Trends move quickly across the internet, but in crypto, they move at lightspeed. And the latest crypto trend captivating the world is the rapid emergence of NFTs.
What is an NFT?
“NFT is an innovative tech that allows for the purchase of digital art and other forms of digital media in the form of a verifiable "digital token" that lives on a blockchain. NFTs can represent music, GIFs, digital art, and more.NFTs are tradable but not interchangeable—meaning, you can trade NFTs but each NFT is a unique asset, with a value that differs from NFT to NFT. According to Forbes, the NFT market was worth roughly $42 million three years ago. Today, the market is valued at over $338 million.” (PopCrush)
The first NFTs which were created in 2017 was called Cryptopunks, simple little 8-bit images of which there was an original fixed series of 10,000 digital punks, each with their unique identity, registered on the blockchain of which people purchased and collected. These CryptoPunks recently have been selling for upward of $40,000. CryptoPunks were followed by the notorious CryptoKitties, which congested Ethereum so bad the network itself slowed down.
The NFT market is quite diverse, as is the digital art and media itself. Some elements of the NFT market resemble the collectible market akin to sports playing cards, Pokemon cards, all the way up to the art and fine art market. During the recent pandemic, collectibles have been making a roaring comeback, highlighted by the rise of social media marketplaces, live streaming, and the sale of first-edition Pokemon cards and original box sets selling for upward of $500,000.
Many people struggle to see the value in NFTs, not fully understanding owning the rights to a digital art piece. But when you really think about it, the world is becoming increasingly more digital, people spend more time than ever on their smartphones and computers, as well as the fact we are constantly sharing and transacting things with each other online. It’s human nature to take pride and appreciate the things we have ownership of, and supporting art and artists is something people love to do. And now it’s all coming together.
Perhaps one of the most wondering things about NFTs, is that it’s empowering up and coming, as well as unique media artists getting the chance to make money to fund their passions in creating art.
The pop culture artist Beeple, who often makes strong statements through his digital art about consumerism, politics, and culture has taken the NFT World by storm. The power of NFTs let his fans take ownership of his digital pieces and unique collections. The most notable example is a piece that was originally sold for $66,000 just resold for $6.6 Million in February. Beeple has become a cultural icon and a pioneer of NFTS.
One of my personal favorite NFT artists, Anna Zhilyaeva, does elaborate classical style paintings in Virtual Reality (VR environments), creating a 4D style immersive art piece. Many of which she creates while dancing and doing fluid movements in her virtual canvas reality. The original ownership rights to her recent virtual NFTs have been earning her north of $40,000.
While the NFT craze has been a monumental way for aspiring artists to make a name and a living for themselves, not all NFTs are created equal. And in many cases, the prices of some of these NFTs seem inflated or just outright bizarre. But in such a new emerging market, it’s difficult for many to understand the fair market value of NFTs, and frankly, some crypto whales have simply found a new hobby to power with their profits.
NFTs aren’t just for underground artists, in just the past month, they have completely exploded and gone mainstream. Giving celebrities and major artists the chance to connect with their fans through unique opportunities, releases, and NFT drops.
Some of the biggest NFT stories from the past 30 days:
- Logan Paul - Raises $3.5 Million in One Day from NFT Sales
- Kings of Leon - Rock band Kings of Leon will release new album as an NFT, making it a digital collector’s item
- 3LAU - Musician 3LAU sells the world's first-ever crypto-albums, making $11.6 million in under 24 hours
- Grimes - Grimes sold $6 million worth of digital art as NFTsBiggest NFT Crypto Sales in the Last Month
- Biggest NFT Crypto Sales in the Last Month
Want to discover more about NFTs?
Check out some of the most Popular Digital NFT Market Places:
- Rarible - https://rarible.com/
- Makers Place - https://makersplace.com/
- Bondly - https://www.bondly.finance/
- Kolectiv - https://kolectiv.gg/
- Nifty Gateway - https://niftygateway.com/
Top Market Movers
- Kyber Network (KNC) +12%
- IOTA (IOT) +10%
- Verge (XVG) +8%
- Qtum (QTUM) +5%