The NFT journey on Ethereum began much earlier (year 2015) than the birth of Cryptopunks. It wasn’t until the end of 2017, with the introduction of cryptokitties, that public awareness of NFTs and enthusiasm for the future prospects awakened. The full scope of Cryptokitties gameplay includes collecting, breeding, and auctioning kittens. Since then, NFT use cases have expanded from collectibles to real asset tokenization.
Just like in the real world, no two assets can have similar properties or value, and every tokenized asset on the blockchain has unique properties. Since these digital assets are distinguishable from one another, they are not interchangeable and are therefore referred to as non-fungible tokens. Just like real assets that have a certificate of ownership, NFT tokens keep ownership records and proof of authenticity on the blockchain.
Sales volume has remained high after NFTs gained popularity earlier this year when crypto artists like Beeple brought NFT into the mainstream with their art.
- Monthly sales on OpenSea hit a record high in August (ie over $ 750 million).
- In August, the daily volume stayed above $ 55 million on most days.
- In just 10 days in August, the number of NFTs sold exceeded the record numbers of July.
NFT enthusiasts consider them collectibles with intrinsic value based on personal preference or speculation about rare properties of NFTs. Compared to works of art, NFT is much easier to price – the rarer these items are, the more people demand them. The rarity of these elements can easily be checked these days with tools like rarity.tools
CryptoPunks is a prime example of the current boom in the NFT market. CryptoPunks are among the most sought-after NFTs on the market. Known as one of the earliest NFTs, the CryptoPunks project was launched by Larva Labs in 2017. Initially, every CryptoPunk was offered for free, but many recently sold for millions of dollars.
A Covid Alien CryptoPunk NFT recently sold for over $ 11.7 million in auction.
Nowadays, more and more social media accounts have changed their avatars to cartoon monkeys, like the following Twitch user and player who goes by the name “OneBlockAway” and changes his profile picture to that of a monkey # 9113.
And a lot of my Twitter friends and followers show monkey cartoons with glasses or shoot laser beams from their eyes. This group of monkey lovers will chat, follow and support one another. The creation comes from the Bored Ape Yacht Club, which officially opened on 30.
Within one day, all 10,000 Bored Ape Yacht Club NFTs were sold out. Pricing now on the OpenSea secondary market is based on rarity or personal meaning as in the picture above which shows a clean or decent depiction of monkeys – “similar to how I look on the beach :)”.
Pudgy Penguins is a collection of 8,888 cute Chubby Pudgy Penguins that slide around on the ice-cold ETH blockchain. It was sold in late July. The NFT is currently on OpenSea at the minimum price of 1.35 ETH with a healthy trading volume of 10,800+ ETH since July 22, 2021 and continues to grow.
Pudgy Penguins’ popularity rose after CoinGecko introduced Pudgy Penguins in their recent tweet.
VOX are versatile companions that can be animated, 3D printed, used in augmented reality, and more. Each VOX is developed by Gala Games and will also generate future play-to-earn rewards by interacting with the Gala Games ecosystem in a variety of ways.
The first series of 8888 VOX sold out in less than 10 minutes on August 10, 2021 and is being sold on the secondary market – OpenSea – at an average price of more than 0.7 ETH. VOX is sure to take the top spot soon. Given the team’s experience building the Gala Games ecosystem and metaverse, the community is excited about the future benefits for VOX-NFTs.
Gala Labs is committed to a VOX with utility. That means it serves a different purpose than just being a cute avatar that you can own and animate. A VOX owner can block GALA and earn VOXcoin in the future by playing with your VOX.
I believe that one day the metaverse will be a HUGE economy. “Metaverse” is the new meme of the future of the internet, according to those who need to know what’s coming.
Mark Zuckerberg’s vision for Facebook is the Metaverse, in which it is “an embodied Internet in which you are not just looking at content, you are in it. And you feel present with other people as if you were in different places, and you have had different experiences that you couldn’t necessarily have with a 2D app or website. “
JunkYard Dogs is a generative project made up of 8,008 unique Avatar dog tags that have random traits. The aim of the project is game development and the start of breeding, as well as the preparation of a sophisticated Metaverse ecosystem.
Finally, the members of the JunkYard Dogs Club will be connected to the Metaverse, expanding the sense of sight, sound and touch, inserting digital objects into the physical world or immersing themselves in fully immersive 3D environments whenever we want. The team has set the community launch of 1888 NFTs on August 10, 2021, followed by the main launch on August 11, 2021. In both schedules, the JYD NFT sold out in less than 10 minutes. Shortly after the community coin, the project enjoyed healthy trading volume in the secondary market.
Colonists (Colony.Online) are an NFT collection of 25,000 unique, programmatically generated space animals that can be redeemed for their in-game characters and cosmetic items in the upcoming MMO on the blockchain. They come in 5 different types with a limited supply of 5,000 per type. Each type is dropped individually and cannot be minted until the type previously dropped is sold out. The first 5,000 will fall in early September 2021.
The game takes place on a lunar colony with alternate reality, in which a society of randomly generated space animals (so-called colonists) has colonized the moon and turned it into their very own social playground for chic materialism, party lifestyle and moon mining.
What is unique to colonists? is that if an owner dislikes a particular trait, they can re-roll a single trait on their colonist for 0.0125 ETH and can do this a maximum of 3 times per colonist.
Each re-roll results in a single trait of their choice being re-randomized, along with the specific metadata associated with that trait which is also changed. Once you have reached the maximum number of repetitions, you (and any other future owners of your NFT) will no longer be able to do this.
To the best of my knowledge, Colonists are the first team to introduce this feature into a generative project – and we’re very excited to add a new level of customization to your Colonists before we start fully developing our game.
NFTs have opened up completely new avenues for blockchain technology. By depicting physical assets in the digital world, NFTs have the potential to be an important part of not just the blockchain ecosystem, but the entire economy.