The MetaNFT (MNFT) is attracting enormous attention these days. In fact, the MetaNFT was CoinMarketCap’s second most trending cryptocurrency on 24 February 2022.
Earlier in the week, the MetaNFT was CoinMarketCap’s most trending cryptocurrency. However, MetaNFT’s value does not match its popularity. For example, the MetaNFT was CoinMarketCap’s 3,152nd largest cryptocurrency on 24 February 2022.
Additionally, CoinMarketCap gave MetaNFT a Coin Price of 2.755₵ a Market Ca of $3.311 million, a Fully Diluted Market Cap of $3.755 million, and a 24-Hour Market Volume of $1.576 million. They based those numbers on a Self-Reported Circulating Supply of 88.92 million MNFT.
What is MetaNFT?
Hence, MetaNFT (MNFT) lacks great value, so what is it and why are people interested in it?
My guess is people are investigating MetaNFT because of the name Meta. To explain, Mark Zuckerberg stupidly renamed Facebook (FB) Meta Platforms in October 2021. Hence, I suspect some people believe MetaNFT has some connection with Facebook. A fast Google search shows MetaNFT has no connection with Facebook.
Instead, MetaNFT is Russian NFT Marketplace that was called MetalNFT. I imagine Heavy Metal fans built MetalNFT. However, they changed the name to MetaNFT to cash in on Zuckerberg’s dumb move.
Democratization of the Arts
MetaNFT is a marketplace where artists, musicians, writers, filmmakers, and others can sell their works as nonfungible tokens (NFTs). They claim an artist and a computer genius built MetaNFT to market artworks.
However, MetaNFT (MNFT) is an official partner of Binance (BNB) so I think it is a legitimate business. Hence, they built MetaNFT on the Binance Smart Chain blockchain.
The goal of MetaNFT is “Democratization of the Arts.” Strangely, they offer what sounds like Communist rhetoric on the MetaNFT website, which is creepy. For example, the terms “comrades and citizens” and “revolutionary art of youth.”
Conversely, I think anarchism or hatred of government motivates MetaNFT. However, MetaNFT is the first NFT marketplace I’ve seen that promotes an ideology.
What Value Could MetaNFT Accrue?
Interestingly, MetaNFT (MNFT) is a functioning marketplace that could make money.
For example, MetaNFT claims its users paid $629,000 for over 11,000 best works as of 23 February 2022. Additionally, they claim over 2,100 authors are selling works through MetaNFT’s marketplace. Furthermore, on 23 February 2022, they claimed MetaNFT’s referral program paid out $2,054.94.
The items MetaNFT sells include animated videos, crypto collectibles, books, music, albums, movies, photos, artworks, games, game items for characters, multiverses, domains, and sports elements. Users can also purchase digital collectibles, domain names, virtual worlds, trading cards, images, and songs through MetaNFT. I think there is a market for all those products.
Can Multiverses Make Money?
Moreover, I believe MetaNFT (MNFT) could make enormous amounts of money if one of its artworks or creators goes viral. In particular, MetaNFT could generate enormous of cash if one of its creators builds a popular multiverse. Think the Marvel Universe, the DC Universe, or Star Wars.
Notably, Disney (DIS) is in the multiverse business and it reported a quarterly gross profit of $5.995 billion and quarterly revenues of $21.801 billion on31 December 2021. However, the Walt Disney Company (NYSE: DIS) can deliver its multiverse products through several platforms, including streaming video (Disney+ and Hulu), theme parks, and movies. For example, Disney is producing a movie they call Doctor Strange and the Multiverse of Madness.
In contrast, MetaNFT has only one delivery platform. Yet, a giant corporation such as Disney could buy some of MetaNFT’s properties if they become popular. So yes, multiverses are now a lucrative business, and MetaNFT is in the multiverse business.
Is MetaNFT for real?
I consider MetaNFT a genuine NFT marketplace that offers some artwork people could money for. In addition, its operators appear to be honest and offer real advice on subjects such as creating NFTs.
One factor that could destroy MetaNFT is the war in Ukraine. I think sanctions and anti-Russian sentiments could sink MetaNFT’s price.
The current value at MetaNFT is small. CoinGecko gave MetaNFT (NFT) a Coin Price of $0.037613488549 and a a 24-Hour Hour Trading Volume of $279,560 million on 24 February 2022. Hence, MetaNFT makes some money.
If you are seeking an NFT cryptocurrency. I think MetaNFT is worth investigating. I believe MNFT is for real and it could make money at some point.
Originally published at https://marketmadhouse.com on February 24, 2022.
