What is NFT and Why is everyone talking about it?
Just last week, a Beeple digital art auction had thrusted NFTs into mainstream attention and caused an euphoria in the crypto market. Beeple sold a 5,000-day digital art collection, a series of artistic works created by Beeple every day for 14 years, for more than $69 million. The sale includes a $9 million premium — making it one of the highest art auctions in history. Hosted by famed British auction house Christie’s, it received a whooping 353 bids.
Even Elon Musk has jumped on the bandwagon to sell his tweet and the highest bid is over 1.1million.
On Cryptoslam.io, sales of their top 20 NFTs in the past 30 days is well over 500million, which indicates a clear and strong demand for this product segment in the blockchain industry.
What Is NFT And How Does It Works
NFTs, stands for Non-fungible tokens, and is often referred to as crypto collectibles. Unlike cryptocurrencies, such as BTC where all tokens are created equally, non-fungible tokens are each unique and limited in quantity.
Acting as a non-duplicable digital certificate of ownership for any assigned digital asset, NFT works as a smart contract that is put together using bits of open-source code, which can be developed from platforms like GitHub, to secure that digital item. Once the code is written, it is minted or permanently published into a token (ERC 721) on a blockchain, like Ethereum.
Any digital asset that a creator wants to make unique can become an NFT, whether it is jpegs, gifs, videos, event tickets, articles and of course, tweets.
Once the NFT is purchased, the owner has the digital rights to resell, distribute or license the digital asset. The NFT creators can also earn royalties off future reselling transactions, depending on the limitations programmed in the NFT’s code. Caveat of how an NFT can be used can also be set in the programming.
Is There a Market For NFT And Why?
NFTs can be financial investment, a collectible item or a sentimental purchase. Over the years, NFTs has become one of the key building blocks in the blockchain-powered digital economy. Several projects are experimenting with NFTs for a variety of use cases, in particular for gaming, digital identity, licensing, certificates, and fine art. With NFTs getting easier to issue, there are increasing types of assets being created every day.
Brands, such as Nike, are also using NFT to build brand affinity and its community. With the purchase of the NFT, buyers feel more connected to the artist or a brand, which is similar to how collectibles come into play such as baseball cards or dolls, or being in an exclusive club such as Hermes.
Other than established brands, such as those in the sporting scene:
Equally as popular, NFTs in the form of adorable digital art creations, in the likes of the following, are trending at an unimaginable pace and price.
- CryptoKitties
Recent NFT Hypes
Since the first NFT begins in 2017, it has gain a immense market capitalizaiton. Currently, the volume of the BFT market stands at $8.2million per week.
Recently, Taco Bell debuted its NFTacoBell collection, which consisted of five taco-inspired gif illustrations, and were sold out within the hour. The original prices were set at $1, the price of a taco, but the reselling of the NFTs have increased some of the prices to more than $3,600. With each resell, Taco Bell earns 0.1% in royalties, which will be donated to the Taco Bell Foundation. The original first round of buyers for the NFTs were also rewarded with a year’s worth of free Taco Bell.
Twitter founder Jack Dorsey also announced the sale of his tweet which is also the social platform’s first-ever tweet, which he made on March 21, 2006. Overnight the tweet which did not had any associated monetary value, is now worth bid hit $2.5 million, on virtual auction, when Dorsey created a tokenized version of the tweet, an NFT, that gives the buyer the digital rights of ownership
Is NFTs Here To Stay?
NFTs are looking at playing an important role to drive blockchain Innovation. Digital collectibles open up blockchain technology to new avenues outside of the conventional financial applications. In a short span of time, NFTs have grown into a sizable market segment with seemingly little limitations to its applicability.
By representing physical assets in the digital world, NFTs seem to have the potential to be a vital part of not just the blockchain ecosystem, but the wider economy.
With use cases so vast, developers can come up with new and exciting applications and innovations for the underlying technology, such as further integration of NFTs and DeFi. The growth of NFTs grows demands has also spurred new developments such as the emergence of the NFT index fund to enhance retail accessibility.
Ultimately, even though the growth of NFTs is driven by speculation, this demand is likely capable of improving the use of underlying technologies and the interoperability of blockchain protocols, alongside giving the crypto space mainstream exposure.
Making The Money From NFTs
While Brands and developers are leveraging NFTs as an additional means to create revenue-generating branding, the consumers and investors are also opportunistically gaining on the speculation. To a certain extent, the market does appear over-hyped, for the amount of money paid for a single collectible, such as CryptoPunks, per CryptoSlam’s data. However, fundamentally, the principle is very similar to physical collectibles such as pokemon cards. As such, NTFs do seem to be innovating the collectible investment and trade segment by making it more easily applicable and extending more reach.
An example of the investor who invested in the purchase of the following Cryptopunk Art 5 months ago at $1,646.24 and sold it for $69, 865.48. That is approximately 4,000% profit!
For those without the appetite of sourcing, buying and keeping multiple digital art pieces for months, a quick way to profit will be to trade NFT projects on exchange. Take ENJ/USDT for example, since market opening, it has climbed to the highest of 3.00 in a few days with a very vibrant trading value.
Conclusion
NFTs are here to stay. There is no turning back on digitilisation and with Ethereum growing at immense pace, NFTs applications will be propagating quickly and be used creatively in more ways.
Check out some TOP NFT projects listing on BiKi Exchange
For investors who are looking at NFTs but do not wish to pay the exorbitant price tag of a digital asset nor need the bragging rights of a ownership of one, can look at trading of NFTs projects offered on exchanges.
BiKi has started listing NFT projects due to strong demands from its community. For those who are looking to start your first investment in NFTs, can consider strong projects that are listed on BiKi. Some mention-worthy projects such as FLOW, RARIBLE and ALICE, are backed with credible business operations and strong applications that have been increasingly gaining reach and variety.
1. FLOW (FLOW/USDT)
The Flow NFT token is not only a quick and developer-friendly blockchain, it is also constructed to be the foundation for a new generation of games, apps, and digital assets. Flow is a layer-one blockchain originally developed by a team that boasts of a long and illustrious experience in consumer blockchain applications – from CryptoKitties and Dapper Wallet to of course, the NBA Top Shot.
Website link: https://www.onflow.org/
Trading link: https://www.biki.com/en_US/trade/FLOW_USDT
2. ENJIN (ENJ/USDT)
Enjin offers an ecosystem of integrated products that make it easy for everyone to develop, trade, monetize, and market with blockchain.
Comprised of the Enjin Platform, Marketplace, Wallet, Beam, and other tools and services, Enjin’s tools enable game developers and studios to utilize tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of Enjin-powered blockchain assets.
Website link: https://www.onflow.org/
Trading link: https://www.biki.com/en_US/trade/ENJ_USDT
3. MANA (MANA/USDT)
Decentraland is a decentralized VR (virtual reality) world that is powered by the Ethereum blockchain. In this virtual world, you can purchase land, build it, monetize, and immerse into the applications and content that is built by other users. What distinguishes Decentraland from other VR projects is its decentralized nature. Land and in-game currency are powered by the Ethereum blockchain which give users complete ownership and promotes transparency.
MANA is the native currency in Decentraland. It is an ERC-20 token powered by the Ethereum blockchain. Users can currently use MANA to purchase LAND and also pay for goods and services in Decentraland. MANA token can be purchased from various centralized exchanges, decentralized exchanges, and swap services.
Website link: https://decentraland.org/
Trading link: https://www.biki.com/en_US/trade/MANA_USDT
4. MANA (MANA/USDT)
Rarible is the NFT marketplace that utilizes the native RARI token to be a creator-centric platform. Any user can easily create NFT crypto for unique digital items, along with a fully functional NFT crypto marketplace. They use a part of the revenue to subsidize the first mint transaction – where the NFT is created, to fuel the growth of the platform. The RARI token is capped at 25,000,000, and a vast majority of the tokens are reserved for the Rarible NFT marketplace.
Website link: https://rarible.com/
Trading Link: https://www.biki.com/en_US/trade/RARI_USDT
5. RARE (RARE/USDT)
Unique is a next-generation decentralised NFT arts marketplace for the growing world of digital Artists, Creators, and Collectors. Unique wants to be the first truly community-run art marketplace and believes that this diversity will make it truly unique — a one of a kind project in the world.
Website link: https://www.unique.one/
Trading Link: https://www.biki.com/en_US/trade/RARE_USDT
6. FOTO (FOTO/USDT)
Unique.Photo is a permissionless photography NFT platform with the same ethos as Unique.One — A platform for the community by the community.
Like Unique.One, Unique.Photo incentivises digital artists and photographers instead of profiting off of them. Photographers are not charged fees to mint their work — they are rewarded.
Unique.Photo caters to the specific need of photographers, helps them tokenize their work to prove provenance for sales, and shows them how to get rewarded for using the Unique.Photo platform.
In keeping with the Unique.One ethos, Unique.Photo will have a fair launch.
Website link: https://www.unique.photo/
Trading Link: https://www.biki.com/en_US/trade/FOTO_USDT
7. ORIGIN (OGN/USDT)
Origin is a protocol for creating sharing economy marketplaces using the Ethereum blockchain and IPFS. It empowers developers and businesses to build decentralized marketplaces on the blockchain. Its protocol makes it easy to create and manage listings for the fractional usage of assets and services.
Website link: https://www.originprotocol.com/en/
Trading Link: https://www.biki.com/en_US/trade/OGN_USDT
8. SAND (SAND/USDT)
$SAND is the native token of our gaming platform The Sandbox, an ERC-20 application token built on the Ethereum Blockchain, which is used by gamers, content creators, and investors alike. $SAND is a fungible, divisible, and mutually replaceable token. The tokens listed on the OKEx exchange are all homogenized tokens. The token powers the Metaverse of The Sandbox game.
Website link: https://www.sandbox.game/en/about/sand/
Trading Link: https://www.biki.com/en_US/trade/SAND_USDT
Reasons to trade NFT tokens on BiKi Exchange
Headquartered in Singapore, BiKi is a centralized exchange that provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. With its aim to provide the safest, most stable and most effective cryptocurrency trading platform, 100% of the transaction fees are used in buyback and burning of its platform token, BiKi.
BiKi focuses on building a strong and knitted crypto community where users exchange tips and pointers to leverage the crypto market. Since its official opening, BiKi has well over 3 million registered users, 200,000 daily active users, over 2,000 community partners, and 200,000 community members.
Lower than industry average deposit fees & trading fees
BiKi accepts deposits only from cryptocurrencies (BTC and USDT) and does not charge a deposit fee. In addition, for each cryptocurrency coin, the BiKi platform uses a flat charge of 0.15 percent, which is the same. This is very competitive on the market and below the level of industry for similar cryptocurrency trading exchanges.
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