Non-fungible tokens (NFTs) are increasingly catching the attention of investors who are looking to step beyond simply buying cryptocurrency. World of Women NFT offerings have stepped into the spotlight in the decentralized finance (DeFi) space, especially thanks to their association with actress Reese Witherspoon.
The World of Women NFT collection, designed by a female artist with a female-centric focus, is built on the Ethereum blockchain. The goal of the project is to inject more diversity and inclusion into the cryptocurrency space.
Before investing in a World of Women NFT, there’s much to know about this ambitious project and the digital art it has inspired.
• What is World of Women?
• How Does World of Women Work?
• World of Women Value
• How to Buy World of Women NFTs
• World of Women vs. CryptoPunks
What Is World of Women?
The World of Women NFT collection is made up of 10,000 NFTs developed by French artist Yam Karkai. In founding World of Women, along with co-founder BBA (an acronym for Being Bored Ape), Karkai sought to empower women and increase their representation in the NFT and cryptocurrency spaces. The NFTs launched on July 27, 2021, quickly selling out after catching the attention of several high-profile celebrities and influencers.
What Is an NFT?
But what does NFT mean, exactly? An NFT is a type of digital asset. NFTs use blockchain technology, the same technology that powers different types of cryptocurrency, to operate. NFT assets can be sold through peer-to-peer platforms and are typically associated with artwork or digital imagery, though a video or audio file could also be an NFT.
To date, the Securities and Exchange Commission (SEC) doesn’t have any standard guidelines in place for determining if and when an NFT is considered a security. As of January 2022, World of Women NFTs and other NFTs do not fall under any regulatory guidelines established by the SEC or the Financial Industry Regulatory Authority (FINRA).
How Does World of Women Work?
The 10,000 illustrations that make up the World of Women NFT collection were designed by Karkai using Procreate and Adobe Photoshop. Each NFT is a unique piece of art designed to represent an individual woman. When someone purchases a World of Women NFT, they’re purchasing a piece of digital artwork.
These NFTs are officially sold out, but can be bought and sold on the secondary market through the OpenSea platform. You’ll need a compatible cryptocurrency wallet and the required amount of Ethereum to complete the purchase of a World of Women NFT.
In addition to owning the digital artwork itself, World of Women NFTs allow owners to collect royalties for the commercial use of those images. Specifically, owners can receive 50% royalties for any profits associated with commercial use of the NFTs. World of Women does require NFT owners to agree to its licensing terms as a condition of earning royalties.
World of Women also sets itself apart in terms of how it reinvest profits. The company uses part of its earnings to fund women-centered projects around the world, such as Too Young to Wed , She’s the First , and Rockflower . This is all part of the company’s efforts to empower women while supporting art that’s designed to appeal to people of all backgrounds.
World of Women Value
When World of Women NFTs made their debut, they had a minting price of 0.07 ETH, which was equivalent to roughly $130 U.S. dollars. As of January 2022, the floor price (or starting price) for a single World of Women was 7.37 ETH. The average all-time price is 2.17 ETH, with trading volume hovering between 46,000 and 47,000 ETH.
At the lowest point, World of Women NFTs trade at 0.01 ETH. The highest sale price recorded to date is 260 ETH. That NFT, Woman #9248, sold for the equivalent of $587,269.80 USD. One of cheapest options is Woman #3556, which has a most recent sales price of 0.01 ETH or $22.47 in USD. Total trading volume is around $10.73 million.
So what determines how much a World of Women NFT is worth? Several factors related to the design of the image can influence pricing, including:
• Background color
• Skin tone
• Facial features
The rarer or more unique an image is, the more it’s likely to sell for. That’s also the case with other image-based NFTs, such as CryptoPunks. These NFTs, which launched in 2017, have reached astronomical valuations as collectors seek out the rarest or most unusual images. CryptoPunk #7523, for example, sold for $11.75 million at a Sotheby’s auction.
How to Buy World of Women NFTs
If you’re interested in collecting NFTs from World of Women, you can purchase them through OpenSea, which is a secondary market for trading NFTs. To purchase World of Women NFTs, you’ll first need to connect or create a compatible cryptocurrency wallet. From there, you can use different filtering options to find NFTs to buy.
Filtering options include:
• Status (i.e., buy now, auction, etc.): An NFT that’s listed as “Buy Now” or “Make Offer,” would allow you to purchase it at that moment for the listed price or offer a different price to the seller. Ones that are listed as “Auction” will only allow you to place a bid.
• Design (including backgrounds, facial features, etc.): The design filter feature can help you gauge an NFT’s rarity, as it breaks down what percentage of the NFTs share similar features.
The timing for completing the transaction can depend on which option you choose. It’s also important to keep in mind that demand on the Ethereum blockchain can slow down processing. OpenSea charges fees to use the platform. The fee is equal to 2.5% of every transaction processed.
World of Women vs CryptoPunks
World of Women is a newer NFT option, while CryptoPunks NFTs have been around for several years. In terms of valuation, the recent sale of CryptoPunk #7523 illustrates just how valuable a single CryptoPunk can be. Here’s a closer look at how World of Women and CryptoPunks compare.
|World of Women||CryptoPunks|
|Collection Size||10,000 images||10,000 images|
|Owners||Around 5,000||Around 3,400|
|Image Theme||Illustrations feature colorful images of women from different backgrounds||Illustrations include a mix of pixelated images of men, women, zombies, and animals|
|Trading Volume||Estimated at 45.9K||Estimated at 791.8K|
|Highest Valued NFT||Woman #9248, which sold for $587,000 in January 2022||CryptoPunk 7523, which sold for $11.75 million in 2021|
The World of Women NFT collection is another creative entry in a burgeoning digital market. While the entire collection is officially sold out, interested buyers can bid or buy a World of Women NFT on a secondary market, using Ethereum.
Understanding the difference between NFTs and cryptocurrency, as well as what it means to trade each of them, is useful info for anyone who is curious or considering expanding their investing horizons.
Interested in trading crypto? SoFi Invest® makes it easy, with more than two dozen cryptocurrencies to choose from, including Bitcoin, Chainlink, Ethereum, Dogecoin, Solana, Litecoin, Cardano, and Enjin Coin.
Who is behind World of Women NFT?
World of Women NFTs were created by digital illustrator and artist Yam Karkai. Karkai co-founded the company along with Being Bored Ape (BBA) in order to empower women and encourage diversity in the NFT space.
When did World of Women NFTs launch?
World of Women NFTs launched on July 27, 2021 and sold out overnight after being mentioned by influencer Gary Vaynerchuk (GaryVee). Other fans of the NFT include actress Reese Witherspoon and YouTuber Logan Paul.
How can you buy a World of Women NFT?
You can purchase World of Women NFTs through the OpenSea platform. You’ll need to connect a compatible cryptocurrency wallet to make your purchase. NFTs are available with “Buy Now,” “Auction,” or “Make Offer” purchase options.
Photo credit: iStock/South_agency
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