These 4 projects split the NFT Grimes, Banksy and Cryptopunk – bitcoin news

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While non-fungible tokenized (NFT) collectibles have been all the rage, a few projects have developed the concept of split NFTs so that investors without deep pockets can buy shares of an expensive collectible. On Thursday, the Otis firm revealed that people can invest in an NFT created by world-renowned Canadian musician and record producer Grimes. The platform allows anyone to purchase a small fraction of the recording artist’s artwork called “Newborn 1 & 3”.

Grimes’ artwork “Newborn 1 & 3” is split

During the last 30 days, the statistics of market history of nonfungible.com show that there were $ 219 million in NFT sales. Over 48,000 active portfolios recorded 214,654 sales, which represents a steady increase in sales since the start of 120,150 sales for the month. The website also shows that an NFT Meebits recently sold for 1000 ETH or $ 2.1 million and a Cryptopunks NFT character sold for 450 ETH or a touch of over a million dollars.

Breaking NFTs Into Pieces: These 4 Projects Split NFT Grimes, Banksy, and Cryptopunk
Unicly offers a dex that allows people to trade split NFTs.

Famous artist NFT Beeple made history when he sold his “Daily: the first 5,000 daysNFT for $ 69 million through luxury auction house Christie’s. Prizes like these, however, strengthen the barrier to entry and only the rich can participate. This problem has prompted developers and NFT projects to develop split NFTs that allow people to buy shares of the collectible.

Breaking NFTs Into Pieces: These 4 Projects Split NFT Grimes, Banksy, and Cryptopunk
On Thursday, Otis ditched Grimes’ NFT art called “Newborn 1 & 3” which can be bought in stock at $ 10 per share.

Bitcoin.com News has reported splitting NFTs in the past as a protocol Uniquely splits NFT collectibles through the use of a native token called utoken. Tokens can be traded on the Automated Market Maker (AMM) platform that the Unicly team built. “[Unicly is a] protocol for combining, splitting and exchanging NFTs, ”notes the project website. “Turn your NFT collection into a tradable asset with guaranteed liquidity,” adds the protocol description.

Breaking NFTs Into Pieces: These 4 Projects Split NFT Grimes, Banksy, and Cryptopunk
Otis also offers other types of split stock on items ranging from Banksy to Michael Jordan’s “Shattered Backboard” sneakers.

Another project that splits non-fungible token collectibles is a platform called Otis. On Thursday, Otis showcased a limited edition of Grimes’ NFT on the platform and revealed that “anyone can invest in Grimes “Newborn 1 & 3”“For only $ 10. The announcement details:

“Newborns 1 and 3 are part of pop musician Grimes’ very first NFT drop and represent a cultural milestone in the NFT landscape,” the project announcement notes. “Otis believes Grimes is an icon whose art is poised to retain continued value as a milestone in his artistic career – and the overall legacy of NFT artists.”

Claire Boucher, known professionally as Grimes, is the wife of Elon Musk and the mother of his child “X Æ A-12”. Otis points out that Grimes’ “Newborn 1 & 3” NFT is valued at $ 6,400 and that the collection is called “Warnymph Collection Vol. 1. “The creators of the project believe that NFT art” will retain continued relevance as a milestone in Grimes’ artistic career and the overall legacy of NFT artists. “

The Otis platform is available through the iOS and Android operating systems and the app allows anyone to buy shares of “cultural assets”. The Otis platform has around a hundred assets available from Banksy originals to Michael Jordan’s Shattered Backboard sneakers.

Projects like Fractional and Daofi hope to strengthen fractional NFT concept

Otis and Unicly aren’t the only protocols to delve into the world of fractional NFTs, as a number of projects are developing this concept. A project called Fractional believes that splitting can help price discovery.

Breaking NFTs Into Pieces: These 4 Projects Split NFT Grimes, Banksy, and Cryptopunk
Fractional is another project to bolster the idea of ​​non-fungible fractional tokens.

“[If] the asset is extremely valuable and they want help figuring out the price, splitting the item and selling 20% ​​on the market can be a valuable tool in helping to understand how the market values ​​NFT ”, detail the creators of Fractional in a blog post on the subject.

Breaking NFTs Into Pieces: These 4 Projects Split NFT Grimes, Banksy, and Cryptopunk
The Daofi project also splits non-fungible tokens.

Another project that also splits non-fungible tokens is a protocol called Daofi which breaks down NFTs into fungible ERC20 tokens. by Daofi blog post in mid-March also allows people to understand how the splitting process works.

Daofi’s post states that the NFT ecosystem needs to address a “lack of liquidity in the NFT secondary markets”, “centralized exchanges taking extremely high downfall fees”, “[the] lack of utility outside of owning the collector’s item, ”and“ content curation, ”Daofi rep Andrew Lee points out in the post.

What do you think of the splitting up of NFTs and the projects that try to take this idea further? Let us know what you think of this topic in the comments section below.

Tags in this story

android, Artwork, Banksy, Beeple, cryptopunks, Daofi, Elon Musk’s wife, Fractional NFT, Fractional, Fractional non-fungible tokens, Grimes, Grimes NFT, IOS, Michael Jordan sneakers, Millions, nft, Auctions NFT, NFT Sales, NFT, Non-fungible Token, Non-fungible Token Art, nonfungible.com, Otis, Otis Market, Unicly

Image credits: Shutterstock, Pixabay, Wiki Commons, Grimes, Otis, Fractional, Daofi, Unicly,

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