Thousands of Non-Fungible token (NFT) artworks featuring Queen Elizabeth II started to flood the leading NFT marketplace, OpenSea, as soon as the news of Her Majesty’s demise was announced in the UK. The list of featured NFTs ranges from pictures of the Queen to art pieces associated with popular NFT collections.
The Queen Official has over 8000 NFTs from which buyers can choose different variations of images of the Queen. Not only NFT but also queen-related meme tokens have started to flood the market, such as “Queen Elizabeth Inu,” “Save the Queen,” “QueenDoge,” “Queen,” and “London Bridge.”
Amid the overflow of NFTs and meme tokens, the QueenE DAO collection has seen a remarkable spike in demand and price of its NFTs. Also, to celebrate Her Majesty’s life’s historical moments, the Queen Elizabeth II NFT tribute Project hosted the final auction.
Queen Elizabeth’s Death Sparks Outrage Over Meme Coins
Even though this historical event of the UK’s longest-running monarch’s passing away has ignited condolences and sympathy from around the world, the use of it as a money-making opportunity has also outraged the crypto community.
Within six hours, around 40 meme coins were created, including meme coins bearing the name of the new ruler, King Charles III. This quick transformation of the Queen into an NFT has started Twitter wars. Some people are deeply saddened and hurt upon learning of the new NFT collection.
How fast have NFTs taken over the market?
One cannot make an investment decision under impulse. Instead, investment decisions ought to be well-strategized. When the NFTs took a blow a few years back, most people were left in a dilemma about whether they will stay relevant over the following years or not. But NFTs still ended up becoming a multi-million dollar industry.
New concepts, innovative approaches (like collectibles, art tokens, metaverse), and user-focused content helped the NFT market to grow and spread globally.
The spike further spurred within a few minutes after the Queen’s death. In fact, an ETH-based NFT program named QueenE is hosting its final auction for the Queen’s artworks as memoirs.
Will the NFTs last long enough in the market?
Sales of NFTs have slumped since their peak. The spike in sales follows a fall in the number of unique NFT buyers last month to less than 500,000 for the first time in a year.
Some investors are selling off their digital assets, citing their fears about losing funds. But there are also plenty of people in NFT-based communities who are sure to bring up the hype.
Investors are still willingly risking vast amounts of money in this sector and choosing NFTs over traditional assets as an investment resource. Such a choice proves that NFTs are here to stay for a long time with us. They will thrive as more and more companies join the NFT fandom.