The recent bitcoin surge has aided the growth of a fresh market: digital collectibles known as NFTs. In fact, 2021 will go down in history as a watershed year for NFTs, with total sales exceeding $14 billion as artists, investors, and entrepreneurs flock to the burgeoning Web3 market.
What are NFTs?
A non-fungible token (NFT) is a non-transferable data unit held on a blockchain, which is a type of digital ledger. Digital media such as photographs, videos, and audio may be connected with several types of NFT data units. NFTs differ from blockchain cryptocurrencies like Bitcoin in that each token is uniquely recognised.
Although NFT ledgers purport to give a public certificate of authenticity or proof of ownership, the legal rights that an NFT conveys can be ambiguous. NFTs do not block the production of NFTs with identical related files, nor do they restrict the sharing or copying of the underlying digital information.
What to know about NFTs in 2022?
Despite the fact that purchasing NFTs is as straightforward as paying with a credit card, the market remains fragmented. The ability to move tokens between blockchains should increase by 2022; for example, the NBA and NFL have teamed with Dapper Labs to mint NFTs on the Flow blockchain, while the MLB’s platform Candy uses Ethereum.
This divide is also felt by digital producers who wish to sell NFTs but are having difficulty with the technical and financial issues of minting as well as gas expenses (the cost to put something on the blockchain). Improvements are also being made in this area, allowing people to set up NFT stores in the same way that they would any other eCommerce platform.
- $13.2 million in sales in 7 days
- The total number of sales is 930.
- $184,709 was the highest sale price.
FLUFs were constructed programmatically using 270 attributes spread over 14 categories to ensure that they were completely distinct by at least three degrees of separation. This includes their expression, dancing, scene, and soundtrack, among other things. On the Ethereum blockchain, FLUFs are kept as ERC721 tokens.
- $14.2 million in sales in 7 days
- The total number of sales is 1,221
- $295,298 was the highest sale price.
CyberKongz are 2D/3D NFT Social Avatars that are created at random for your online adventures. Some people appear to be normal. Some of them have an odd appearance. Some of them are really amazing! Some of them might even look familiar!
- Volume of sales in 7 days: $24.2 million
- Number of sales in 7 days: 1,632
- $84,553 was the highest sale price.
Users control their LAND and host their creative magic on The Sandbox, a community-driven UGC-voxel platform.
- Volume of sales in 7 days: $33.5 million
- Number of sales in 7 days: 5,744
- $332,275 was the highest sale price.
On the Ethereum network, CryptoSkulls are 10,000 collectible ERC-721 Non-Fungible Tokens. Each CryptoSkull is a one-of-a-kind pixel art image.
Bored Ape Yacht Club
- $75.4 million in sales in 7 days
- The total number of sales is 820.
- $834,938 was the highest sale price.
BAYC is a group of 10,000 Bored Ape NFTs, which are one-of-a-kind digital collectibles that live on the Ethereum blockchain. Your Bored Ape also serves as your Yacht Club membership card, granting you access to exclusive member advantages.