Forget Lambos, NFTs are the new crypto status symbol

Not so long ago, Lamborghinis were the main “flex” for crypto “moon boys” as token prices soared to astronomical valuations. Several pro...



Not so long ago, Lamborghinis were the main “flex” for crypto “moon boys” as token prices soared to astronomical valuations. Several prominent cryptocurrency proponents made a habit of arriving at conferences behind the wheel of exotic supercars and “when Lambo” was a popular refrain in the industry.

Nowadays, non-fungible tokens (NFTs) are arguably the main subject conversation in the crypto space, and the ownership of expensive PNGs to display on social media profile pictures is the new status symbol for “cryptorati”.

Tweeting Thursday, Chinese crypto journalist Colin Wu reported that the internet bigwigs in the country are among the latest to join the NFT hype. Cai Wensheng, founder of smartphone maker and photo editing app Meitu, reportedly bought CryptoPunk # 8236 for 125 Ether (ETH) – approximately $ 387,000.

Indeed, CryptoPunks, perhaps the most popular NFT collection on the market, has gained even more popularity outside of the crypto space. As previously reported by Cointelegraph, the card payments giant Visa recently bought CryptoPunk # 7610 for around $ 150,000.

Related: Facebook “really watches” NFTs, executive says

Budweiser also recently bought $ 120,000 fan art as well as the Beer.eth domain in what appears to be a growing attraction for NFTs. Social media giant Facebook has also said it is “definitely reviewing” NFTs as part of the development of its crypto wallet product, Novi.

As of mid-August, the popular NFT OpenSea marketplace recorded over 76,000% increase in transaction volume since the start of the year amid the current NFT hype. NFT games to win like Axie Infinity are on a tear in terms of metrics such as internet traffic and governance token price.

Warnings of a possible bubble for NFTs are also starting to circle, with critics saying the current hype is not sustainable. On the other side of the argument, proponents say that NFTs could be to Web 3.0 what social media and e-commerce were to Web 2.0.