Australia’s leading crypto exchange CoinSpot announced a partnership with Sydney’s first NFT exhibition, Satellite.
NFTs are the trend of the hour and crypto exchanges know it
Even though the profile picture bonanza may be temporarily cooling off, NFTs are still the hottest thing in crypto right now, recently breaking out of a 4 month downtrend.
A testament to that is the partnership between CoinSpot, Australia’s leading cryptocurrency exchange, and Sydney’s first major international NFT exhibition called “Satellite.” In an announcement made by the exchange, CoinSpot will provide support to the exhibition running from 9 March through to 3 April 2022 at Twenty Twenty Six Gallery in Bondi Beach, New South Wales. Some of the world’s leading NFT artists like Beeple, Trevor Jones, BossLogic, and Serwah Attfua will be present with over 40 unique pieces, all to be auctioned off and proceeds to go towards the not-for-profit ‘Citizens of the Great Barrier Reef.’
CoinSpot announced that it had commissioned a bespoke NFT that will also be for sale. Tim Wilks, the exchange’s Market Executive, said that CoinSpot was excited to announce the partnership with Satellite, more so because it was the first of its kind in Australia. He stressed the fantastic opportunity the exhibition provided to educate the wider public about NFTs and how proud CoinSpot is to support “an event which aims to provide education and information about NFTs and their potential to transform the art world, as well as most modern industries.”
The partnership follows CoinSpot’s ambitious push into mainstream perception, as it had previously partnered up with the Western Bulldogs AFL team. However, it seems to be working as CoinSpot managed to double its user base in 2021.
What’s next for NFTs?
It may seem incredible, but NFTs were really not on anyone’s radar as little as one year ago. Incredibly, the highest-valued NFT collection Crypto Punks was minted for free a couple of years ago. Now, NFTs are not only being exhibited, but major gaming companies are getting in on NFTs, and artists are trying to figure out how to use NFTs to better their careers.
So, are NFTs a fad that everyone is trying to exploit before it’s too late or can they really upend creators and digital economies as the proponents want us to believe?
The answer is probably somewhere in between. Whether NFTs are a good investment is up to the individual investor and their risk preferences. But where there’s smoke, there’s fire and demonstrating an item’s uniqueness in a digital and decentralised way is an innovation that will find its use cases beyond profile pictures and video game skins. Art is a prime example where NFTs could improve ossified business practices for the better. As always is the case with new technology, scams and get-rich-quick schemes are rife at the initial stages, so if you are investing in NFTs be sure to do your research and invest according to your risk profile. After all, NFTs are still highly risky, no matter what projects may be telling you.