You most likely have been hearing the term NFTs quite a lot lately, that there is no doubt. NFTs stand for Non-Fungible Tokens, and they have become the most valuable assets to have within the Ethereum cryptocurrency networks, amongst other cryptocurrency networks to have and hold for yourself. Whether you create your own NFT and hope it sells for a profitable price, or you are purchasing a digital asset of some kind that you believe will bring in great profit, there are a few things you should know first before you get into NFTs.
Other crazes within the market now include online casinos and their adaptation to cryptocurrency and blockchain technology. Make sure to check out the best free spins casinos, which accept cryptocurrency wallets, if you are a gambler wanting to utilize your Bitcoin and Ethereum wallet. It is not just online casinos that have adapted to the blockchain, most industries nowadays see it as the future of payments and security, so make sure you play with that added advantage on casinos!
What kind of NFTs exist?
The kind of NFTs that exist currently include all manner of digitized items that you can think of. From digital art pieces to digital land assets, and animated and virtual living animals such as cats and horses-the blockchain space has provided a virtual metaverse where all these things can exist and be capitalized upon. It is the future as of now, and many artists and content creators are making sure to profit off this new niche, now in the building and budding moment, before it becomes too saturated. Then again, isn’t that what all business models try to do?
One of the most controversial sales within the NFT market was some art pieces sold by Beeple, and artists who created digital artistic models of celebrities such as Paris Hilton. His art NFT piece ‘Iconic Crypto Queen’ was one of the highest selling NFT pieces to date. Selling for a total of $69.3 million at Christie’s online auction, it is believed that the piece has surged to a higher value, which the current owner will most likely capitalize on in due course.
Other ideas on the NFT market today, include virtual horse races, where thoroughbreds are raised online by breeders, and eventually, they race them and try to win huge virtual races such as the Kentucky Derby and the Melbourne Cup for example. While this idea is still very new, some sportsbooks located within Australia, have brought this idea to life, and have seen great interest within the blockchain industry for it.
How much has the market grown since?
NFTs have been around since 2017, and of course, have since jumped to high popularity. In August this year, they had an explosive jump, where many Ethereum owners chose to invest in certain digital assets on the market and make large profits from doing so. Sales volumes within the third quarter of 2021 have shown the highest revenue yet. In just one quarter, there was a surge of $10.7 million, and this was believed to be an eightfold increase from the previous quarter in 2020. In total, there have been over $4.8 billion sales since October this year, measured directly against sale projections in October 2020.
Why are NFTs so important now?
NFTs have become so important now, as they have really given investors great buying power with promising future ownership. The fact that when you buy any NFT digital asset, it comes as exactly that, with its own authenticity certificate due to it being one of a kind. For buyers and creators, the appeal is that once you find your niche, you can really capitalize on its value, and monetize your income very easily should you appeal to that genre. The only risk with NFTs however, is that they are largely unregulated, and for that reason, anybody can sell and price items with no guarantee of their actual value on the market. Value is dependent on hype, and if your item has lost hype, its value becomes almost instantly negligible.