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Cryptocurrencies|Understanding the Crypto Market


WHAT IS AN NFT?



Imagine inheriting a gold ring or receiving one as a gift. You’d probably want
to know the ring’s value, right?

Typically, you would do a Google search, find the nearest jeweler, and get the
ring appraised.

But the appraisal isn’t the final story. If it was your grandmother’s wedding
ring, it has a one-of-a-kind provenance that adds to its value. No jeweler’s
assessment can tell you what it is worth to you because it is unique. It can’t
really be compared to other rings because of its unique heritage.

Rings that have no sentimental value, that have no unique worth, are fungible.
The word “fungible” is a bit of legal jargon that means generic, interchangeable
with identical items.

Most cryptocurrency coins and tokens are fungible. One Ether coin is the same as
any other. But some tokens are associated with unique real-world items —
artistic masterworks, for instance.




When you purchase the tokens, you are purchasing partial or full ownership of
that single unique piece of art. That ownership is represented as an NFT,
meaning “non-fungible token.” NFT tokens work like serial numbers: They have a
unique relationship to the online or offline commodities they are associated
with.

Every fungible token has exactly the same value, while non-fungible tokens can
each have a unique value based on the NFT coin’s relationship with an underlying
asset. That means NFTs are bought and sold according to market factors,
including the rarity, inherent value, investment potential, and significance of
the associated asset.


HOW BIG IS THE NFT MARKET?

One data point is that just three projects – the NFT marketplace Opensea, the
Cryptopunks collectible NFT memes and cartoon characters, and Axie Infinity’s
sports-based NFTs – have generated more than €8.5 billion in sales. It’s no
wonder the rich, the near-rich, and the wanna-be-rich are rushing to embrace NFT
technology.

Image source: Flickr.com, License: CC BY-ND 2.0



WHAT’S AN NFT GOOD FOR?

Non-fungible tokens have many potential use cases. One of the most prominent
applications for NFT crypto coins is blockchain gaming, particularly in
immersive metaverse-like visual environments. NFTs are also gaining popularity
in the world of fine art and as collectible investments.


NFTS IN GAMING

Gamers like the idea of owning one-of-a-kind in-game weapons, vehicles,
clothing, real estate, characters, and more: items that are theirs and only
theirs. Over time, gamers form strong attachments to their in-game resources.
NFTs are an excellent way of representing them.

Once you’ve created or purchased an NFT gaming resource, you could conceivably
use it with multiple games, allowing you to move from one game to another with
the same custom avatar or magic sword.




For example, the Decentraland gaming platform uses NFTs to represent unique
player resources. Decentraland includes a bustling marketplace where players can
 sell and buy NFTs.

Some NFTs are earned through in-game achievements. Others are acquired through
treasure boxes or purchased from NFT markets.

NFTs are good for players. They’re even better for their creators, who can look
forward to receiving significant rewards if their NFTs prove popular to gamers.

Among the gaming world’s best known NFT moguls is the rapper Snoop Dogg, who
invites fans to a pool party at a virtual version of his real-life mansion,
which he has created within a gaming platform called The Sandbox. Fans can check
out the rapper’s art collection, cars, and furnishings, and they can purchase
event tickets and collectible NFTs within the game.


REVOLUTIONS IN NFT ART

When you think of NFT, art may be the first association that comes to mind. NFT
technology has found its way into popular art and even the world of fine art.




One of the first and most notorious examples of NFT art was a digital collage
called Everydays – The First 5000 Days. The NFT was sold at auction at
Christie’s, where it fetched nearly 60 million euros.

Since then, many fine-art auction houses have experimented with NFT sales, often
auctioning partial ownership of artworks that remain in museums or galleries. In
July 2021, a Swiss auction house named Artemundi teamed a bank specializing in
digital funds to auction off 4,000 shares in a 1964 Picasso painting called
Fillette au béret. The painting remains in a climate-controlled vault where it
can’t be viewed by the public – including those who purchase NFTs and own a
share of it. Bids for the NFTs started at more than 5,000 euros.

When a piece of art is sold or auctioned off as an NFT, the ownership may be
unique and transferable. It can be resold at a higher price. But it usually does
not include physical ownership of the artwork or even intellectual property
rights such as copyright. Those aspects of ownership may be sold along with the
NFT, but typically they are not.


COLLECTIBLE NFTS

Among the most popular NFTs are collectibles. These are typically small jpeg
files that are created as part of a collection – CryptoPunks and Bored Apes are
examples.

The image files have minimal inherent value except to collectors. Because each
image is unique, fans who are looking to complete a collection may pay thousands
of euros for a simple NFT.

Some collectors find satisfaction in owning a popular NFT or a complete series.
Others expect to take advantage of rising prices and sell their collections at
some point.


CELEBRITY AND SPORTS NFTS

On a number of platforms, sports teams and entertainers have created NFTs for
fans. The fans support celebrities by purchasing the NFTs, and in return they
get a closer relationship.

For example, holders of a football club’s NFTs might get to vote on which image
of the club’s mascot will appear on the wall in the locker room or which song
will be played in the stadium when the team takes the field.




Other benefits might include discount tickets, special seating at events, an
opportunity to meet sports stars and celebrities, or discounts on exclusive
branded merchandise.


NFTS AS INVESTMENTS

If you don’t get the physical artwork associated with an NFT, or if the NFT is
merely an easily copied jpeg file, it is reasonable to wonder how it is that the
NFT has value.

It is the unique nature of NFTs that leads to their value. Each NFT is a
one-of-a-kind digital asset, and popular ones are traded at high prices in NFT
marketplaces. Many NFTs include provisions for their original owners to receive
a percentage of the transaction price whenever the NFTs are sold in the future.
Suddenly, paying a few hundred euros for an NFT that may sell for thousands
within a few months seems like a smart investment.

NFTs in marketplaces are traded like sports cards or collectible dolls. They
have unique value primarily to other collectors. The value of a popular NFT can
climb to thousands or even millions of pounds.

Image source: Flickr.com, License: CC BY-ND 2.0



THE BOTTOM LINE

NFTs are tokens, just like Dogecoins and Litecoins. They are not
cryptocurrencies, however, because of their unique nature. Their value comes not
from their utility in making financial transactions, but because they are
associated with particular online or real-world assets.

The NFT-crypto connection arises from the use of blockchains to establish
ownership and record transactions. Most NFTs are easily purchased with crypto
funds.

Whether you are interested in supporting a sports club, sprucing up your image
in video games, or speculating on digital assets, NFTs may be in your future.

We hope you have enjoyed this quick tour of the NFT markets. You will now have
an answer if someone asks, “What is NFT crypto all about?”

NOTE

This text is informative in nature and should not be considered an investment
recommendation. It does not express the personal opinion of the author or
service. Any investment or trading is risky, and past returns are not a
guarantee of future returns. Risk only assets that you are willing to lose.

Cryptocurrency Fundamentals
A Short History of Cryptocurrencies
What Is Cryptocurrency and How Does It Work?
What Is Crypto Market Cap?
Most Popular Tokens
Investing with Cryptocurrencies
How To Buy Cryptocurrency and Keep It Secure
How To Invest in Crypto for Long-Term Gain
Trading Crypto for Short-Term Profit
How To Sell Cryptocurrency Fast
Top Tips For Swapping Cryptocurrencies
Putting Crypto to Work
How Cryptocurrency Mining Works
How to Earn Cryptocurrency as a Gamer, Gig Worker, or Entrepreneur
What is staking crypto and why do people do it? Let’s take a look.
Understanding the Crypto Market
What Is DeFi?
What Is a DEX?
What Is an NFT?
Types of Cryptocurrency
What Is the Crypto Market?
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for a deep dive into crypto theory and practice!
What Is Cryptocurrency and How Does It Work?
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And what are the reasons for anyone to invest in them?


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