NFT Launching Platforms Could Soar After SpaceX Inspiration4 Launch

NFT Launching Platforms Could Soar After SpaceX Inspiration4 Launch

Source: space.com

The crew of the Inspiration4 space mission aboard SpaceX’s Falcon 9 rocket brought dozens of non-fungible tokens (NFT) into Low Earth orbit. Thus, an attempt is made to return interest in the cryptocurrency product, which began to lose popularity.

First-ever all-civilians are led by Jared Isaacman, CEO of Shift4 Payments. The 38-year-old billionaire paid for the three-day mission, and the amateur astronauts took 51 NFTs with them, among other things. One of these tokens confirms the ownership of the song Time in Disguise by the Kings of Leon, the other 50 are associated with the works of 50 different artists. The goal of placing the NFT into Earth orbit is to raise $200 million at a charity auction for St. Jude’s Children’s Research Hospital later.

NFTs were very popular in the first half of this year, with sales hitting a record $2.5 billion, 26 times more than NFT sales for the entire previous year. As NonFungble service reported, by the end of the first half of 2021, from 10,000 to 20,000 new NFTs were sold weekly on the Ethereum blockchain alone.

The trendy cryptocurrency product has pushed the competitive platforms that run NFTs to growth as well. Cardano (ADA) and Solana (SOL) soared, and Binance’s native token, BNB, continued to rise. The market has grown due to two popular trends – the launch of NFTs and Decentralized Finance (DeFi) projects. However, by the beginning of autumn, experts began to notice a falling interest in NFTs, they will soon be out of fashion, they say.

OpenSea, the largest NFT trading platform, reports that daily trading volume fell 99%, from $349 million at the end of August to $1.7 million on September 12. Analysts say the NFT market has been overheated and is now returning to its normal state. The Inspiration4 mission can change the situation, at least for a short time. Considering that SpaceX is owned by Elon Musk, it’s easy to guess at whose initiative the 51 NFTs launched into space.

After numerous accusations of manipulating the cryptocurrency market, Elon Musk stopped speaking openly about cryptocurrencies. Previously, each of his tweets mentioning Dogecoin (DOGE) caused the growth of the meme-coin by tens of percent. Musk’s claim about bitcoin’s low energy efficiency and the use of dirty energy to mine it caused BTC to plummet. Musk also experimented with NFT, trying to sell his tweet as NFT, and a song about NFT.

The launch of non-fungible tokens with SpaceX’s ship to push their prices could be inspired by Musk to keep the NFT hype alive. In the near future, we can also expect the growth of tokens of those blockchains and platforms on which NFTs are launched and traded.