Forget Lambos, NFTs are the new crypto status symbol

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Not so long ago, Lamborghinis were the main flex for crypto moon boys as token prices hit astronomical valuations. Several prominent cryptocurrency proponents made a habit of arriving at conferences behind the wheel of exotic supercars and when Lambo was a popular chorus in the industry.

Nowadays, non-fungible tokens (NFTs) are arguably the main topic of conversation in the crypto space, and the ownership of expensive PNGs to display on social media profile photos is the new status symbol for cryptorati. .

Tweeting on Thursday, Chinese crypto-journalist Colin Wu reported that internet bigwigs in the country are among the latest to join the NFT hype. Cai Wensheng, founder of smartphone maker and photo editing app Meitu, reportedly bought CryptoPunk # 8236 for 125 Ether (ETH) for around $ 387,000.

Indeed, CryptoPunks, perhaps the most popular NFT collection on the market, has gained even more popularity outside of the crypto space. As previously reported by Cointelegraph, the card payments giant Visa recently purchased CryptoPunk # 7610 for around $ 150,000.

Related: Facebook Definitely Looks At NFTs, Says Executive

Budweiser also recently purchased $ 120,000 fan art as well as the Beer.eth domain in what appears to be a growing appeal to NFTs. Social media giant Facebook has also said it is definitely considering NFTs as part of the development of its crypto wallet product, Novi.

In mid-August, the popular NFT OpenSea marketplace saw a more than 76,000% increase in trading volume since the start of the year amid the current NFT hype. NFT games up for grabs like Axie Infinity are on the edge in terms of metrics like internet traffic and the price of governance tokens.

Warnings of a possible bubble for NFTs are also starting to circle, with critics saying the current hype is not sustainable. On the other side of the argument, proponents say that NFTs could be to Web 3.0 what social media and e-commerce were to Web 2.0.

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