Non-Fungible Tokens (NFT’s) have created a huge storm in the cryptocurrency space. NFT’s are unique tokens that cannot be easily exchanged or traded with others. It can be of various forms like artwork, music, tickets, video games, mortgages, books, fashion items, cars, real estate assets, poetry, trading cards, financial assets, and luxury shoes.
The top NFT’s by market cap currently are THETA, Enjin Coin (ENJ), Flow, Chiliz, Decentraland, WAX, and the Sandbox. NFT’s have attracted a lot of interest from artists, painters, museums, gamers, property owners, asset managers, sportspersons, celebrities, and musicians. It originally emerged in 2017 with the CryptoPunks NFT project. Now, the market has matured a lot with more awareness about NFT’s due to digital trading in peer-to-peer cryptocurrency exchange platforms.
What is CryptoPunks Clone?
It runs efficiently on the Ethereum blockchain network where users can purchase 10,000 unique crypto-collectibles and also exercise proof of ownership and copyright powers.
All the 10,000 characters available on the platform are unique and not alike.
The total sales of NFT’s on CryptoPunks have crossed $109 million. It includes sales of 6682 Non-Fungible tokens in the last 12 months.
The NFT’s are divided on CryptoPunks into Punk Types and Attribute Counts with details of price and availability.
Currently, it has a trading volume of $52.05 million and 583 regular users.
The latest news related to the phenomenon of NFT’s
Kings of Leon, a well-known American band – plans to release their album in the form of an NFT soon. The tokens can be used by investors to get front-row seats in their concerts and access limited-edition vinyl. 3 tokens will be sold to prospective investors on behalf of the “NFT Yourself” project. The auction will open on March 12 on the website of YellowHeart.
Grimes, the popular digital artist, earned a whopping $6 million on NFT’s – by selling digital artwork to investors through an auction conducted on the Nifty Gateway marketplace. It includes music, short videos, and exclusive images.
Hex Trust, a digital asset management platform – is offering licensed custodial services for Non-Fungible tokens. This will benefit NFT investors and collectors who prefer safe storage of their crypto tokens. The Hex Safe platform covers NFT’s issued by numerous blockchain networks like Ethereum, TRON, EOS, Wax, and Neo. For Ethereum, ERC-721 and ERC-1155 tokens will be accepted from crypto investors.
Mark Cuban, a billionaire from America – tokenized his tweets in the form of Ethereum-based NFT’s. He sold one tweet for $952. The sale was organized by the Valuables platform (v.cent.co).
Tory Lanez, a Canadian rapper – will release all his latest songs from his new album PLAYBOY in the form of NFT’s. It will be sold by Bondly, a Decentralized Finance platform. As many 450 fans can invest their money in Torys’ three yet-to-be-released music tracks.
Ubisoft, a French video-game maker – has launched a fantasy football game by teaming up with Jupiler Pro League. The gamers will earn NFT’s and crypto-collectibles based on the performance of the football players in a match. Limited edition Sorare cards will be given to the winners every day. Sorare has already got $50 million in funding from investors to attract more football fans.
Zebpay, an Indian crypto trading platform – is planning to launch an NFT named Dazzle representing a herd of zebras. The owners of Dazzle will benefit from low transaction fees while trading their assets and discounts on e-commerce platforms, live streaming solutions, and food delivery apps.
Grow the presence of your business with a NFT marketplace like CryptoPunks
There is no chance of any duplication as each NFT represents a unique digital asset.
Since the market for cryptocurrencies is highly volatile – investors can efficiently diversify their portfolios and maintain a high level of stability by putting their money on NFT’s instead.
Each NFT serves as proof of ownership for the investors of digital artwork and crypto collectibles.
Unlimited supply – Based on the interest from investors and the market conditions, the developers of Non-Fungible tokens can create a huge number of tokens without facing any restrictions.
Easy to purchase and sell – There are so many dedicated marketplaces for trading NFT’s seamlessly. Some examples include OpenSea, NBA Top Shot, CryptoPunks, Rarible, Sorare, MakersPlace, and CryptoSlam!. This ensures that Non-Fungible tokens always fetch a high price and their value increases over time.
Immutability – NFT’s are highly resistant to any kind of manipulation as they are completely secured by robust blockchain networks. Counterfeiting is impossible as all the owners will be immediately alerted by the decentralized public ledger.
Transparency – A high level of transparency is maintained as the ownership records of NFT’s are permanent and the crypto tokens can never be mutually interchanged.
Copyright protection – Cases of copyright infringement filed by artists will be a thing of the past as art creators will retain their copyright. NFT collectors can only display the piece of NFT that they have and cannot distribute it to other people in the market. Everything is authenticated without the need for any third-party verification.
The different industries where NFT’s are making a big impact
Gaming – Non-Fungible tokens can be used by gamers as a form of reward for playing various games. The Phantasma blockchain platform is a hub for game developers to offer NFT’s to the players. Phantasma has teamed up with some big names like Blockchain Game Alliance (BGA) and GOATi Entertainment to take the global gaming industry to the next level.
Digital Asset Management – It is being done efficiently by Decentraland where users can buy and sell land, wearables, and digital goods on the Ethereum blockchain network. The names of the digital assets along with their prices will be displayed on the platform. The interested investors have to purchase it before the mentioned expiry date.
Identity Management – NFT’s can deal with issues like privacy and data protection. It can help in digitizing health records and academic certificates by making them unique. This will mitigate the risk of piracy across all levels. Non-fungible tokens can also protect rare findings like research work and patents by providing rights of originality to the creator of content.
How we develop an Blockchain NFT marketplaceNFT sale platform like CryptoPunks
Our experienced blockchain developers study your business requirements beforehand.
Utilize various tools available on the Ethereum blockchain network to create a cutting-edge solution.
Integrate a compatible digital wallet for the safe storage of crypto tokens by investors.
Add eye-catching characters and crypto-collectibles to attract cryptocurrency enthusiasts easily. This will be done by the UI/UX designers.
Include details about the NFT’s offered for sales like name of items, availability, bidding time, and price.
Extensively test the platform to remove technical bugs and vulnerabilities.
Launching the NFT marketplace like CryptoPunks officially and gain more business traction.
What are the future expectations for NFT’s?
Investor interest for Non-Fungible tokens is expected to skyrocket in the coming years. It will create an option to tokenize any kind of asset easily. With cryptocurrencies being accepted by a lot of institutional investors and more business firms incorporating blockchain technology into their operations, NFT’s will witness a huge demand.
Content creators can get a better market value for their work by selling digital tokens. In this ever-changing digital world, people hardly visit art galleries and museums and it is better to acquire a digital version of it.
The total market capitalization for NFT’s has crossed $9.6 billion as per data provided by CoinGecko. Non-Fungible tokens may become a mainstream investment avenue in the future. More efforts are needed to strengthen the technical infrastructure of NFT’s as people move away actively from physical assets to digital assets.
Become the numero uno NFT marketplace by starting a website like CryptoPunks
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