NFT crypto market - art, games and marketplace

Non-fungible tokens (NFT) are the newest trend for a while now in the crypto space. NFT hype has already taken over the crypto universe. The NFT marketplace for creating and selling/buying is huge and the demand is on a steady rise. Summer of 2020 was a DeFi-mania summer, and summer of 2021 can easily be called an NFT-mania summer for sure.

Top NFT marketplaces for minting-creating and selling NFTs are: OpenSea, Rarible, SuperRare, Foundation, AtomicMarket, MythMarket, BakerySwap, KnownOrigin, EnjinMarketplace, Portion, AsyncArt, NiftyGateway and many others. Keep in mind that for most of the marketplaces - platforms, a digital wallet should be connected in order to start minting NFTs, while the above stated platforms also take a percentage (%) as a fee for each transaction processed.

In essence, NFTs work like a digital signature since they are data stored on a digital ledger - blockchain. This function (digital storage) ensures and certifies the uniqueness of a digital asset and the fact that it cannot be duplicated. NFTs are digital files, hence their form varies from pictures, art, collectibles and photos, to audio or video clips. In addition, there are also projects which refer to game items and collectibles or even real estate for virtual land (like Decentraland and Sandbox Game). Therefore, an NFT can refer to anything which can be connected to the digital world.

Most famous NFT collectibles’ galleries are CryptoPunks (10K pixel image characters made by Larva Labs), CryptoKitties and HashMasks. CryptoPunk #7523 was sold from Sotheby’s online auction for more than $11 million, while currently (mid Aug2021) the cheapest CryptoPunk NFT to buy costs approximately 34-39 Ethereum, which is around $95-100K.

It’s difficult to answer the question if NFTs are a good investment. Since they are considered to be a form of digital art, this ‘’art’’ may be overhyped and will reach its peak at some point. On the other hand, providing unique and authentic creations was always a demand for collectors, and we all know that collectors are willing to pay excessive prices to buy the item they lust. It’s a kind of fixation on their ‘’world’’.

One thing is for sure, for the time being: The NFT marketplace is here, is vibrant and the amount of sales and money involved in transactions cannot be ignored. If the market will find a way to stabilize itself and move forward or crush taking along all digital art, items and collectibles, it’s yet to be seen.