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Vermont has become a hotbed for NFT activity in recent months. The state is home to several businesses that are using NFTs to raise money, including the popular online art marketplace SuperRare.
SuperRare is an online marketplace where artists can sell their digital artworks as NFTs. The site has seen a surge in activity in recent months, with the value of all sales surpassing $100 million in February 2021.
The popularity of NFTs in Vermont is likely due to the state’s supportive regulatory environment. In 2020, the state passed a law that recognized digital assets as property. This allowed businesses to use NFTs to raise money without running into legal trouble.
Vermont’s favorable regulations have helped it attract a number of businesses that are using NFTs to raise money. In addition to SuperRare, the state is home to several other businesses that are using NFTs to generate revenue.
The Vermont Business Registry recently added an “NFT” category, which includes businesses such as the art marketplace Mintable and the music streaming platform Audius.
The boom in NFT activity has led some to speculate that Vermont could become the “Silicon Valley of NFTs.” The state’s supportive regulatory environment and thriving startup scene make it an ideal place for businesses to experiment with NFTs.
Only time will tell if Vermont can maintain its position as a leader in the NFT space. However, the state’s recent successes suggest that it is well-positioned to continue driving innovation in the digital asset space.
There is no doubt that NFTs are having a moment. Digital collectibles have been making headlines and generating excitement in the art world, and now it seems that their popularity is spilling over into other areas as well. Recently, the state of Vermont has become the latest place to get in on the action, with a new initiative called the Vermont NFT Challenge.
The Challenge is designed to support artists and creators who are using blockchain technology to create and sell NFTs. In order to be eligible, participants must be residents of Vermont, and their projects must be focused on creating or selling NFTs. Additionally, they must agree to use proceeds from the sale of their NFTs to support charitable causes in Vermont.
The Challenge is being spearheaded by the Vermont Arts Council, in partnership with the Vermont Technology Alliance, the Burlington-based creative agency Signal Hill, and the digital marketplace Rarible. The goal is to support artists and creators who are using blockchain technology to create and sell NFTs, and to use the proceeds from those sales to support charitable causes in Vermont.
“We see this as a way to really boost the economy here in Vermont,” said Alex Friedberg, co-founder of Signal Hill. “There’s a lot of interest in NFTs right now, and we think that this challenge will help to bring even more attention to the state.”
Friedberg said that he was inspired to launch the Challenge after seeing the success of similar initiatives in other states, such as the Colorado Creates program. He hopes that the Challenge will help to put Vermont on the map as a hub for NFT activity.
“I think it’s really important to support artists and creators who are using new technologies like blockchain,” said Friedberg. “And I also think it’s important to use those technologies to support good causes. That’s what we’re hoping to do with this Challenge.”
The Vermont NFT Challenge is currently open for submissions and will remain open until March 31st. For more information, or to submit a project, visit the Vermont Arts Council website.
It’s official: NFTs are taking over Vermont. The state’s first-ever NFT art show, “NFTs in the Wild,” is set to open on June 8th at the Shelburne Museum in Burlington.
The exhibit will feature a collection of digital artworks that have been converted into NFTs, or “non-fungible tokens.” These tokens are stored on a blockchain – a decentralized ledger that records transactions – and can be bought, sold, or traded like any other asset.