• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Crypto Market

      Non-fungible Token(NFT): The Next Big Thing in Crypto Market

      NFTs are unique digital items managed by Blockchain Networks. Some of the common examples of the NFT are digital art, collectibles, game items, domain names, etc.

      Guest Author by Guest Author
      March 8, 2021
      in Crypto Market, NFT
      0 0
      0
      non fungible token
      725
      SHARES
      9.1k
      VIEWS
      Share on FacebookShare on Twitter

      NFTs are the latest trend in the crypto sphere. After the huge success of DEFI, investors are betting on NFT Tokens for higher returns. Let’s understand in detail, what is this hype all about.

      What is a Non-Fungible Token Or NFT?                                 

      Non-Fungible assets are some of the regular stuff and are the unique digital items managed on blockchain networks. Some of the common examples of the NFT are digital art, collectibles, game items, domain names, and the ownership records of some of the physical assets.  

      The ERC-721 introduces a standard for NFT, in other words, this type of Token is unique and can have a different value than another Token from the same Smart Contract, maybe due to its age, rarity, or even something else like its visual.

      From the very example, we can say that NFTs are not interchangeable.      

      Brief History of Non-Fungible Tokens 

      Everything has a history, and the past has an immense potential to manipulate the present, thus the future, up to a certain level. Do, in order to know and understand the currency and future place of where NFT is standing, let’s dig a bit bitter in the past of NFTs.  

      Before CryptoKitties 

      Experiments in the NFT’s Began with the emergence of the colored coins of the Bitcoin network. On Counterparty Blockchain, illustrations on the Pepe frog character were built on. Some of them are sold on eBay. And the rest of them are sold on the live auction in New York. 

      The CryptoPunks is the first crypto-based NFT experiment. It comprises 10000 unique collectible punks. Each of which has its unique characteristics. It was built by the larva labs. It was featured on the on-chain marketplace. It could be placed with the wallets with the Meta mask, at the same time lowering the barrier of interacting with NFTs. 

      In recent days, the limited supply along with a strong brand image among the early adopter community have made CryptoPunks the best of true digital antiques. 

      Birth of Crypto Kitties

      The very first project, Crypto Kitties, was launched in 2007 in order to bring the NFTs into the mainstream. This very incident had taken place at the ETH Waterloo hackathon. This had featured an on-chain primitive game, which allowed the users to breed the cats together in order to generate new cats of varying rarity. Among them, “Generation 0” cats were auctioned with a declined price. 

      The rest of the new cats also were sold in the market. But a part of the gaming community had labeled Crypto kitties as “not a real game.” The team also tried with some pioneered changes. They also even develop an on-chain breeding algorithm. And lastly, they ended up pioneering a Dutch auction contract. This later became the basic price discovering techniques for Non-Fungible Tokens or NFTs. 

      How Does NFT Work?

      In case you are wondering how non-fungible tokens or NFTs work, then you need to consider the example of Crypto Kitties. When non-fungible tokens are represented on the public blockchain, the developers get the scope to build reusable, common, and inheritable standards that are relevant to all tokens that are non-fungible.

      This also includes some basic primitives, like ownership, simple access control, and also transfer. All the non-fungible token standards totally allow all non-fungible tokens to wander all across multiple different ecosystems. 

      So, whenever any developer creates a new NFT, it will be visible to dozens of wallet providers and will be tradeable on the marketplace. The most important thing that we simply cannot miss is it will be displayable inside of the whole virtual world. 

      It is the result of an open standard, which offers a reliable, consistent, and clear API, which is at the same time permission also for writing and reading data. 

      Crypto Collectible Rankings by Sales Volume (All-time)

      ProductBlockchainSalesBuyersTxnsOwners
      1NBA Top ShotFLOW$76,011,029.3833,206966,39066,463
      2CryptoPunksETHEREUM$32,407,531.201,4348,8931,375
      3CryptoKittiesETHEREUM$29,689,865.4594,674746,23492,797
      4HashmasksETHEREUM$25,907,371.341,5696,2363,430
      5Axie InfinityETHEREUM$8,783,625.3120,821136,21731,024

      Top Crypto Collectible Sales (All-time)

      CollectiblePriceSeller  Buyer
      1CryptoPunk 2890Alien, CapSold: 24 days ago$ 747,400.09
      605.0000 ETH
      0x6611fe…90b376

      0x24c5eb…752c2a
      2Hashmask 9939Mystical, Unique, Mystical Eyes, Mystical Skin, No ItemSold: 14 days ago$ 640,151.67
      420.0000 ETH
      0xf12817…d24f3d

      0x51787a…96feb4
      3Hashmask 6718Male, Unique, Heterochromatic Eyes, Transparent Skin, BookSold: 13 days ago$ 497,856.02
      300.0000 ETH
      0x14a7bc…930a4d

      0x51787a…96feb4
      4CryptoPunk 6297Zombie, Nerd Glasses, Cigarette, Top HatSold: 9 days ago$ 361,997.18
      215.0000 ETH
      0x832179…e491e5

      0xc606bb…e9518c

      Top 10 NFT Based Cryptocurrency

      #NameBlockchainMarketcapPrice24h VolumeBlockchainChange 24hChange 7d
      1DecentralandMANAETHEREUM$451.02M$0.29403$129,541,190Ethereum-6.29%+26.01%
      2Enjin CoinENJETHEREUM$445.24M$0.53375$81,949,679Ethereum-1.26%+29.64%
      3Flow (Dapper Labs)FLOWFLOW$424.73M$18.2281$30,035,161Own Blockchain-3.94%+69.3%
      4WAXWAXPETHEREUM$108.15M$0.07144$28,495,837Ethereum+6.5%+46.95%
      5NFTXNFTXETHEREUM$185.36M$420.420$15,772,059Ethereum+4.53%+130.74%
      6The SandboxSANDETHEREUM$149.66M$0.22397$45,177,434Ethereum-9.15%+48.24%
      7RedFOX LabsRFOXREDFOX$101.32M$0.07723$1,959,499Own Blockchain+11.31%+106.8%
      8Axie InfinityAXSETHEREUM$84.32M$1.99882$24,161,124Ethereum-5.73%+57.03%
      9BondlyBONDLYETHEREUM$72.28M$0.69511$10,435,162Ethereum-3.39%+103.62%
      10UltraUOSETHEREUM$64.55M$0.22842$1,168,595Ethereum+1.18%+9.37%

      Future Trends

      Well, if you want to know about the future of NFT or non-fungible tokens, you need to know the past of it as well. 2020 was all about Defi and Bitcoin. For the most part of 2020, we had gone experiencing the roller coaster ride of Cryptocurrencies. 

      This increased adoption of DeFi and institutional recognition has made a path for other sectors that are in the same space. More people are developing an interest in favor of DeFi, which is giving reliability to most of the sectors of this space. 

      According to CoinRank Data, 69000+ NFTs were sold in the last 30 days, and 70 Block Fork were the most expensive deal, which happened at the price of 181472$.

      So, by looking at last year’s graph, it is not that hard to say that 2021 will be more reliable for NFTs. We can expect a brighter future for the Non-Fungible tokens along with the projects that are related to this very system.

      Conclusion

      So, from the above discussion, it is clear that the time of non-fungible tokens has already arrived. The past of NFTs was too interesting and full of adventures. Here the future is also going to be as adventurous as the past. And there are many things related to NFT that are waiting for us to explore and experience.

      Author Bio –

      Mashum Mollah is a tech entrepreneur by profession and passionate blogger by heart. He is on a mission to help small businesses grow online. He shares his journey, insights, and experiences at BlogStellar ,Social Media Magazine & Search Engine Magazine. If you are an entrepreneur, digital marketing professional, or simply an info-holic, then this blog is for you.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: featuredNFT
      Share290Tweet181Share73

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      by Karthik Guttha
      June 22, 2022
      0

      WTF is an xNFT? And Why Should You Care While crypto markets continue to suffer from rising interest rates and...

      The Sandbox Game Beginner Guide: How to buy land in Sandbox Metaverse

      The Sandbox Game Beginner Guide: How to buy land in Sandbox Metaverse

      by Sabith Ali
      May 18, 2022
      0

      The Sandbox Game Beginner Guide: How to buy land in Sandbox Metaverse The Sandbox Game: Sandbox is an upcoming decentralized...

      NFTWorlds: How to make money playing Minecraft

      NFTWorlds: How to make money playing Minecraft

      by Sabith Ali
      April 25, 2022
      0

      In this article, we present a step-by-step guide to making money playing Minecraft & NFTWORLDS. Minecraft? Yes! Every gamer might...

      Moonbirds NFTs Hit 20 Eth Floor Price in 2 Days, Collecting Over 66 Million in Initial Capital

      Moonbirds NFTs Hit 20 Eth Floor Price in 2 Days, Collecting Over 66 Million in Initial Capital

      by Karthik Guttha
      April 19, 2022
      0

      While the crypto markets continue to face macro uncertainties and trend downward with BTC volumes drying up, the NFT markets...

      move to earn gaming

      Missed Play-to-earn? Then You Better Pay Attention to Move-to-earn

      by Karthik Guttha
      April 6, 2022
      0

      In this article, I will talk about what is a move to earn games, and how you can make money...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      Top 15 NFT influencers on Twitter you should follow right now

      Top 15 NFT influencers on Twitter you should follow right now

      September 28, 2021
      featured image

      List of ChainLink Partnerships which skyrocketed the growth of LINK cryptocurrency

      February 2, 2021
      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      June 22, 2022
      Pi Network: Scam or Legit?

      Pi Network: Scam or Legit?

      April 30, 2021
      featured image

      Top 3 Coins That Have Outperformed Bitcoin This Year

      April 26, 2020
      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      May 29, 2021
      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      June 22, 2022
      Prime Stake and Oreol Staking – big conference in Denver

      Prime Stake and Oreol Staking – big conference in Denver

      June 15, 2022
      Magic Square Integrates With deBridge

      Magic Square Integrates With deBridge

      May 24, 2022
      DCAProfit Releases A New DCA Calculator Supporting Dozens Cryptocurrencies And DJIA Performance Comparison

      DCAProfit Releases A New DCA Calculator Supporting Dozens Cryptocurrencies And DJIA Performance Comparison

      May 19, 2022
      The Sandbox Game Beginner Guide: How to buy land in Sandbox Metaverse

      The Sandbox Game Beginner Guide: How to buy land in Sandbox Metaverse

      May 18, 2022

      Terra Protocol (LUNA) Collapse Resembles 08’ Financial Crisis, Caused by Lehman Brothers

      May 12, 2022
      Is it Worth buying Luna under five dollar

      Is it Worth buying Luna under five dollar

      May 11, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29549 shares
        Share 11808 Tweet 7380
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9903 shares
        Share 3960 Tweet 2475
      • Top 10 Low market cap altcoins to invest in 2021

        7221 shares
        Share 2887 Tweet 1804
      • Top 10 NFT Crypto Projects You Should Know

        7222 shares
        Share 2602 Tweet 1626
      • List of leading partners of Ripple, and How they use XRP?

        5424 shares
        Share 2169 Tweet 1356
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.