Why are NFTs So Popular?


NFTs have gained huge popularity and many people want to learn how to create non-fungible token. NFTs offer limitless opportunities to users; they are a great way to earn a significant amount of money.

How Did NFTs Become So Popular?

In 2017, NFTs became popular with the launch of CryptoKitties- a blockchain-based game. NFTs are not limited to one genre, there are NFT games, NFT music, NFT Real estate, NFT auction portal, NFT art, and so on.

Recently, play-to-earn and move-to-earn NFTs are trending. In play-to-earn, players get NFTs when they play a game and touch milestones. In move-to-earn NFTs, users have to move their bodies, i.e., they have to stay active to earn NFTs; they can walk, dance, etc., to keep themselves fit and healthy.

Why Should You Own NFTs?

The great thing about NFTs is that it is easy to establish that you are the owner as the record of every transaction is kept on the blockchain. NFT owners can program royalties for themselves, which means every time the NFT is resold, the original owner gets a royalty (percentage of the transaction).

Unique Features of NFTs

  • NFT tokens exist on the blockchain; they can’t be deleted, withdrawn, or reproduced.

  • Non-fungible tokens can’t be split into smaller denominations.

  • NFTs can also include smart contracts; when specific conditions are met, they trigger the action.

  • NFTs are scarce.

 

How to Create an NFT Token?

Creating an NFT token is not that difficult. All you need is a crypto wallet, and link your wallet to the NFT marketplace. The blockchain ledger verifies the NFT ownership and identification. Your NFT can be anything- a GIF, MP3, JPG, etc.

Popular NFTs

Some of the popular NFTs are:

Everyday: The first 5000 Days

Everyday: The first 5000 Days was the creation of Beeple and it was sold for a whopping $69.3 million. It’s a collage of 5000 photographs taken every day from 2007 to 2020.

Human One

Human One was created by Beeple and was sold for $28.9 million. It’s a seven-foot-tall life-generating sculpture.

The Merge

The Merge was sold for $91.8 million and was created by an artist that goes by the name Pak. It was auctioned between December 2 and 4 in 2021.

CryptoPunk #5822

A collection of 10,000 tokens makes CryptoPunks. In Feb 2022, it was sold for around $23.7 million, making it the most expensive CryptoPunk.

NFT Coins and Their Market Capitalization

Axe Infinity (AXS)

Axe Infinity is a blockchain-based game that has elements of DeFi, NFT, and gaming. Axies Infinity has a market cap of $8.9 billion dollars, and the price of 1 AXS is $145.70.

Tezos (XTZ)

Tezos cryptocurrency utilizes a proof-of-stake (PoS) system. Tezos market capitalization is $5 billion dollars and 1 XTZ is $5.78 dollars. 

Sandbox (SAND)

Sandbox is an NFT game, where players can interact with other players in the metaverse. It has a market cap of $2.2 billion and the price of 1 SAND is $2.56.

Summing Up

NFTs provide tremendous opportunities for growth, and that’s why no matter the industry, NFTs are leaving footprints. You can create NFT token too and get started on your NFT journey.

 

 

 

 

 

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