This last year has really seen a huge increase in the attention and popularity of Non-Fungible Tokens (NFTs).
NFTs are digital assets, which really appeal to the fans of new and developing technology, as well as those interested in art and music especially.
They represent real world assets, like music, art, and videos, though they are fully digital and are frequently bought and sold using crypto currency through an online NFT marketplace.
Although NFTs became available in 2014, their notoriety and popularity has recently exploded. They are increasingly seen and a popular way to buy and sell digital art, while musicians are releasing music via NFTs as well.
The limited edition and rarity of them gives them their popularity. The fact that most digital creations have an infinite supply, these NFTs are coded to create scarcity and originality.
There are many different types of NFT artwork available with varying levels of popularity and price.
These NFTs were launched back in 2017 and were the first NFT collection on the Ethereum blockchain. They were set up as an experiment by Matt Hall and John Watkinson with no specific roadmap as to what they were trying to achieve.
What has made them so important is that the NFT community grew around them, especially since they were free to claim at the very start. They were limited to 10,000 different images and these two people realized from this that they desire for digital ownership was going to be spreading on block chain.
It has grown from an experiment to one of the most well-known and NFT projects in the world. CryptoPunks were the launch of the NFT community and this has consistently raised their price and status.
Bored Ape Yacht Club
BAYC is one of the most recognizable NFTs on the market. With its endorsement from celebrities like Eminem, Jimmy Fallon, Parris Hilton and Stephen Curry, their notability and interest has risen greatly.
Because of the celebrity involvement, these NFTs have become like status symbols. The company behind BAYC have since bought CrytoPunks, the first NFT collection created, which has given them a position as a pioneer of the NFT community movement.
These NFTs have become popular especially amongst tech fans due to their desire to develop its own Metaverse project, called the Otherside.
This is a decentralized, community driven world in which owners can create, design, share and sell their assets. It is a metaverse, a virtual world, in which the dynamics of the gaming market are being altered to reward creators for the content they produce.
For those with a real tech fascination, as well as those with no coding experience, The Sandbox is a great way for people to enjoy gaming and creating 3D games. Everything you create is known as an asset which can be fungible or non-fungible and you are able o mint them with a smart contract.
Assets can be added to the marketplace and be sold as NFTs for a wide range of prices depending on the demand. It is also possible to create and monetize your own games by renting it to other players or populating it with content and assets which make it more valuable.
These NFTs and projects and communities like them are drawing massive investment and have relied upon the interest of celebrities and influencers to help with the boom of interests they are experiencing.
Like tech fans, celebrities and influencers are seeing a new business model to invest in at the early stages in which they see becoming big business.
The artwork side has seen huge investment, which has helped the like of the Bored Ape Yacht Club flourish. Beeple’s artwork Everydays – The First 500 Days is the most expensive ever sold, achieving over $69 million at auction, and helped in bringing the world of digital art a big step closer to mainstream culture.
Alongside the artwork, musicians are using NFTs to help control and keep the ownership of their work. Fans can, in this way, invest into the artist by purchasing NFTs whether it be a digital album cover or song. This gives the fan incentive to grow the network of the artist and the artist is able to grow without requiring the development companies to take control of their work.
For tech fans with a particular musical interest, this can be a great way to invest and the perfect NFT for them.
On the other hand, sports teams are now reaching out to supporters with the use of NFTs and fan tokens. They are becoming more common to see as a ticketing option, especially for season tickets to your favorite teams’ games.
Supporters are able to invest in their side with cryptocurrency and purchase fan tokens and NFTs which will help fund their team as well as give them a sense of ownership and commitment to the club.
There are a wide range of NFTs on the market and tech fans can consider their other particular interest in finding the right ones for them.
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.