Crypto

NFT craze in the crypto world!

NFT craze in the crypto world! Nyan Cat was sold for $ 600,000!

Nyan Cat, an Internet Meme, was sold as a rainbow animated NFT (CryptoArt) product for 300 Ether, or about $ 600,000. A new craze is taking place in the cryptocurrency world and it looks like it will continue to happen!

Numerous cryptocurrency farming projects on the Binance blockchain, especially Pancake (CAKE) Swap, are on the agenda. The NFT current, which started with CryptoKitties in 2017, faces a crazy supply demand in 2020 and 2021. It seems that we will continue to hear the NFT craze and the astronomical sales figures of CryptoArt works often from now on!

What is NFT (Non-fungible token)?

NFT and CryptoArt products (Non-fungible tokens), which are popular topics in the crypto world, define cryptocurrencies or products that have a unique mark and cannot be changed, as artifacts. In other words, it is not possible to trade like Bitcoin or Ethereum, but websites such as rarible.com / opensea.com / superrare.co can list your NFT products or CryptoArt artworks as a collection, or even list them by determining the auction or direct sale price on these platforms, and earn income from these products. you can. In short, NFT products can be land or characters in a game, CryptoArt products are a digital work of art and you can own these products or collections and sell them on many platforms.

We generally see NFT units as images, but they can also be in a video or gif format. It can be a short animation designed in 3D or a character designed in 2D. We can name images of physical objects transferred from the real world to the crypto world or products designed by people and artists as NFT or CryptoArt. For example, SandboxGame, a game powered by Binance.com, you can buy and sell land, design your own world, and design and sell game characters from this world. Today, many game projects are implemented under the NFT concept. As one of the most recent favorite games, Axie Infinity, which is possible to see many NFT cards in the Games, has already bought Binance backing behind it.

The fact that certain rules, unique or rare, can be processed into the Ethereum network while creating the product or artifact, has created a crazy market for NFT products. CryptoArt artwork such as CryptoPunks and HashMasks has gained incredible popularity. HashMask cards sold for $ 650,000 and CryptoPunks characters from 24 × 24 pixels are constantly sold and exchanged for astronomical numbers.

The question of why NFT products and CryptoArt items can be so expensive and how they can be sold to these numbers is not worthwhile. The fact that an NFT product or a work of art as CryptoArt can be stored indefinitely and uniquely and determining the use of any copyright is important factors, but it is curious that it is expensive like a work of art. It seems that we will hear a lot of astronomical NFT product or CryptoArt artwork sales in the future. What do you think about this subject, you can express your opinion as a comment below.

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One Comment

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