart contract.

The study also highlighted that the ERC-721 token standard played an instrumental role in the materialization of NFTs. Moreover, the ERC-1155 was pivotal in enhancing non-fungible tokens by lowering storage and transaction costs. 

Research and Markets noted:

“The ERC-721 standard gave rise to NFTs. ERC-721 defines the basic interface, such as ownership details, security, and metadata, that are required for the distribution and exchange of gaming tokens.”

Key market players included Gemini Trust Company, LLC, Dapper Labs, Inc., The Sandbox, Cloudflare, Inc., Ozone Networks, Inc., and Semidot infotech.

The NFT market was segmented based on applications: gaming, art, collectables, metaverse, sport, and utilities. 

On the other hand, the threat of digital replication emerged as the main stumbling block to NFT growth. The report stated:

“While a blockchain’s integrity is unassailable, NFTs can also be utilized to propagate fraud. There are various instances, in which, several artists have reported finding their work for sale as NFTs on online marketplaces without their permission.”

Meanwhile, South Korean companies adopted NFT strategies to attract the younger generation seeking special and new products while revitalizing brand loyalty, Blockchain.News reported. 

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Puma Launches Metaverse Space Titled Black Station for Displaying NFTs

Puma has entered the metaverse by launching an interactive space titled Black Station to showcase limited edition non-fungible tokens (NFTs) based on its sneakers.


The NFTs on display were created by the German athletic brand’s “Futrograde” collection. They will be on display as part of the New York Fashion Week, and buyers can redeem these NFTs as physical sneakers, according to Puma.

“Twenty years ago, Black Station was PUMA’s home for our most innovative designs in fashion,” said Adam Petrick, Puma’s chief brand officer. “Given the boundaries we are pushing from a product design and digital standpoint, we found it fitting to bring Black Station back as a new portal for digital exploration across fashion, sports performance, our heritage classics, and innovation.”

With the move into the metaverse, Puma has joined Adidas originals as the latest sportswear to launch digital collectables.

The NFT collection Futrograde is a part of an ongoing trend of clothing and luxury brands releasing physical items tied to digital assets called “phygitals.”

According to The Block, the luxe brand Prada released NFTs in May that could be redeemed for physical items like shirts.  

Prior to Puma, other brands such as Tommy Hilfiger and Estee lauder were already using the metaverse to allow users to browse digital representations of their products up-close.

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Binance Labs to Establish a Web3 Developer Community

Binance Labs is planning to build a Web3 developer community, but the specific information has not been disclosed yet, Binance announced on Thursday.

The newly established Web3 developer community will be open to existing and future Web3 developers, including Web3 project technical leaders or computer science students exploring careers in Web3.

Binance said selected respondents would be invited by email to participate in discussions in late September.

Binance Labs is the incubation and venture capital arm of the crypto exchange Binance.

Founded in April 2018, Binance Labs promotes top projects promoting Web3 and blockchain technology by identifying, investing in, and empowering promising blockchain entrepreneurs, startups, and community support.

Last month, Binance, the world’s largest digital currency trading platform, appointed co-founder, He Yi to lead Binance Labs, its $7.5 billion venture capital arm.

Binance Labs has seen cumulative protocol growth of 2,100% since its inception. Binance Labs currently manages up to $7.5 billion in assets (AUM), with FTX, CertiK, Polygon, and Dune Analytics among its flagship protocols.

Binance Labs envisions Web3 as the next-generation Internet, where digital information is enabled by blockchain technology, interconnected in a decentralized manner, and publicly owned by users.

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The Metaverse Enjoys Potential to Revamp Existing Brand Marketing, HashCash CEO Says

Thanks to a 7,200% surge in internet search volumes last year, the metaverse will be a revolutionary innovation that will reshape brand marketing, according to HashCash Consultants CEO Raj Chowdhury.

Chowdhury acknowledged:

“A captivating and innovative user experience must gain priority in brands planning to explore and implement metaverse marketing strategies. Revenue generation and process viability are crucial, but in the end, the definition of marketing success needs to be distinct and original.”

As an unexplored frontier with significant capabilities for marketers, Chowdhury believes enterprises should leverage the metaverse by coming up with unique brand-building, effective channels for revenue generation, and the latest marketing trends.

Therefore, marketers should roll up their sleeves by incorporating strategies for immersive world experiences if they are to succeed in revenue generation and brand building in the metaverse.

Chowdhury pointed out:

“The gradual transition towards consumer-led brand marketing contributes heavily to metaverse community growth. Enterprises venturing into the metaverse need to determine their marketing goals and the best platforms for converting their ideas of client-user experience into virtual reality.”

Since the metaverse integrates virtual reality (VR) and augmented reality (AR), it exists in real-time, and its economy is powered by cryptocurrencies and non-fungible tokens (NFTs).

Furthermore, the metaverse seeks to revolutionize various sectors. For instance, Usain Bolt, the 8-time Olympic gold medalist and 11-time world champion teamed up with Step App to take fitness and exercise a notch higher by incorporating Web3 and the metaverse.

Step App, a FitFi platform, revealed plans to build a gamified metaverse for the fitness economy to generate a healthier world through Web3, Blockchain.News reported. 

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Web3 Music Platform Coop Records Raises $10 Million

Coop Records, a Web3 music-focused platform founded by NFT song collector Cooper Turley, has raised $10 million, according to Billboard.

The specific investors have not been disclosed to the public; only several well-known Web3 founders and investors have participated in the investment.

The platform aims to provide funding for music-loving users and creators by building a “community-as-a-community” portfolio with non-fungible tokens (NFTs) to change the situation where contracted creators cannot control their own autonomy.

Coop Records will allow companies to share their code, infrastructure and assets,

Turley said artists can raise money and earn money from their work without selling their songs to record labels in the future—perhaps by tokenizing the ownership of their music-making companies.

He wrote on his official Twitter: “Coop Records invests in platforms, artists and tokens uniquely enabled by web3. Think of it as a hybrid between a venture fund, a record label, and an incubator. We work with founders to create new revenue streams for music.”

The Non-Fungible Token (NFT) approach changes the creation rules for creators. In the future, music can face the audience directly, without intermediaries and labels.

Cooper Turley, 26, started investing in cryptocurrencies about five years ago and has become a crypto millionaire.

He is also an angel investor in music NFT platforms such as Royal, Audius and Catalog.

Crypto music streaming platform Audius has developed a new feature that allows users to send the platform’s governance tokens to their favourite creators.

The platform has 7 million users and 250,000 artists and is currently valued at over $1 billion.

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Venture Capital Firm MetaWeb Ventures to Establish $30M Venture Fund

Venture capital firm MetaWeb Ventures has announced the launch of a $30 million venture fund to help focus on decentralized social media, DeFi, gaming and decentralized autonomous organizations (DAOs).

In this financing round, the company said it has received support from Sequoia Capital, Dragonfly Capital, the NEAR Foundation, and others.

This is the first fund of the crypto startup-focused venture capital firm.

MetaWeb.VC is a global crypto venture capital investment firm focusing on NEAR Protocol, investing in DeFi, NFT, metaverse, gaming, social, and middleware.

MetaWeb Ventures has conducted seven investments. Their most recent investment was a Series A investment on Jun 9, 2022, when decentralized exchange Orderly Network raised $20M.

Venture capital firms continue to infiltrate the crypto space, having injected $17 billion so far this year.

MetaWeb Ventures focuses on investing in the NEAR ecosystem. With its vast network of connections and deep insights into NEAR, MetaWeb Ventures has invested in more than 30 startups in stealth mode.

The company plans to expand its future goals to applications, including working with Ethereum, Aurora and Cosmos to accelerate product development and community building.

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Opinion: Why the Ethereum Merge will be a game-changer for DeFi?

The upcoming Ethereum upgrade known as “The Merge” is creating a lot of excitement in the crypto market, and for a good reason. Wei believes it will be looked back on not just as the most important industry event of 2022, but as a major inflection point in the history of the space.


“The Merge refers to the fusion of Ethereum’s Mainnet, the execution layer currently secured by an energy-intensive proof-of-work system, with the Beacon Chain, a separate consensus layer based on a proof-of-stake mechanism. Once complete, blocks of transactions will be added to the Ethereum blockchain exclusively via proof-of-stake verification, eliminating the role of miners and their heavy carbon footprint. There are many different aspects to the Merge which touch on all different parts of the crypto world, and it’s only the first step in a detailed roadmap for the Ethereum described in shorthand as “The Merge, the Surge, the Verge, the Purge and the Splurge”. The upshot is that these changes will massively expand the Ethereum ecosystem’s scalability.”

Like with any big event driving the crypto narrative, there has been significant price action in ETH on many exchanges as the expected mid-September completion date of the Merge approaches. ETH holders need to understand that this is not just a turn-key upgrade, but the beginning of a long-term process. That being said, one important outcome is that there will be greater interest in Ethereum from the financial sector.

The first big reason is ESG. The shift from an energy-consuming asset to an energy-neutral one is a huge deal for institutional investors, who are more focused than ever before on ESG factors, with environmental impact first and foremost. Concerns over the carbon footprint of proof-of-work based cryptocurrencies (which also notably include Bitcoin) have been one of the most important obstacles to large institutions deploying more capital in the space. The Merge means that, at least in the case of Ethereum, that particular objection will be completely neutralized. Second, the nature of the proof-of-stake mechanism will significantly enhance ETH’s attractiveness to large financial investors by introducing a yield-like characteristic to ETH holdings.

“To understand why, you need to know a little bit about how proof-of-stake works, and how it will be implemented on the Ethereum blockchain going forward. Post-Merge, Ethereum transactions will be verified not by miners performing computations, but by validators locking up (staking) their own money (in ETH form) as collateral to ensure that they perform the verification diligently and honestly. In return, validators that successfully add blocks to the blockchain earn monetary rewards for their work. In the Ethereum context, running a validator node will require staking 32 ETH – over US$50,000 at current prices – although the creation of staking pools also allows smaller ETH holders to participate collectively.”

This new system therefore creates the ability to directly and securely earn yield on ETH holdings. This is a big deal for investors, and it could prove attractive to money managers whose main concern is generating stable returns with good upside.

Finally, ETH staking will also provide a boost to the entire decentralized finance (DeFi) space. The size and credibility of the Ethereum network will make it almost like the crypto world’s equivalent of the market for US Treasuries. ETH staking will become a de facto “risk-free” rate for crypto, serving as an underlying rate which all sorts of DeFi yield-generating projects can be benchmarked against.

The Merge and future Ethereum upgrades, coupled with the development of Layer 2 blockchains that enable massive scaling up while inheriting the base layers security guarantees, will result in a proliferation of infrastructure being built on top of the new proof-of-stake based Ethereum.

Based on the combination of all these factors, Wei is bullish on Ethereum and its ecosystem, and even more so on the DeFi space.

“ Its a great time to be building in this space”, said Wei.

The Merge is about long-term value, not short-term price appreciation 

A classic Wall Street maxim instructs traders to buy the rumor and sell the news. But investors should be wary of seeking short-term profit around the Merge event in September.

It is worth thinking back to another significant crypto market event, the most recent Bitcoin halvening”. Every four years, the reward for mining Bitcoin is cut in half. The third instance occurred in May 2020 and was accompanied by lots of discussion about how the price would be affected. As it happened, the price of Bitcoin didnt change much in the run-up to the halvening. It was several months later that the next Bitcoin bull run got its start, powered by a narrative of Bitcoin as digital gold.

Similar dynamics could be at play with Ethereum. The Merge is not about the chance for a one-time event-driven price spike. Instead, it is about understanding the fact that it is the first in a long line of improvements that are going to upgrade the network and allow players in the ecosystem to unlock huge value by building on top of it. It will take some time for the narrative to catch up with events on the ground, and then for meaningful inflow of capital into this asset to happen. But I am convinced that the future is bright for the ecosystem as a whole.

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Digital Asset Management Market Speculated to Generate $9.32B in Revenue by 2028

The digital asset management (DAM) market is expected to generate revenue worth $9.32 billion by 2028 based on soaring demand, according to a report by SkyQuest Technology Consulting.

With a market value of $3.68 billion set in 2021, this sector is speculated to record a compound annual growth rate (CAGR) of 14.2% during the 2022-2028 forecast period. 

Since the global society is becoming digital-centric, some key trends expected to drive this market include financial institutions’ heightened adoption of blockchain technology for transparency and traceability purposes.

Furthermore, the diversification of crypto investment products is anticipated to propel the DAM market. Per the report:

“Several providers are expanding their cryptocurrency investment offerings beyond simply providing exposure to digital assets via derivatives or tokens. These platforms are also offering managed accounts and other services that make it easier for investors to get started.”

Since DAM enables organizations to manage, store, and track digital assets like documents, videos, and images, the usage of decentralized autonomous organizations (DAOs) is rising. 

SkyQuest pointed out:

“Several players in the global digital asset management market are increasingly incorporating DAOs into their offerings, as this type of arrangement provides users with more control over their assets and helps reduce costs associated with traditional approaches such as custodial solutions.”

Businesses also leverage the digital asset management market to protect their intellectual property and optimize their information strategies and communication. As a result, index funds and hedge funds are eyeing this sector.

Per the report:

“Many hedge fund firms are starting to explore the potential of investing in digital assets, as this sector has shown strong growth in recent years.”

SkyQuest intended to comprehend trends in operations and consumer behaviour in the digital asset management market through the study. 

Meanwhile, the blockchain in the manufacturing market is expected to render revenue worth $766.2 million in 2030, according to a recent report by Verified Market Research. 

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White House Suggests Banning Proof-Of-Work Crypto

The White House Office of Science and Technology released a report on Thursday urging the Environmental Protection Agency (EPA) and the Department of Energy (DOE) to take measurable actions to control high energy consumption by crypto mining proof-of-work mechanism.

The report is among the first responses to US President Joe Biden’s executive order on cryptocurrencies.

The document acknowledges that cryptocurrency technologies use a high amount of electricity that contributes to greenhouse gas emissions, additional pollution, noise and other local impacts.

The first section of the report, which serves as an introduction, hints toward banning proof-of-work cryptocurrency mining operations if regulatory action fails to enable the country to achieve its climate goals.

“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining,” the report said.

The next part of the document explores the impact of crypto mining on national electrical grids. The White House’s Science and Technology team claims that Bitcoin mining, powered by a proof-of-work consensus mechanism, adds stress on the power grid that results in cases of blackouts, fire hazards, and equipment deterioration. According to the report, Bitcoin mining has raised the average electricity cost for local consumers.

“Depending on the energy intensity of the technology used, crypto-assets could hinder broader efforts to achieve net-zero carbon pollution consistent with U.S. climate commitments and goals,” the report elaborated.

The final section of the report suggested ways in which Bitcoin mining can benefit efforts toward achieving U.S. climate goals. The report advocated for the responsible development of digital assets and solutions to drastically reduce crypto energy consumption.

The report recommended the use of the “less energy-intensive consensus mechanism, called Proof of Stake (PoS), which is considered to consume less than 0.001% of global electricity usage.

The White House also encouraged crypto miners to consider using electricity generated from vented and flared methane at oil and gas wells and landfills as another viable alternative. 

Why Is the White House Taking an Interest?

In March, U.S. President Biden signed an executive order, calling on the government to examine the risks and benefits of crypto assets.

The measures focused on six key areas like consumer protection, financial inclusion, financial stability, U.S. competitiveness, illicit activity, and responsible innovation.

The executive order was a kind of a ‘call to action’ that laid out a series of policy statements, such as the need to protect consumers, investors, and businesses in the US, as well as the need to support technological advances that promote responsible development and use of digital assets.

The executive order expected a set of reports coordinated through the interagency process from a broad range of executive branch stakeholders.

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Thai Regulators Make Moves to Tighten Crypto Rules

Thailand’s Regulators have introduced tighter digital asset rules due to trading irregularities and the fall of a top acquisition involving a crypto exchange.

This move has affected Thailand’s mission to become the top digital assets trading centre in Southeast Asia.

Cryptocurrencies in Thailand gained heightened popularity after the country became the first in the region to implement digital-asset legislation in 2018. Following this, the country’s Securities and Exchange Commission licensed six platforms as exchanges, including Bitkub Capital Group Holdings Co. and Zipmex Thailand. 

However, the trust in the local crypto market has been under scrutiny following a recent case of insider trading by a Bitkub executive, who was later fined 8.5 million baht ($233,459) by the SEC, and a police complaint earlier this week against Zipmex and its chief executive officer also added to the doubt towards cryptos.

Thailand’s local cryptocurrency instability has been compounded by the global crypto rout.

According to Bloomberg, “the stricter oversight, experts said, has compounded the blows from beyond Thailand: the plunge in Bitcoin, Ether and other tokens, as well as meltdowns of crypto lender Celsius Network Ltd., broker Voyager Digital Ltd. and hedge fund Three Arrows Capital.”

The SEC is planning to enhance the supervision of digital assets to enhance investor protection through a working group.

“Most investors and market players are extremely deflated with negative headlines almost every day,” said Nares Laopannarai, secretary-general of the Thai Digital Asset Association. “Rising regulatory risks will make it harder to restore the excitement in the market, which has already been hit by weakening global sentiment.”

The country’s SEC has also announced on Sept 1, the tightening of cryptocurrency firms’ advertising rules, Blockchain.News reported.

In an emailed statement, the SEC told various crypto-related companies operating in the country that ads for digital assets must include clear and visible warnings about the risks of investing in cryptocurrencies.

The SEC tightened rules after discovering that some ads contain no warnings about crypto risks while other promotions feature only positive information.

According to a report from Bloomberg, active trading accounts in the country have fallen to 246,000 in August – which is a third of the tally in January.

Last month, SCB X Pcl cancelled its 18 billion baht plan to purchase a majority of Bitkub Online. The financial group, whose major shareholder is Thailand’s royal family, said that the exchange operator’s ongoing issues with regulators were the reason behind the cancellation.

“The collapse of digital-asset prices has wiped out a vast amount of wealth among Thai investors,” said Karin Boonlertvanich, executive vice president at Kasikornbank Pcl. “The realization of bubble-price risk will scare those people for quite some time to come.”

According to data from the SEC, the country has witnessed a slump in the trade of cryptocurrencies on licensed exchanges to 64 million baht in August – a number that has gone down since December 2020.

However, some companies have continued to believe in cryptocurrencies. Companies such as Thailand’s biggest private power producer, Gulf Energy Development Pcl, continue to bet on the growth of the crypto market as their plans for expanding into digital-asset businesses to diversify earnings have doubled down. The company, controlled by Thailand’s second-richest person, Sarath Ratanavadi, is seeking licenses from the SEC to operate a digital asset exchange and brokerage in partnership with Binance Holdings Ltd.

“We are confident about the potential for cryptocurrencies and digital assets as the world moves further and further into blockchain technology and related ecosystems,” Yupapin Wangviwat, Gulf Energy’s chief financial officer, said in an interview last month. “Tokens with underlying assets will complement the transformations of most companies.”

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Bitcoin (BTC) $ 27,806.45 1.37%
Ethereum (ETH) $ 1,649.72 0.50%
Litecoin (LTC) $ 64.48 1.81%
Bitcoin Cash (BCH) $ 232.46 0.90%