Non-fungible tokens (NFTs) have become increasingly popular. NFTs are rare and unique; unlike other cryptographic assets, they can’t be traded or exchanged equivalently. Some of the NFTs have been sold for millions of dollars, which has sparked the interest of others in learning how to create a NFT token. It is not entirely surprising that by the end of 2030, the NFT market is expected to grow by a CAGR of 39.6%.
Let’s brush up our basics on what exactly are NFTs. First understand what are fungible assets- Fungible assets are those which have units that can be readily interchanged. For instance, you can swap a $10 bill for two $5 bills and it will still have the same value. Non-fungible assets have unique properties and they can’t be interchanged. You can take a photo copy of an orginal NFT but there will only be one original NFT in existence.
The trend of NFT development started becoming popular in 2017 with the launch of CryptoKitties, a blockchain-based game that utilizes the Ethereum network. In Cryptokitties players breed, adopt and trade virtual cats. After that, the market stabilized, and then again in January 2021 saw a huge spike.
NFTs represent real-world objects like music, in-game assets, art, videos, etc, and are bought and sold online. Blockchain keeps a record of every transaction of NFTs and NFTs are usually bought with cryptocurrency Ether or in dollars. The buyer of the NFT owns the status of the official owner.
People can prove ownership of digital assets with NFTs. NFT owners can program royalties for themselves, which means each time an NFT is resold, the original owner gets a percentage of the transaction. The great thing about NFTs is that no matter how many times you copy them, the current owner of the original file is always provable.
NFTs have unique features:
Non-fungible tokens (NFTs) are not a new concept. “Coloured Coins” were the first NFTs that were launched in the NFT market. Coloured Coins were bitcoin tokens with extended software enabling them to represent other assets on the network. The first known NFT, “Quantum” was first introduced in 2014.
Digital art and NFTs joined together in 2017 with CryptoKitties, which skyrocketed the popularity of NFTs.
The Merge is a popular NFT that was sold for a whopping $91.8 million. It was created by an artist who goes by the pen name Pak. The Merge was auctioned on the Nifty Gateway, an NFT digital platform in 2021 between December 2 and 4.
The first 5000 Days by Beeple was sold for $69.3 million. It was purchased at a Christie’s auction on 11 March 2021. The title of the NFT art is derived from the fact that it is a composite of 5000 different photographs taken by Beeple one per day from 2007 to 2020.
On 9 November 2021, Beeple’s Human One was sold for $28.9 million. It was bought by Swiss businessman Ryan Zurrer. Human One is a seven-foot tall active, life-generating sculpture.
CryptoPunks is a collection of 10,000 tokens called “punks”. Each character is valuable and is its own object. CryptoPunk #5822 was sold for about $23.7 million on 13 February 2022. It is the most expensive NFT CryptoPunk ever. CryptoPunks are regarded as the most expensive NFT tokens and they reached the market in 2017.
London’s auction house Sotheby’s sold CryptoPunk #7523, also called “Covid Alien” for $11.75 million on 20 June 2021. Alien Punk’s distinctiveness comes from the face mask and it’s the only Alien Punk with a helmet.
If you want to put your NFT to offer, you need to have a crypto wallet. The next step is to link your crypto wallet to one of the NFT marketplaces. The blockchain ledger is responsible to verify an NFT’s ownership and identification. Whether yours is a GIF, JPG, MP3, or anything else, one can put the NFT for auction. Some of the NFTs are reproductions of great masterpieces, they are genuine, however, they don’t have the same monetary worth as that of an original one.
The popularity of NFTs is not going to come down anytime soon. Their uniqueness and rarity attract users. With NFTs being sold for millions, it’s a lucrative option to look for NFT Development Services and cash in on the opportunities. Antier can make it possible for you to create unique NFTs that fits needs and requirements. Contact the experts now!
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