Crypto.com invests in a multichain NFT marketplace company

Multichain NFT marketplace HoDooi aims at becoming NFT’s eBay and received the strategic investment from Crypto.com. Recently, Crypto.com has upgraded the mainnet to offer NFT support, while HoDooi.com plans to combine the platform to “expand the options for creators and collectors alike.” Apart from Crypto.com, Mattel Creations intends to enter the NFT market as well, by releasing the Hot Wheels series’ NFT. The auction will last for 7 days from 22 July 2021.

Moreover, a digital land was sold from Ethereum blockchain game Decentraland in around US$913,000, that is 1,295,000 MANA, and the price of this virtual land is equal to the average price of a real estate property in Brooklyn, New York. The land is now owned by a virtual land investment firm Republic Realm, this firm is backed by well-known investors including Binance, Galaxy Digital’s Galaxy Interactive, and AngelList. According to DappRadar, the land has become the most expensive transaction in NFT place within 30 days, the second goes to CryptoPunk #2424, which sold for 325 ETH, around US$780,000.

The use case of NFT is different from other cryptocurrencies, people who own an NFT are at par with the proof of ownership. Apart from applying on artworks, music and games, it is possible to apply on the trading of real world housing. Creating NFT for property contracts allows buyers to buy the estate directly from the sellers, without processing redundant procedures like paperwork and communication via agency. Therefore, the virtual land sale can happen in the real world, and with the characteristics of blockchain, NFT can prevent others from copying, or destroying it. Thus, people can create NFTs for tangible things to prove their ownership ans prevent controversy.

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