Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Positive sentiment around potential US trade deals has fueled a sixth straight day of gains in risk-on assets. Bitcoin, boosted by this sentiment and its own drivers, such as strong ETF inflows and regulatory progress, has outperformed gold and equities, rising 14% over the past month and consolidating at $94K. Bitcoin’s implied volatility has decreased significantly, while realized volatility has stabilized above 30%, a level that’s been its floor for the past 18 months.

Please check out the report’s highlights.

Perp at months’ high; traders not yet all-in

After rallying from $75,000 to over $95,000 in early April, Bitcoin has traded sideways at around $94,000 this week. Open interest remains stable for April, near all-time highs at $8B, while trade volumes have decreased to $10B per day. Lower trade volumes correlate with lower realized volatility, and perp positioning suggests that traders are waiting for another rally before committing to major positions, mindful of recent sell-offs.

Bitcoin volatility declines to 18-month low

Bitcoin’s volatility has declined, nearing a previously held floor of 35–40%, a level from which it has consistently rebounded over the past 18 months. Implied volatility has followed a 10-point drop in realized volatility to just above 30%, the floor of its 18-month range. Options activity shows a preference for puts, as BTC’s spot price is remaining stable. Volatility smile skews favor out-of-the-money calls, particularly for long-term options, while short-term options are nearly neutral.

BTC volatility smiles skew toward OTM calls

Bitcoin's volatility smiles now favor out-of-the-money (OTM) calls across all tenors, recovering from a put-call skew that strongly favored puts earlier in April. Ether is showing a similar recovery at short tenors, but longer-term skew remains slightly bearish. While ETH funding rates are positive, longer-term option smiles are skewing toward puts, thus presenting mixed sentiment. For BTC, derivatives markets are indicating clearer bullish signals, including positive funding rate spikes, positively sloped futures yields and a skew toward OTM calls.

Advanced

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes crypto derivatives analytics report (Apr 30, 2025): Bitcoin volatility at 18-month low; data shows traders aren’t yet all-in

Grayscale has launched the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. 

Daily top performer — Curve Finance (CRV)

The S&P 500 rose 0.15% as investors shrugged off recession fears and reacted positively to strong tech earnings, with focus now shifting to upcoming Apple and Amazon results. Gold dropped to $3,245 on US-China trade optimism and a stronger dollar, with Fed rate cut hopes cushioning losses. The Coindesk Indices, which tracks the broader crypto market, fell 0.51%, with Bitcoin and Ether down 1.24% and 0.86%, respectively 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 CRV, which surged 11.4% after Spark's integration of new Curve pools, enhancing stablecoin liquidity and improving DeFi infrastructure.

Curve Finance (CRV), launched in 2020, is a DEX on Ethereum for low-fee swaps between stablecoins and similar assets, with yield-earning pools and DAO governance via the CRV token. Spark has 

 sUSDS/USDT and USDC/USDT Curve pools to its Spark Liquidity Layer (SLL), boosting stablecoin liquidity, enabling easier swaps, and supporting future direct USDT deposits and withdrawals via Spark Savings.

Check out the latest prices, charts, and data of 

 the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. The ETF includes firms like Tesla, Blockstream, and MARA. It reflects the growing trend of companies acquiring Bitcoin as a hedge against inflation. Grayscale's fund aims to provide exposure to companies in sectors like mining, automotive, and energy. Institutional BTC adoption, including Michael Saylor's Strategy, is driving Bitcoin's scarcity, which may lead to a supply crunch and rising Bitcoin prices in the future.

Yesterday, BTC spot ETFs saw $323.3M in outflows, with $32M from GBTC and $291.3M from other ETFs.

 its largest Galxe points event, running from May 4–8, 2025, where users can complete tasks to earn points. They also introduced the AlphaWave competition, a 7-day AI trading contest featuring 25 crypto agents. Users can vote for the agent they think will win to earn rewards and complete Galxe quests. New tasks will be added throughout the week.

Beginner

3.png

Grayscale launches Bitcoin Adopters ETF, tracking companies with BTC treasury strategies

Discover how USDY, a yield-bearing stablecoin from Ondo Finance, offers secure, regulated returns backed by US Treasuries across multiple blockchains.

, which are crypto assets pegged to a major fiat asset, have gained tremendous popularity and are helping investors deal with the typical volatility of the market. For many years, stablecoin cryptocurrencies have been used for payments, principal value storage, B2B transactions and more. However, traditional stablecoins have always lacked the ability to generate yield. These assets are fixed at a certain rate (e.g., $1) and, due to inflation, they don’t protect against your funds’ value erosion. 

 have started to gain traction over the past several years. These "new generation" stablecoins, unlike their traditional counterparts, not only provide rate stability but also generate yields, growing your investment over time. One of the leading assets among yield-bearing stablecoins is US Dollar Yield (USDY), issued by Ondo USDY LLC, part of 

Backed by low-risk traditional finance (TradFi) reserves, USDY generates yields and is a fully composable asset that can be used throughout the DeFi ecosystems of multiple blockchains. The reserves and issuance of the stablecoin are also subject to high regulatory controls. In the world of yield-bearing stablecoins, USDY is among the top choices in terms of popularity, regulation and security.

What is the Ondo US Dollar Yield (USDY) Token?

 (USDY) is a yield-bearing stablecoin offered by Ondo USDY LLC, part of the Ondo Finance DeFi solutions provider. 

USDY’s value tracks that of the US dollar, and it’s backed by Treasury bills and demand deposit reserves. The coin issuer’s parent company, Ondo Finance, specializes in institutional-grade crypto solutions. Ondo aims to make on-chain institutional-grade finance tools and infrastructure accessible to anyone.

USDY was launched in August 2023. As of April 2025, the stablecoin has become available on 

 — a level of multichain coverage that few other stablecoins can match.

While USDY’s price tracks the US dollar’s, its rate is typically somewhat higher than $1 because yields earned by each unit of the stablecoin are added to it, increasing its nominal value.

 (RWAs), primarily Treasury bills, although some portion of the reserves may also be represented by bank demand deposits. Both of these financial asset types are considered cash equivalents.

To ensure the Ondo ecosystem's security, Ondo backs each $100 equivalent of USDY with reserves worth $104, maintaining a 4% overcollateralization rate at all times.

Ondo Finance takes the transparency of USDY seriously. The company has established a bankruptcy-remote mechanism, with a separate corporate entity controlling the issuance and oversight of the stablecoin in various ways, including a board of directors with an independent director, and segregation of assets and reporting from Ondo.

USDY is a fully composable asset that can be used in the DeFi ecosystems of its host blockchains for various purposes, such as collateral, 

USDY provides several significant benefits for its holders. First, it allows eligible individual and institutional investors to earn dollar-denominated yield. This is in contrast to traditional stablecoins, which provide no yield opportunities at all. While other yield-bearing stablecoins also generate returns for holders, some of these pay the yields in volatile cryptocurrencies, rather than high-quality assets.

Thanks to its dollar peg, USDY offers both yield and relative stability. Additionally, it’s fully composable, creating opportunities for use across various DeFi protocols. USDY is available on seven blockchains, providing access to more DeFi opportunities than most yield-bearing stablecoins.

The coin may also be used for passive holding, growing in value over time as yields accrue. In this capacity, USDY represents a good low-risk, on-chain investment opportunity.

Finally, USDY’s overcollateralization and backing by high-quality TradFi assets, Treasury bills and demand deposits make it one of the most secure yield-bearing stablecoins on the market.

How does Ondo US Dollar Yield (USDY) work?

Individuals and institutional entities need to undergo an onboarding process to acquire USDY, during which they submit relevant identity, legal and tax documents. Ondo diligently applies 

 (AML) checks in order to adhere to US securities laws, the Investment Company Act of 1940 and other relevant regulations.

US and UK residents cannot apply to buy USDY, although you may be eligible if you’re a US or UK citizen and reside abroad.

If your application is approved, you can be issued USDY 40 to 50 days after your initial deposit date, although you’ll start earning yield from the first day of your investment. The minimum amount for investment or redemption is $500. You can buy USDY from Ondo using the 

 stablecoin. US dollar wire transfers are also supported for amounts over $100,000.

Redemptions are only transferred in US dollars to bank accounts outside the US. You can redeem your USDY investment at any time, and the typical timeline to receive your funds is about 2–3 business days from the date of your request.

USDY accrues yield daily. The stablecoin’s yields are structured not to incur any US federal tax obligations. Ondo doesn’t charge any performance or management fees for USDY yields. However, the company earns income from a portion of yields generated by the underlying assets backing USDY.

As noted earlier, USDY’s yields accrue to each unit of the token. Therefore, the value of one USDY is usually above $1. For instance, the average value of USDY as of the time of this writing (Apr 30, 2025) is $1.11.

For investors who prefer a fixed $1 rate for the stablecoin, Ondo offers the rebasing version, called rUSDY. Yields for rUSDY are paid to your wallet in the form of additional tokens by increasing the supply of the crypto, while the principal remains at (or very close to) $1. This is known as rebasing. USDY and rUSDY are freely convertible between each other.

The rebased version of the coin might be useful to those who need to ensure rate stability (for example, for B2B payments of agreed-upon contractual amounts) while also earning yields from their investments.

 as a swap pair with the USDT stablecoin.

USDY boasts numerous benefits for investors — low-risk yields from high-quality traditional assets, wide multichain coverage, regulatory compliance, transparency, composability and rate stability. The combination of all these benefits is quite rare in the crypto market, and the investor community is definitely taking note: USDY is already the third-highest-ranked yield-bearing stablecoin by market cap as of late April 2025. 

Since the yield-bearing stablecoin niche is expanding, the advantages of the USDY are likely to attract further interest, both among the institutional crowd and with individuals keen to access high-quality, institutional-grade crypto products.

Intermediate

Ondo US Dollar Yield, USDY.png

What is Ondo US Dollar Yield (USDY) and how does it work?

Discover the 7 top Sui meme coins in 2025, from MIU to HIPPO, as they gain traction with fast growth, strong communities, and unique use cases.

 blockchains, have continued to rally as investors make bold moves with renewed risk appetites. As a 

 blockchain, Sui has continued to attract crypto enthusiasts — especially meme coin lovers, who appreciate the platform's speed and affordability.

Recent surges in trading volumes and market caps of SUI meme coins — such as MIU, LOFI and BLUB — highlight growing investor interest. For instance, BLUB experienced an 88% increase in just 24 hours from Apr 22–23, 2025, contributing to the broader rally of SUI as its price surged over 63% in April 2025.

These coins often incorporate unique themes and philanthropic efforts, such as HIPPO's wildlife conservation donations, that foster strong community support.

Let's look at the top Sui meme coins making waves in the crypto market.

​Sui-based meme coins are rapidly gaining traction due to a combination of technological advantages and vibrant community engagement. The 

 parallel transaction execution and unique gas pricing mechanism enable ultrafast transaction speeds and minimal fees. This makes Sui an ideal platform for the high-volume, speculative trading that meme coins often entail. Sui’s scalability and secure Move programming language attract developers seeking efficient and safe environments for launching their new tokens.​

 (DeFi) further supports meme coin growth, providing avenues for increased utility beyond mere speculation. Following are the top ​Sui meme coins based on market cap, as of Apr 30, 2025.

 is currently the leading ​Sui-based “cat meme coin,” with a market cap of $70.6 million. It draws in investors with its fun, energetic branding and community-driven spirit. MIU also features expanded utility beyond its cute cat hype, allowing users to access DeFi and 

 (NFT) opportunities on its platform. It also promotes long-term commitment via its 

 process, as stakers can earn up to 15% APR with 12 months of staking.

The project frequently launches community events and contests, strengthening its dedicated holder base. MIU’s success highlights the growing appetite for meme tokens on scalable blockchains like Sui. Its playful appeal and strong tokenomics have positioned it at the top of the ​Sui meme sector. MIU is a 

 coin: its total supply is 9 trillion tokens, of which 55% are dedicated to a 

, 15% allocated to staking rewards, 15% to ecosystem development, 10% to community and 5% reserved for the team.

MIU continues to ride the wave of growing meme adoption, aiming to become a lasting force within the Sui ecosystem and beyond.

With a market cap of $35.86 million and over 50 million app users, 

 (MEMEFI) is an ambitious Telegram project that blends the world of memes with SocialFi utilities. Unlike typical meme coins that rely solely on hype, MemeFi aims to engage Telegram users with an interactive web3 meme-themed clicker game that offers daily giveaways and incentivizes ad creations for enterprises.

Its native token, MEMEFI, is more than just a mere meme coin, and has use cases for 

You can trade MEMEFI on Bybit’s Spot trading platform (

 is a rising ​Sui meme coin known for its chill "lofi vibes" branding that resonates with a younger, internet-native audience. Beyond its fun appearance, LOFI has demonstrated solid growth by tapping into communities through music, lifestyle and crypto.

The project also ties in eco-conscious initiatives, focusing on providing clean water sources for global communities and addressing the impact of ocean waste and plastic on marine health, giving it a mission-driven angle not typically seen in meme coins. Besides direct donating, minting LOFI Mystic Yetis NFTs also helps contribute to the cause, with 20% of the proceeds going to the LOFI Foundation.

Lofi’s accessible vibe and shrewd marketing strategy continue to attract new supporters, helping LOFI to stand out in the increasingly crowded ​Sui meme scene. 

 (commonly known as HIPPO) is a community favorite in the ​Sui meme world. The HIPPO token mixes humor with philanthropy, donating a portion of its revenues to wildlife conservation initiatives, starting with Thailand’s Khao Kheow Open Zoo that houses Moo Deng, the adorable pygmy hippopotamus that inspired this viral meme coin. This feel-good approach has helped build an extremely loyal community around the HIPPO token.

Sudeng’s dual focus on memes and real-world impact gives it staying power. The project’s growing community engagement ensures that HIPPO remains relevant in a fast-moving crypto space.

You can buy HIPPO as a USDT Perpetual contract on Bybit (

 is making waves in the ​Sui meme coin ecosystem with its aquatic-themed branding and integration of meme culture. Known for its friendly, community-first approach, BLUB frequently hosts giveaways, meme competitions and liquidity incentives to maximize engagement.

The coin’s fun branding and its steady increase in active users have helped BLUB climb the ranks quickly. Its strong online presence and viral meme campaigns have attracted crypto enthusiasts who are looking for the next breakout meme project. As it continues building partnerships and expanding its reach, BLUB demonstrates strong potential to become a staple in the Sui meme scene.

 (TOILET) is a rising meme coin on ​Sui that embraces humor and absurdity in a way that resonates with crypto culture. Its branding focuses on being intentionally ridiculous, tapping into the viral tone of meme coins that don't take themselves too seriously.

The project’s organic, community-driven growth has made it one of the most talked-about newer entrants in the ​Sui meme space. Frequent meme contests, community raids and spontaneous airdrops help fuel engagement. One of its biggest events is the distribution of Toilet Club Alpha Pass NFTs to the top 100 TOILET holders (as indicated by the Apr 21, 2025 screenshot), which gives holders access to all of Toilet Dust's projects and events and the right to vote on Toilet Dust's future development.

Despite its humorous façade, TOILET’s strong holder base and active marketing tactics suggest it may remain relevant as Sui’s meme coin ecosystem continues to expand.

 (FUD), another top project in the ​Sui meme coin category, is built around an adorable pug mascot battling FUD (fear, uncertainty and doubt) in the crypto world. With a humorous tone and clever marketing, FUD has built a vibrant community of holders who embrace both its memes and its mission.

FUD leverages trending memes, contests and airdrop rewards to keep its community marketing fresh and viral, helping it steadily grow in popularity. Its deep integration of ​Sui apps like 

 — as well as its deflationary tokenomics, whereby 20% is dedicated to token burning — makes FUD a strong contender for future growth in the meme space.

Buying ​Sui meme coins on Bybit can be exciting. Nevertheless, it's important to recognize the risks and rewards involved. 

, and their prices can swing wildly and quickly, offering chances for sizeable gains as well as sudden losses.

Always approach these investments with caution, never risking more than you can afford to lose. That said, the fast-growing ​Sui ecosystem and meme culture can create rewarding opportunities for traders who stay informed and manage their risk properly.

Currently, you can buy MEMEFI as a Spot pair and Perpetual contract on Bybit. HIPPO is also available as a Perpetual contract. This gives traders the flexibility to choose the type of exposure they want — simple buying and holding with Spot, or leveraged trading with Perpetual contracts.

Spot trading is the most straightforward way to buy ​Sui meme coins, as you directly purchase the coin and own it outright. On Bybit, the process is simple. After choosing the Spot pair, such as MEMEFI/USDT, select your preferred order type — e.g., 

(you set the price you're willing to pay) — and confirm the trade to make your purchase.

Spot trading is ideal for beginning traders, as well as anyone who prefers a more straightforward, lower-risk approach as compared to 

Buying Sui meme coins as Perpetual contracts

Bybit offers MEMEFI and HIPPO as USDT Perpetual contracts for those seeking more advanced trading options. With Perpetual trading, you don’t own the actual coins; instead, you speculate on their price movement. Key points to understand include the following:

Perpetual contracts can offer significant rewards, but require a strong understanding of 

. Always start with lower leverage and practice solid trading discipline.

Whether you prefer the simplicity of Spot or the strategy of Perps, Bybit provides flexible ways to explore the booming ​Sui meme coin market.

The rapid rise of meme coins on the Sui blockchain highlights the power of community-driven projects when they’re paired with innovative technology. Thanks to Sui’s high-speed transactions, low fees and developer-friendly environment, Sui meme coins like MIU, LOFI and HIPPO have found a perfect ecosystem in which to thrive. Each project brings something unique to the table — whether humor, philanthropy, DeFi innovation or pure meme culture — creating a vibrant and diverse ​Sui meme coin landscape.

top sui meme coins.png

7 top Sui meme coins to pay attention to in 2025

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?

2021_was_a_high_point_for_the_sale_of_crypto_art.png

Crypto_market_Data.png

Nyan_Cat.png

Homer_Pepe.png

CryptoKitties.png

Beeple.png

Bored_Ape.png

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?

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Weekly Leaderboard