{"id":330627,"date":"2021-08-26T15:26:20","date_gmt":"2021-08-26T12:26:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/forget-lambos-nfts-are-the-new-crypto-status-symbol\/"},"modified":"2021-08-26T15:26:20","modified_gmt":"2021-08-26T12:26:20","slug":"forget-lambos-nfts-are-the-new-crypto-status-symbol","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/forget-lambos-nfts-are-the-new-crypto-status-symbol\/","title":{"rendered":"# Forget Lambos, NFTs are the new crypto status symbol"},"content":{"rendered":"

“# Forget Lambos, NFTs are the new crypto status symbol <\/strong>”
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Not so many years ago, Lamborghinis were the main \u201cflex\u201d for crypto \u201cmoon-boys\u201d as token prices reached astronomic valuations. Several high-profile cryptocurrency proponents made it a habit of arriving at conferences behind the wheels of exotic supercars and \u201cwhen Lambo\u201d was a popular refrain in the industry.<\/p>\n

These days, NFTs are arguably the main topic<\/a> of conversation in the crypto space and ownership of expensive PNGs to be displayed on social media<\/a> profile pictures is the new status symbol for the \u201ccryptorati.\u201d<\/p>\n

Tweeting on Thursday, Chinese crypto journalist Colin Wu reported<\/a> that internet bigwigs in the country are among some of the latest to join the NFT hype. Cai Wensheng, founder of smartphone maker and photo touch-up app<\/a> Meitu, has reportedly purchased CryptoPunk #8236 for 125 ETH (about $387,000).<\/p>\n

Indeed, CryptoPunks, perhaps the most popular NFT collection in the market, has been gaining even greater renown even outside the crypto space. As previously reported by Cointelegraph, card payments giant Visa recently purchased CryptoPunk #7610 for about $150,000.<\/p>\n

Related: <\/em><\/strong>Facebook \u2018definitely looking\u2019 at NFTs, says exec<\/em><\/strong><\/p>\n

Budweiser also recently purchased a $120,000 fan art as well as the Beer.eth domain in what appears to be a growing appeal for NFTs. Social media giant Facebook has also said that is \u201cdefinitely looking\u201d at NFTs as part of the development of its crypto wallet product Novi.<\/p>\n

As of mid-August, popular NFT marketplace OpenSea had recorded an over 76,000% year-to-date increase in trading volume amid the current NFT hype. Play-to-earn NFT game<\/a>s like Axie Infinity are on a tear in terms of metrics like internet traffic and governance token price.<\/p>\n

Warnings of a possible bubble for NFTs are also beginning to make the rounds with critics saying the current hype is unsustainable. On the other side of the argument, proponents say NFTs could be to Web 3.0 what social media and e-commerce have been for Web 2.0.<\/p>\n