Non-fungible tokens (NFTs) proceed to take the world by storm as evidenced by the March 16 announcement that Sotheby’s can be getting into the NFT sport by facilitating the sale of tokenized artwork by the nameless artist generally known as “Pak.”
The most recent cryptocurrency mission to obtain a lift from NFT associated actions is Everipedia (IQ), a blockchain-based encyclopedia that has the imaginative and prescient of making “a world where all knowledge is available to all people.”
The Everipedia ecosystem additionally contains PredIQt, a decentralized information base and DeFi platform that features a prediction market the place customers could make predictions about future market occasions and earn cryptocurrency for profitable predictions.
Knowledge from Cointelegraph Markets and TradingView exhibits that the worth of IQ has rallied 400% in the previous week from a low of $0.00781 on March 8 to a excessive of $0.039 on March 16, its highest worth in over two years.
IQ/USDT 4-hour chart. Supply: TradingView
Everipedia considers itself to be the subsequent technology encyclopedia that has been redesigned for the fashionable age and the mission has already change into the world’s largest English encyclopedia by content material in just some brief years.
NFT art work brings consideration to Everipedia
The lead-up to Tuesday’s worth spike started on March 3, when the Associated Press introduced it was going to public sale an NFT that was created in collaboration with Everipedia by using knowledge that the AP revealed on Ethereum with Everipedia’s OraQle tech.
In the future, each historic occasion might be known as on-chain and archived with NFTs.https://t.co/QkmcXN7hc5
— Everipedia (@Everipedia) March 3, 2021
After an preliminary enhance in buying and selling quantity following the announcement, motion for IQ died down till the completion of the public sale on March 10 which noticed a profitable bid of 100 Ether, which was roughly $180,000 at the time of the bid.
As a part of the tweet saying the profitable bid, the AP acknowledged “Stay tuned for more NFT collabs between AP and Everipedia!” Shortly after this announcement IQ’s buying and selling quantity spiked from $3 million to initiated one other surge in buying and selling quantity which grew from $3 million to $252 million.
It stays to be seen what the Everipedia staff has in retailer to capitalize on its newfound consideration, however developments associated to NFTs and decentralized finance present that the mission understands the worth and buyer app of the two hottest developments in the cryptocurrency sector.
The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your individual analysis when making a call.