Explore how Enzyme (MLN) empowers decentralized, tokenized fund creation and management, revolutionizing DeFi investment for all users.

 (DeFi) protocols have been around since 2015, when the 

 (ETH) blockchain was born. For the past decade, DeFi has been a major driving force in the crypto industry. As it often happens, things that worked perfectly in the early years of the DeFi revolution no longer adequately meet the needs of today’s users.

In order to stay competitive and relevant, DeFi protocols need to adapt to the evolving nature of the industry. New features that are quickly becoming must-haves include cross-chain functionality, architectural modularity, 

 (AI) and, importantly, user empowerment. This last point is probably the most important one — DeFi solutions today need to support decentralized protocol management, and allow their end-users to be the real driving force behind the platforms' value-generating activities.

Enzyme Finance, formerly known as Melon Protocol, is a DeFi platform that allows users to create and manage tokenized funds and strategies that other users can invest in. Enzyme aims to empower DeFi users by allowing anyone to become an investment manager or crypto investor — or both. Enzyme fund managers generate value for themselves, other users and the protocol, while fund investors support value-generating activity with their liquidity contributions.

 (MLN) is an Ethereum-based DeFi protocol that allows users to create tokenized investment products on-chain. 

Other platform users can invest in these funds to earn returns. These tokenized products, created as vaults, follow various trading strategies set by the vault creator. Additionally, creators can assign delegated traders to their vaults who can optimize the strategies followed by the vault. As such, Enzyme acts as a decentralized noncustodial solution that serves the needs of skilled crypto fund managers, traders and ordinary investors who would like to see their investments grow.

Enzyme’s protocol empowers the various groups of DeFi users and breaks down the barriers to entry to investment management, active trading and investing. In the world of traditional asset management, creating and launching an investment fund product is an extremely costly and time-consuming procedure. It could take aspiring institutional entities months, if not years, to get their fund vehicles approved, and the financial requirements for a successful asset management product are often staggeringly high, sometimes running into millions of dollars.

In stark contrast to the onerous requirements of traditional funds, launching your tokenized fund product on Enzyme Finance can take from minutes to a few hours at most. There are no significant capital requirements for a vault, either, and fund creators can assign a variety of fees and rules for joining their investment vehicle. Therefore, investors might need to meet certain requirements, depending upon the settings defined by the vault creator.

Enzyme Finance is among the oldest surviving DeFi protocols on the market. The project was initially conceptualized and founded in 2017 under the name Melon Protocol by mathematician Rito Tinkler and former vice president of Goldman Sachs, Mona El Isa, who also acted as the CEO of Melonport, the now-defunct private company behind the Melon Protocol project.

In 2019, Melon was launched on the Ethereum 

. The following year, Melon rebranded to Enzyme. Over the years, the platform underwent multiple version upgrades, culminating in the latest version, Enzyme v5. The latest version of the protocol has implemented (or aspires to implement within 2025) several innovations and improvements, including more cross-chain product options, better architectural modularity, simplified protocol fees, 

 as its infrastructure layer to support vault creation, depositing, trading strategy execution, cross-chain transfers and other key functions required for tokenized fund management and investing.

Vault creators are provided with easy-to-use tools to launch their tokenized asset management funds and execute fund operations — without any programming skills required. These tools help creators automate strategies to do the following:

Creators can also assign the role of Delegated Trader to users who are ready to help optimize the vault's yield using their own strategies.

Another key user group is the depositors, who invest their funds in the vaults to earn returns.

The platform also welcomes builders — developers who can contribute their own third-party solutions to improve the Enzyme ecosystem. Typical contributions by builders include the functionality to bridge Enzyme vault strategies with off-platform (and often, off-chain) financial vehicles. Builders also help develop specialized products for additional functions on Enzyme — such as an app to attract early liquidity, users and investors for projects at a pre-launch stage.

Enzyme.Blue is a specialized solution for institutional entities. It acts as an all-in-one platform for tokenized asset management, trading, analysis and valuation. While anyone can use the core Enzyme protocol, Enzyme.Blue provides all the necessary tools for complex fund management that addresses the needs of the most sophisticated enterprise users.

Using Enzyme.Blue, institutional digital asset managers can access over 30 DeFi protocols for features like 

Enzyme.Onyx is another enterprise-grade, packaged solution offered by Enzyme Finance. To be launched in the summer of 2025, Onyx offers institutional asset managers an advanced wallet tokenization layer. Wallets linked to Enzyme.Onyx can be used to seamlessly collect deposits from multiple participants and allocate the funds to a virtually unlimited variety of protocols and strategies.

Onyx is envisioned as a tokenization and asset management solution with more options in terms of assets and accessible blockchains than Blue. Per the project’s website, Onyx will boast network compatibility with any blockchain, whereas Enzyme.Blue is compatible with Ethereum, Base, Arbitrum (ARB) and Polygon (POL). Unlike Blue, Onyx will boast ultimate cross-chain accessibility. The number of cryptocurrencies supported by Onyx will be “unlimited,” while Blue features support for over 200 crypto assets.

Enzyme.Myso is a secure platform for creating, managing and trading on-chain options strategies. For options traders, Myso provides a rich set of customizable features. It also boasts wide token support, deep liquidity and on-chain, noncustodial settlement.

Enzyme.Myso may be an ideal product for options-based strategies for a wide variety of 

 entities. A typical user of Myso could be a digital asset management firm, a crypto whale or a 

MLN is Enzyme Finance’s native cryptocurrency. An ERC-20 asset on Ethereum, the MLN token has a number of key functions within the protocol. To begin with, users pay fees on Enzyme with MLN to utilize the services offered by the platform, including launching vaults and investing in them. MLN that’s collected from the protocol’s fees is automatically 

 in order to maintain supply scarcity for the asset.

The Enzyme network has also committed to minting 300,600 MLN each year to fund its ecosystem development. The Enzyme Council DAO can then allocate these MLN funds as grants to promising initiatives. Any unused MLN from these yearly allocations is burned at the end of the year.

Additionally, going forward, the token is envisioned to be used for governance as well, so MLN token holders will have the right to vote on the direction of/changes to the protocol.

MLN has a total and circulating supply of 3,001,195, with no specified supply cap.

 in Bybit's Innovation Zone as a Perpetual contract based on USDT. The contract allows you to trade with up to 50x leverage.

As of Apr 29, 2025, the MLN token is trading at $9.51, which is 96.3% lower than its ATH of $258.26 on Jan 4, 2018, and 430.5% higher than its ATL of $1.79 on Mar 13, 2020.

Long-term price forecasts for MLN are mostly bullish. DigitalCoinPrice 

 of $32.15 in 2027 and $48.73 in 2030, respectively, whilePricePrediction 

Enzyme Finance helps fund managers decentralize traditional asset management and apply diverse investment strategies. Its technology is among the leading solutions for institutional entities to launch completely customizable, own investment funds in the area of on-chain asset management. For individual users, the protocol can also be a great source of cost-effective investments, thanks to the variety of vault strategies it offers.

Additionally, the platform's enterprise-focused products enhance user experience by providing a unified asset management environment with a rich tool set to manage the most complex strategies. 

Thanks to Enzyme, cryptocurrency portfolio management has never been easier, both for fund managers and investors.

Intermediate

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Enzyme (MLN): The backbone of tokenization finance

In this article, we’ll explore Zora’s decentralized social network, the ZORA token launch, and how Bybit users can trade ZORA on Bybit.

The social media landscape is currently flawed. Its challenges for creators range from opaque monetization policies to platforms that take a big cut of creators’ earnings. Zora, a decentralized social media protocol, aims to fundamentally change this paradigm, giving creators control over their content and introducing novel monetization techniques through tokenization. 

In this article, we’ll explore Zora’s decentralized social network, its key features and the ZORA token, and learn how Bybit users can participate in the Zora launchpool event.

Zora is a new decentralized social media protocol with a unique approach to content monetization. It allows creators to tokenize every post (text, image or video) by allowing each post to be minted as an 

 (termed a “Content Coin”). Zora is built on the 

 incubated by Coinbase. On Apr 17, 2025, the official Base X account 

 the “Base is for everyone” content coined on Zora. Following that post, user activity on the platform spiked.

Zora was co-founded by Jacob Horne and Dee Goens. Horne, a former product manager at Coinbase, is recognized for his advocacy of open-source 

 infrastructure, and Goens contributes his expertise in community development.

The project has successfully completed several funding rounds. In 2020, Zora secured $2 million in seed funding with participation from firms including Kindred Ventures and Coinbase Ventures. This was followed by a $10 million raise in 2021. The project's growth continued with a Series B round on May 5, 2022, expected to raise $50 million at a valuation of $600 million.

Zora launched its Ethereum-based NFT marketplace, known as “Auction House,” in January 2021. This was designed as a decentralized, permissionless platform to empower creators to mint, list and auction their NFTs. One key innovation introduced by Auction House was the concept of the 

 to improve NFT liquidity. Over time, Zora expanded beyond Auction House and Ethereum, transforming into a comprehensive decentralized social media platform. It uses the same ERC-20z standard to create a tradeable coin from each piece of published content. 

Each of these coins has a total supply of 1 billion units, with 10 million automatically allocated to each coin’s creator. These tokens are instantly tradable on 

 (DEXs) such as Uniswap via the Base network, providing liquidity and enabling creators to monetize their work. Additionally, creators earn a 0.5% fee from each transaction involving their tokens, offering a new avenue for content monetization.

ZORA tokenomics and token unlock schedule

Zora announced the launch of ZORA community coin — along with its airdrop details and tokenomics — on Apr 21, 2025. The coin went live on Base two days later (April 23). 

The total supply of ZORA is 10 billion, with initial allocation as follows:

According to the project’s official docs, the ZORA token was launched “for fun only.” ZORA token holders have neither governance rights, nor a stake in the Zora protocol.

The tokens will be unlocked linearly as follows:

 on Apr 23, 2025. Users can stake ZORA, MNT or USDT to earn a share from a substantial prize pool of 100,000,000 ZORA tokens. 

The event runs through April 30, 2025, 1PM UTC. Staking requirements are as follows:

If you're interested in the ZORA token, don't miss this opportunity! Visit the 

 (FDV) of ZORA stands at $187 million. ZORA gained 11.3% over the past week, with a 24-hour trading volume of $42.6 million.

Bybit has recently listed the ZORA token on Bybit Spot 

To trade ZORA on Bybit Spot, log in or create a Bybit account 

 (UTA) with crypto transfers or fiat deposits. Then, head to the 

 Spot trading page to start trading. In addition, Bybit users can also trade the 

 with up to 25x leverage with Bybit Futures.

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Zora (ZORA): Creator-focused on-chain social network

Bybit Lens is an AI-powered trading intelligence tool that consolidates real-time data, market sentiment and trading signals into one streamlined interface.

In crypto, timing is everything — in addition to knowing where to look. When the markets move fast and narratives shift even faster, digging through charts, Telegram threads and X timelines can feel overwhelming. Besides, every second you spend searching for data could mean a missed opportunity. That’s where Bybit Lens comes in. More than just a research tool, Lens is your real-time, all-in-one AI-powered assistant. Lens puts market insights, project data and tailored strategies at your fingertips so you can go from trend-spotting to trade execution in a single flow.

 is an AI-powered trading intelligence tool that consolidates real-time data, market sentiment and trading signals into one streamlined interface.

Developed as part of the TradeGPT suite, Lens is more than just a dashboard; it’s your personal crypto analyst that never sleeps. Backed by high-quality data sources and built for actionable clarity, Lens helps traders cut through the noise and make better, faster calls.

Behind the scenes, Bybit Lens draws from a robust mix of data streams and intelligent systems. First, it taps into SoSoValue, a leading provider of on-chain metrics, giving you visibility into wallet activity, token flows and project traction across 

s and DeFi platforms. Then, it layers in proprietary insights from Bybit’s own centralized exchange — everything from order book movements to open interest and user sentiment that you simply can’t find elsewhere.

But Lens doesn’t stop at hard data. It also tracks market-moving reports from institutions, as well as real-time buzz on social media from traders, KOLs and crypto Twitter. These multiple data layers are then distilled through AI-powered models that identify trends, extract relevant signals and generate a clear summary of what’s happening and what you might want to do about it.

The experience is intentionally simple. You’ll land on a clean interface that surfaces the day’s hottest assets via 

. From there, click into any project and you’ll be met with a full analysis: basic background, recent trading performance, community and media sentiment plus an AI-generated strategy overview. 

It’s like having a research analyst in your pocket, minus the jargon.

Where most tools stop at data, Lens goes a step further, offering suggested trade ideas based on your behavior, preferences and what’s trending in the market. 

What makes Lens different from every other market tool out there? It's not just the technology — it’s the way everything comes together in one place, designed for actual traders.

With Lens, there’s no more flipping between 10 tabs just to figure out what’s moving. Instead, you get a single interface where market trends, community buzz, trading strategies and execution all converge. The platform doesn’t just surface noise, it condenses it into clarity. Even if you’re new to trading, Lens breaks things down in a way that feels intuitive, not intimidating.

Another key advantage is the tailored nature of its insights. Lens looks at your trading behavior and portfolio preferences, then offers AI-backed strategies that align with your style. It’s like having a tool that not only understands the market, but also understands you.

And because it’s part of the Bybit ecosystem, the jump from insight to execution is frictionless. See something you like? One click, and you're on the Bybit trading page, no copy/pasting or toggling required. This seamless experience is especially powerful during fast-moving markets when seconds matter.

Now that you fully understand how Bybit Lens work, let’s take a look at how you can get started with it. You’ll need to have a Bybit account before you can proceed. If you don’t already have one, you can check out our 

: Log in to your Bybit account and hover your cursor over the 

: From here, you’ll be able to view our 

 along with the project’s background information and recent trading data. You’ll also be able to view the current market sentiment, latest news and social media posts on the project, as well as market trends. 

If you have a specific token or project you’d like to know more about, simply type its name into the search field at the top of the page. 

: Looking to capitalize on the current trends and make a move? Click on 

If you’ve ever wished for a smarter, faster way to make trading decisions, Bybit Lens is it. It doesn’t matter whether you’re navigating market hype, unsure of which coin to trade next or just trying to stay one step ahead, Lens brings you the tools and insights you need without the overload. More than just a research platform, it’s a decision-making engine. With Lens, you’re not just keeping up with the market — you’re outsmarting it.

Bybit Lens isn’t just another analytics dashboard. It’s your strategic co-pilot in crypto, an AI-driven platform that transforms noise into clarity, ideas into actions and hesitation into confident trades. With everything you need to analyze, decide and execute in one place, it’s time to trade smarter with Bybit Lens.

Beginner

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Bybit Lens: Your one-click portal to crypto insights and trading

Ethereum's EIP-9698 proposes raising the gas limit from 36 million to 3.6 billion units over four years, potentially increasing transactions per second (TPS) to 2,000.

Daily top performer — Virtual Protocol (VIRTUAL)

On Monday, the S&P 500 rose 0.06%, and investors now await more key earnings and economic data this week. Gold remains strong long-term but looks overbought short-term. Traders are watching for a pullback to around $3,200 before buying. The Coindesk Indices, which tracks the broader crypto market, rose 0.51%, with Bitcoin up 0.39% and Ether down 0.28%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is VIRTUAL, which surged 35.5% following Virtuals Protocol's full refund to users affected by an exploit attempt.

Virtuals Protocol (VIRTUAL), launched in October 2024, built on Base, lets users create AI agents that interact in 3D spaces. It features IP agents like Luna and functional agents like G.A.M.E., with its native token VIRTUAL powering the platform's economy. 

, including those who sent VIRTUAL directly to the wallet. However, three wallets remain under review for direct transfers. Virtuals Protocol condemned P.L.A.Y Game AI for attempting to exploit the launch, leading to the permanent failure of the P.L.A.Y Game AI launch. A compensation plan is being implemented for affected users, and the protocol reassured the community that it will never ask for funds outside official channels.

Check out the latest prices, charts, and data of 

Ethereum's EIP-9698 proposes raising the gas limit from 36 million to 3.6 billion units over four years, potentially increasing transactions per second (TPS) to 2,000. This gradual, predictable increase would enhance scalability without a hard fork, starting around June 1. Ethereum aims to improve throughput and stay competitive with faster, lower-fee blockchains. If approved, the proposal would automate gas limit growth, optimizing the network’s efficiency and hardware advancements.

Yesterday, BTC spot ETFs saw total net outflows of $379.7 million, with $42.7 million from GBTC and $337.0 million from other ETFs.

Ika, Sui's first sub-second MPC network, is offering an 

. Users can join by either posting about Ika on X (free, via GiveRep) or locking SUI tokens through Spring Sui and completing tasks via the Ink Sack app to earn more rewards. Locking iSUI earns "Ink Droplets," which boost the airdrop size. Ika is backed by $21M+ funding and the Sui Foundation. Full guide: 

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Ethereum's proposal to boost gas limit could increase transactions to 2,000 TPS by 2029

DeFi

Crypto art is naturally generating substantial interest. Is it another blockchain fad, or is this the future of the industry? Crypto art is naturally generating substantial interest. Is it another blockchain fad, or is this the future of the industry?

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French painter Henri Matisse famously said, “Creativity takes courage.” But how far should artists take creativity? Crypto art is the latest frontier to send enormous ripples across the art world, with some digital artworks being auctioned for hundreds of thousands to millions of dollars. 

Prominent examples include one artwork by digital artist 

 that sold at Christie’s for $69.3 million (40,000 ETH), and the source code for the World Wide Web by Sir 

 that auctioned for $5.4 million (2,572 ETH). With NFT sales figures like that, it’s really no surprise that the total 

 of crypto art surpassed $2 billion in 2021, according to data from

The emerging market for crypto art – or otherwise known as NFT art – has naturally generated substantial interest in the medium. But is it another passing blockchain fad, or is crypto art the future of the art industry? We take a look at what exactly crypto art is, how it differs from traditional art, how the technology works — and some notable examples.

Crypto art is digital art that uses blockchain technology to verify ownership. Just as an original Matisse can have its authenticity verified, crypto art uses a non-fungible token (NFT) for verification. The work’s uniqueness is what makes it valuable, because unlike ordinary digital art that can be easily replicated, crypto art is one-of-a-kind. 

The idea that uniqueness is what makes digital art valuable may sound absurd, but think of it this way: anyone can buy a perfect print of the Mona Lisa that is visually indistinguishable from the real one. But only one museum in the world owns the original —and that physical piece of art is considered priceless. 

Crypto art (or NFT art) represents a new artistic landscape that uses the blockchain to confer uniqueness and digital scarcity. Previously, digital artwork and content could easily be replicated an infinite number of times, making it impossible to build the perception of scarcity that traditional art enjoys. 

This concept has created a whole new market almost overnight. Content creators can now specify what version of their work is the “real” one. They also have the freedom to create 100, or 1,000, or however many limited edition copies of their work, without having to worry about forgeries. 

Decentralized auction houses have sprung up to facilitate the trade of crypto art. Jason Rosenstein, the co-founder of 

 that the goal of his auction house is to cater to both established and new artists. Anyone is free to create an NFT on Portion, and they receive 100% of the proceeds. 

Even museums and traditional auction houses are dipping their toes into the crypto art world. For example, the famous auction house Christie’s spearheaded the landmark Beeple sale that raked in more than $69 million. The Uffizi Gallery in Italy has minted and sold a Michelangelo NFT for $170,000. The museum is working to mint and sell more masterworks from its collection. 

In June 2021, iconic London auction house Sotheby’s announced an online auction called

 which featured works by 27 digital artists. The auction’s goal was to cultivate the sale of crypto art, with appeal to both crypto enthusiasts and traditional art collectors. Bidding started at $100, and payments could be made in fiat money or cryptocurrency. 

The enthusiasm for crypto art shows no signs of slowing down. Both old and new artworks and collectibles are continuing to trade on several platforms, with billions of dollars worth of collective trading volume. 

Differences Between Crypto Art and Traditional Art 

Art has evolved by leaps and bounds over the past century. The traditional art world has existed since antiquity and includes painting, sculpture, music, theater, drawing, architecture and cinema. On the other hand, digital art first came onto the scene in the 1960s. It falls under the category of “new media art,” which includes computer art, multimedia art and digital photography. 

The two art worlds share many similarities, but they also have some fundamental differences. Digital art tends to have fewer “mistakes” because the artist can simply undo any errors. Traditional artists don’t have that luxury. Errors are permanent and can’t be undone, which is part of the appeal. 

Reproduction is also a key facet that sets traditional and digital art apart. When it comes to the digital space, it’s incredibly easy to press CTRL+C and make infinite copies. In contrast, traditional artworks are harder — if not impossible — to completely reproduce. This impacts the rarity of a piece, which in turn impacts its market price. 

The value of digital art varies wildly, with prices ranging from hundreds  dollars to millions. There are many factors which affect the value of an artwork, including style, size, color palette and exhibition location. The name of the artist can also influence the general assessment of an artwork, as well as how much collectors are willing to pay for it. 

People ascribe aesthetic and emotional value to material items such as fine art. They’re more than happy to pay top dollar for something they perceive as rare. However, digital media has historically not enjoyed that privilege because of its ease of reproduction. 

Now, all that is changing, thanks to blockchain and crypto technology. It is now much easier to designate an official copy of digital artwork. Crypto artworks are designed to be completely unique, making them the perfect medium for those who create art. Whether they’re artists, influencers or musicians, artists can make money selling digital goods that would otherwise be freely copied, shared or stolen. 

If the artist only makes one copy of their work, then that’s the only one which is authentic. People can download multiple editions off the internet for their own personal use, but those can easily be verified as fakes. It’s like buying a print of the Mona Lisa from a museum souvenir shop. No one would believe it’s the real deal. 

The sale of various crypto artworks in 2021 represented a new high point for ownership rights in the sphere of digital art. The nascent market reflects a new way for tech-savvy and digitally native content creators to eliminate middlemen, and to connect financially with their audiences.

2021 was a high point for the sale of crypto art. Image source: 

The eye-popping sale prices of some crypto artworks have naturally attracted confusion and derision. There’s plenty of cynicism, but the truth is that buying digital collectibles is no different from buying physical ones. No one collects limited-edition sneakers, designer clothing or Pokémon cards for the value of their materials. Rather, they typically buy them for aesthetics, craftsmanship and rarity. 

For buyers, the most obvious benefit of crypto art is that they have ownership rights baked into the product. Only one person — the real buyer — will have access to a unique blockchain entry that proves true, verified ownership. 

For digital asset investors, NFTs are a new speculative asset they can buy and hold with the hope that its value will one day increase so they can sell it for a tidy profit. There’s a big market for trading NFTs, which has significantly contributed to the rising market value of crypto art. 

For artists and content creators, crypto art provides a new way to profit from the sale of their work. By using the blockchain to tokenize their artwork, artists even have the option to receive a percentage of the resale price every time their artwork is sold — in perpetuity. This means that even if the artwork is resold many years later, the original artist will still receive proceeds. They can still get some benefit from their work, especially if it becomes more popular and valuable in the future. 

All that being said, it’s unlikely that crypto art can or will completely replace traditional art. Interest in collecting rare paintings and sculptures is still as great as ever, despite the fact that it’s now simple to make digital reproductions of any classic artwork. The two mediums are different enough that they’re guaranteed to find a way to coexist.

”, which is essentially a unique ID number assigned to a digital file that’s immutably recorded on the blockchain. All transactions involving an NFT are validated by the blockchain, which makes it easy to keep track of ownership and authenticate transfers between buyers and sellers. 

The technology behind crypto art and other crypto collectibles can be used to tokenize pretty much anything — from music, drawings, certificates and tweets to articles like this one. Since blockchain data is distributed across a network of computers, there is no single central location where a digital file can be tampered with or altered. 

ver 1.7 million crypto artworks have been sold through various NFT marketplaces. Image source: 

There are hundreds of marketplaces for the growing cryptoart community, encompassing everything from digital art and trading cards to virtual real estate and games. Investments in NFTs may not rival currency trading, but they’re still significant, which is great news for NFT creators and artists. 

, which is a tamperproof smart contract built on 

 that guarantees the authenticity of a digital file. Many crypto platforms enable artists and content creators — even those with minimal technical ability — to easily mint crypto art using NFTs. All you have to do is open an account, upload your work and add it to the blockchain. 

Deciding which platform works best for you largely comes down to your needs. Consider factors like security, fees and commissions, ease of use, copyright protection and royalties. Below are some examples of popular crypto art marketplaces. 

 is a peer-to-peer (P2P) NFT marketplace that facilitates the creation, sale and collection of crypto art. The platform offers a wide range of products in more than 200 categories, including digital art, digital collectibles, virtual worlds, decentralized domain names, and more. 

Anyone can trade NFTs on the market, regardless of location. The platform takes a 2.5% cut from every purchase. Payments can be made using more than 200 cryptocurrencies, including Ether (ETH), Bitcoin (BTC), USD Coin (USDC), Decentraland (MANA), Sandbox (SAND), and others. 

 is a content creation platform built on Ethereum. Crypto artists can use the platform to create images, interactive content and 3D models. The platform also enables a creator to mint their work into an NFT and add it to the blockchain. 

Any work that’s successfully minted on Art Blocks is instantly represented on the Ethereum network as an NFT token. The token can then be listed on any NFT marketplace, including OpenSea. 

Art Blocks has had a big impact on the NFT market since its launch in November 2020. Its trading volume for August 2021 alone surpassed $586 million, according to data from CryptoSlam! 

 is one of the most popular platforms for the sale of NFT-backed art. This was the marketplace that facilitated the sale of 

 for almost $600,000 in ETH in February of this year. 

Creators who put up their work for auction receive 85% of the final sale price. If their work is resold on Foundation or other NFT marketplaces like OpenSea or Art Blocks, then they’re entitled to a 10% royalty — forever. Creators on the platform have earned more than $142 million since its launch in February 2021. 

A Nyan Cat NFT sold for 300 ETH on February 19, 2021. Image source: 

Nyan Cat is an 8-bit animation of a cat with a Pop-Tart body who leaves a rainbow trail as he flies across a field of stars accompanied by a catchy synthesized tune. The animation was created by Chris Torres in 2011. As with most popular memes, it’s not completely clear why it went viral so quickly. However, there were likely a combination of many factors: the nostalgia of 8-bit animations, the cuteness of cats, the pop-ularity of Pop-Tarts — and the catchy tune (“Nyanyanyanyanyan!”). 

Meme magic rarely makes sense to us, but it’s powerful enough that ten years after its creation a crypto rendition of Nyan Cat was sold by Torres for the crypto equivalent of $590,000 (300 ETH).

The Homer Pepe NFT sold at auction for 205 ETH on March 2, 2021. Image source: 

Homer Pepe is a card that displays a morph between Pepe the Frog and Homer Simpson. Pepe the Frog is a green humanoid cartoon frog from the 2000s that 

 on 4chan, Myspace and Gaia Online. Over the next decade, it grew to become one of the most recognizable memes on the internet. 

Meme culture is popular among crypto enthusiasts, so it was unsurprising that a live auction for crypto art in 2018 included many so-called “Rare Pepes.” Peter Kell bought the Homer Pepe NFT for $38,500, which was the highest amount paid for crypto art at the time. Less than three years later, Kell was able to sell it for the equivalent of $320,000 (205 ETH).

More than one million CryptoKitties had been bred by 2018. Image source: 

CryptoKitties is the earliest example of the demand for crypto art in action. It’s

 was launched as a game in which anyone can breed and adopt unique digital cats in a variety of shapes and colors. Each cat is an NFT that’s validated on the Ethereum blockchain and carries a unique sequence of numbers that function as its DNA. Breeding two cats passes on different attributes from their DNA to the offspring. 

The novelty of the cats made them an instant hit. CryptoKitties became so popular that it caused massive congestion on the Ethereum network in 2017. By 2018, over 1 million cats had been bred. One of those kitties sold for $140,000 at the 2018 Ethereal Summit’s Codex + Rare Ethereal Art Auction. The most expensive one sold to date is CryptoKitty Dragon, which was auctioned for $172,000, or 600 ETH, in 2018. 

Beeple is the professional name of American digital artist Michael Joseph Winkelmann, who’s famous for creating art that makes social and political commentary. He made headlines in March 2021 after his work “

” fetched the crypto equivalent of $69.3 million at Christie’s. The work is a collection of 21,069 x 21,069 pixels that make up a collage of digital images. It was the first crypto artwork to be auctioned off by a major auction house.

red Ape #8585 sold for $2.7 million in October 2021. Image source: 

Bored Ape is a cartoon primate designed by the 

. The platform was launched in April 2021 to capitalize on the NFT craze. The founders offered 10,000 iterations of the ape for sale as NFTs. Each one cost 0.08 ETH. The apes quickly sold out and now trade at significant markups. 

In August 2021, Sotheby’s announced that it was auctioning a collection of 101 apes. By mid-September, the entire lot had sold for a total of $24.4 million. In October 2021, Bored Ape #8585 was sold for $2.7 million on OpenSea, making it the most expensive NFT from the Yacht Club collection.

Like many projects involving blockchain technology, crypto art has received its fair share of criticism. The biggest one is that creating crypto art is incredibly energy inefficient, since validating transactions requires a lot of power. 

NFTs are reportedly responsible for millions of tons in carbon dioxide emissions. The problem is so serious that ArtStation 

 to launch a marketplace for NFTs within hours of announcing it, due to social media backlash. 

The good news is that the problem is well-known, and developers are actively working on changing the validation model to reduce the amount of energy required for record-keeping. 

The Bottom Line on Crypto Art (or NFT art)

Crypto art may seem surreal and almost absurdly futuristic, but it’s here to stay. It’s an innovative medium for crypto artists to maintain scarcity and bring their work straight to their audiences. Art is a constantly evolving industry, and crypto art is without a doubt the next step forward.

Now that you’ve read about NFT art, find out about how you can make your own 

What Is Crypto Art and How Does It Affect the Art World?

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What Is Crypto Art and How Does It Affect the Art World?

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