NFTs Continue to Expand: Opensea Acquires Dharma & HUH Token Dropping NFT Presale on January 31st
Collins Dictionary named ‘NFT’ their word of the year, as data revealed that the use of the word exploded by an astronomical 11,000%. The NFT market is rapidly expanding – in April 2021, NFT sales recorded on the Ethereum blockchain during that month had an aggregated value of almost $64 million. As of January 2022, that aggregated value amounts to approximately $150 million.
Other companies, not necessarily crypto-related, are moving in on NFTs’ traction. Only yesterday, Opensea, the major NFT marketplace, announced that they had acquired Dharma Labs, a crypto wallet firm, while Mastercard made public their partnership with crypto exchange Coinbase to, as they put it, “ease the NFT buying experience.” Moreover, HUH Token, first ever uti-meme, is dropping an NFT presale on January 31st, thereby entering Stage 3 of their roadmap.
Dharma Labs will be acquired by Opensea to speed product development, expand safety and reliability efforts, invest in the NFT and Web3 ecosystems, and expand their staff, Opensea elaborated. While the deal’s specifics are unknown, Axios reported earlier this month that OpenSea was in talks to buy the programme for between USD 110 million and USD 130 million. Dharma Labs, a nearly 5-year-old decentralized finance protocol based on Ethereum, allows users to borrow, lend, and engage with other DeFi ecosystem features.
There has also been a trend of payment processing networks gaining interest in integrating crypto. The newly formed alliance between Mastercard and Coinbase will allow users to pay with card on Coinbase’s upcoming NFT marketplace. At the moment, those who want to buy NFTs must first open a crypto wallet and buy Ethereum, or another accepted crypto. This process is further complicated by UX issues suffered by some of the wallets. Card payments would make the process become more frictionless, while increasing accessibility.
HUH Token’s plans to introduce NFTs fall in timely with this NFT evolution. HUH Token, which launched on 6th December on PancakeSwap, dubs itself a ‘uti-meme’ due to combining the hype of meme coins with the useability of utility tokens. HUH are gradually moving towards creating its decentralized metaverse, the Met HUH (aka its virtual social platform).
According to its White Paper, HUH want everybody to gain from the data they generate. Thus, social influencers will be able to engage with each other and companies that want to cooperate with them without the need for an intermediary in the MetHUH. In addition, the MetHUH will host an NFT social media marketplace where users may bid, auction, and buy NFTs from their favorite social influencers. With outstanding ease, social influencers will be able to manufacture NFTs from their own content or media, establish their own price, and then auction these NFTs on the MetHUH. Users can buy, collect, and resell these NFTs within the MetHUH.
The exciting opportunities being explored by Opensea, Mastercard and HUH indicate that NFTs are continuing to streamline their way into the mainstream. Who will be next to enter the space?
Learn more about HUH Token here:
HUH Official Swap- https://swap.huh.social/