Non-fungible tokens (NFTs) proceed to take the world by storm as evidenced by the March 16 announcement that Sotheby’s could be getting into the NFT sport by facilitating the sale of tokenized artwork by the nameless artist often known as “Pak.”
The newest cryptocurrency challenge to obtain a lift from NFT associated actions is Everipedia (IQ), a blockchain-based encyclopedia that has the imaginative and prescient of making “a world the place all information is offered to all individuals.”
The Everipedia ecosystem additionally contains PredIQt, a decentralized information base and DeFi platform that features a prediction market the place customers could make predictions about future market occasions and earn cryptocurrency for profitable predictions.
Knowledge from Cointelegraph Markets and TradingView exhibits that the worth of IQ has rallied 400% prior to now week from a low of $0.00781 on March 8 to a excessive of $0.039 on March 16, its highest value in over two years.
IQ/USDT 4-hour chart. Supply: TradingView
Everipedia considers itself to be the subsequent era encyclopedia that has been redesigned for the fashionable age and the challenge has already grow to be the world’s largest English encyclopedia by content material in just some quick years.
NFT art work brings consideration to Everipedia
The lead-up to Tuesday’s value spike started on March 3, when the Related Press introduced it was going to public sale an NFT that was created in collaboration with Everipedia by using knowledge that the AP revealed on Ethereum with Everipedia’s OraQle tech.
The Related Press is auctioning off their first #NFT art work on @opensea to commemorate calling the 2020 Presidential Election on the blockchain.
Sooner or later, each historic occasion can be referred to as on-chain and archived with NFTs.https://t.co/QkmcXN7hc5
— Everipedia (@Everipedia) March 3, 2021
After an preliminary enhance in buying and selling quantity following the announcement, motion for IQ died down till the completion of the public sale on March 10 which noticed a successful bid of 100 Ether, which was roughly $180,000 on the time of the bid.
As a part of the tweet saying the successful bid, the AP said “Keep tuned for extra NFT collabs between AP and Everipedia!” Shortly after this announcement IQ’s buying and selling quantity spiked from $3 million to initiated one other surge in buying and selling quantity which grew from $3 million to $252 million.
It stays to be seen what the Everipedia crew has in retailer to capitalize on its newfound consideration, however developments associated to NFTs and decentralized finance present that the challenge understands the worth and buyer app of the 2 hottest developments within the cryptocurrency sector.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.