Non-fungible tokens (NFTs) proceed to take the world by storm as evidenced by the March 16 announcement that Sotheby’s would be entering the NFT game by facilitating the sale of tokenized artwork by the nameless artist often called “Pak.”
The newest cryptocurrency venture 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 accessible to all individuals.”
The Everipedia ecosystem additionally consists of 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% previously week from a low of $0.00781 on March 8 to a excessive of $0.039 on March 16, its highest worth in over two years.
Everipedia considers itself to be the following era encyclopedia that has been redesigned for the fashionable age and the venture has already develop into 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 worth 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 printed on Ethereum with Everipedia’s OraQle tech.
Sooner or later, each historic occasion will probably 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 asserting the successful bid, the AP acknowledged “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 workforce has in retailer to capitalize on its newfound consideration, however developments associated to NFTs and decentralized finance present that the venture understands the worth and buyer app of the 2 hottest traits within the cryptocurrency sector.
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