These NFTs Are CRAZY!! Worth The Hype?? 🤯
What are NFTs?👨🏫
NFT stands for non-fungible token and describes a unique digital asset on a cryptocurrency blockchain that is permanent, cannot be replicated, cannot be counterfeited, and is provably owned.
Although NFTs also cannot be divided into smaller fractions, there are a few developers who are working to make that possible.
NFTs exist on multiple blockchains, mostly on Ethereum. This is mainly because smart contract blockchains like Ethereum do a good job of minting and managing unique digital assets.
📈The NFT Market📉
Nonfungible.com’s yearend report notes that the approximate market cap of all NFTs at the end of 2020 was over 330 million dollars. In 2017, the NFT market cap was just 30 million USD.
NFT market statistics compiled by Paradigm co-founder Matt Huang reveal that another 100 million NFT sales took place between mid-January and mid-February this year.
Even with this impressive growth, the NFT market cap has a ways to go before it becomes a visible slice on the pie of the global collectibles market, which was valued at 360 billion dollars in 2016.
🤷♂Why Are People Buying NFTs?🤷♂
The short answer is because humans like to collect things and have been doing so since the dawn of time.
From a purely economic standpoint, when something is scarce or unique it makes it privy to having a fat price tag regardless of whether it has any “objective” utility or value.
That said, some NFTs do actually have objective utility and value. The best example of this is blockchain domains.
Now, even though some NFTs have objective utility and value, it still doesn’t justify the astronomical price tags you see for many of these, and suggests the market is in a bubble.
👀Where To Find NFTs👀
If you want to go shopping for NFTs, your best options are Rari and Opensea. These marketplaces sell NFT art, blockchain domains, virtual land, digital trading cards, and other collectibles.
You can also use these marketplaces to mint your own NFTs, and you can use Valuables to buy or mint NFT tweets (link for this site is in the useful links section).
Unless you’re buying an NFT from a well-known artist like Beeple, it can be really hard to tell whether the NFT you’re ogling has any real value, so be very careful.
🤑NFT Project Tokens🤑
A few NFT project projects I’ve been watching are Audius, Chiliz, Decentraland, and Theta.
Audius makes it possible for artists to stream directly to listeners while keeping the lion’s share of the money they make.
Holders of Chiliz fan tokens have a say in how their respective sports teams are managed, and this token is purchased and traded against the CHZ token on the Chiliz exchange
Decentraland is a decentralized virtual world powered by the Ethereum blockchain. In Decentraland, you can buy, sell, trade, and even create NFTs that can be used within this virtual world
Theta a decentralized video streaming protocol that will likely rival YouTube in the same way Audius is likely to rival Spotify
Theta has partnered with the likes of Google, Samsung, and recently Sony Europe. The Theta token has the best tokenomics of any NFT project token, which is a big part of why it has performed so well
