International recording artiste Bay-C is the first Reggae and Dancehall artiste in history to release his music as an NFT. A limited collection of the Holy Temple single is now available under the BAYC token, a industry standard ERC-1145 token that can be purchased on both the Rarible and OpenSea NFT distribution platforms.
Prices of NFTs, the digital certificates that have taken the art and collectibles world by storm this year, have plunged about 70% from their high point in February. The average price for an NFT on April 5 was about $1,256 — down from more than $4.000 in late February, according to market research site NonFungible.com. Data from The Block, another crypto research firm, shows a similarly large decline for both prices and NFT sales as well.
Thinking about buying some non-fungibles? Maybe you’re even thinking about investing? Maybe you still can’t wrap your brain around the idea of digital art being sold for $69 million, but you’re open-minded, you’ve done your homework and you think the rewards outweigh the risks. And maybe this is money you can afford to lose, so what the hell? Enter Whale Shark!
Owning a digital token tied to an artwork or song doesn’t mean you actually own the art or the song — but those tokens are still going for a small fortune. There’s a new way to spend your money — or potentially earn big bucks — that’s outstripped cryptocurrency in hype and popularity: nonfungible tokens. NFTs are a new kind of collectible. But unlike a Pokemon card, a comic book or a traditional artwork such as a painting, they’re entirely digital, tied to things like a video highlight, a meme or even a tweet.