The NFT market continues to grow. And now it’s the turn of the popular department store chain Macy’s. Which will launch a set of non-fungible tokens (NFT) based on the Thanksgiving Day parade.
The department store behind the Thanksgiving Day Parade in New York will be giving away 9,500 NFT to celebrate its 95th anniversary of the presentation of the event. In addition, it will auction ten “exclusive” NFTs, which have already generated up to $ 41,000 in bids.
Get a one-of-a-kind digital artwork! We’re coining #MacysParade exclusive NFTs. Source: Twitter
NFTs are non-fungible tokens that represent property rights over a digital asset, such as an image file, music, videos, among others. Macy’s will auction 10 of its exclusive NFT designs and 100% of the proceeds will go to the “Make-A-Wish” charitable foundation, a foundation that grants wishes to children with chronic illnesses. Also, the Macy’s store said it will give away the free NFTs on Thursday, November 25.
This charity raising through the use of NFTs. It is related to a concession that shareholder NuOrion Advisors demanded earlier this month. In a public letter to Macy’s CEO Guy Phillips.
“Macy’s should announce that it will partner with various cryptocurrency platforms to enable digital payments. Macy’s could be one of the first major retailers to accept cryptocurrencies, joining companies such as Starbucks and Whole Foods, ”said the letter to the executive member of Macy’s.
The debut of Macy’s NFTs comes after different US brands have entered the market for non-fungible tokens.
NFTs take over the digital market
Today, NFTs are attracting the attention of more and more brands, investors, artists and singers in the world market.
The world famous fast food company, Pizza Hut, introduced its NFT called “1-byte pizza” in March at an initial cost of 0.0001 ETH, to match the price of a bite of real pizza. However, Pizza Hut’s NFT sold for 7 ETH initially. Since then, offers have been made for almost 10 times that price. Currently, Pizza Hut’s NFT is trading at 75 ETH, or $ 325,000 at today’s price.
The popular fast food chain Pizza Hut presented its first two digital slices of pizza in March. The world’s first NFT pizzas. Source: Twitter
Also, in the month of August, the Visa company paid 50 ETH (approximately $ 165,000 at the time) to add NFT CryptoPunk # 7610 to its “collection of historical commercial artifacts.” After the purchase, the lowest price demanded for the non-fungible tokens of the CryptoPunk collection, has been around 100 ETH, or around $ 400,000 dollars, and some of them are around in prices of millions of dollars.
Also the popular potato chip company, Pringles, announced the launch of an NFT called “CryptoCrisp”, which currently has a cost of 4.95 ETH or $ 21,500 dollars.
The non-fungible token market has grown exponentially this year. The daily market volume of this digital asset sector is $ 155 billion. Likewise, the market capitalization of the NFT ecosystem has grown to $ 2.7 trillion, according to CoinGecko.
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