AlchemyNFT, a non-fungible token (NFT) service that allows users to customize the NFTs they own, has announced that it raised $6 million to improve its platform. Investors include Crypto.com and billionaire Mark Cuban.
Most NFT offerings today don’t have much utility besides the value of ownership attributed by the purchaser to the URL of the NFT. Some tokens come with additional perks and physical rewards. However, once purchased, the utility of the NFT relies on its market price and the attraction of collecting. The industry is still very concentrated on speculative trading, and some argue that projects such as Topp’s WAX and Dapper Lab’s Top Shot promote this behavior.
One of the earliest NFT offerings was CryptoKitties which allowed users to buy and breed custom cats based on eye shape and the color of various parts of their anatomy.
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