Why are NFTs so popular right now?

NFT Product Showcase Pixel Art Illustrative Instagram Post
NOTE: This is not a real NFT for sale :stuck_out_tongue:

Well, before I jump into that, let’s talk about what NFTs are and how do they work?

NFTs are non-fungible tokens that are digital assets that represent tangible and intangible items.
These can range from collectible cards, drawings, music, digital real estate, tweets, and much more.
At a very high level, most NFTs are part of the Ethereum blockchain.
NFTs are essentially designed to give you something that can’t be copied.

SO WHY ARE THEY BECOMING SO POPULAR?

NFTs have become very popular among crypto users and companies alike because of the way they have revolutionized the gaming and collectibles industry. Since November 2017, there has been a total of $174 million spent on NFTs.

Thanks to the advent of blockchain technology, gamers and collectors can become the immutable owners of in-game items and other unique assets as well as make money from them.

Like all assets, supply and demand are the key market drivers for price. Due to the scarce nature of NFTs and the high demand for them from gamers, collectors and investors, people are often prepared to pay a lot of money for them.

NFTs varies from couple hundreds to hundred of thousands in dollar value.

Has anyone sold or bought NFTs? What’s your feedback and experience?

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So much talk about NFTs, it feels like the digital art aspect alone is bringing in people by the masses. All this is super relevant but… imagine when the real estate market start really adopting #NFTs! :exploding_head:

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Great question @Marsi and I was pleased to see your post about it as recently did my own research on this topic as well.

I think you would be even more surprised by actual Q3 2021 numbers in the Dapp Industry Report:

This is my favourite Key takeaways in numbers by analytics platform DappRadar as they found a 704% increase from the previous quarter.

  • The NFT space generated $10.67 billion in trading volume during Q3, an increase of 704% from the previous quarter. Ethereum and Ronin accounted for 77.73% and 19.53% respectively from the record numbers.

  • The NFT market cap for Top 100 Ethereum collections + NBA Top Shot is estimated at $14.19 billion, supporting the value flow into the NFT segment.

  • Axie Infinity keeps shattering records as the game became the most traded NFT collection ever, surpassing $2 billion in historical trading volume.

The report is really good but can be summarised with this quote:

“If I were, to sum up, Q3 in a single word, it would be “diversification”. The play-to-earn movement became a key driver in the space, NFTs turned towards greater utility and secured record volumes, and the DeFi space got a lot more interesting and competitive with the likes of Solana and Terra”

Modesta Jurgelevičienè, Head of Finance & Research at DappRadar

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Great info! NFTs are the future!

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I can’t even process that lol

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This is valuable information. Thanks for sharing @ACUMEN

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Thank you for reading it.

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Artists and digital content creators are also looking to make money, many peoe have devoted their lives to creating content but the Internet has made it super easy to copy and send something.

Copyright and the DMCA were trying to deal with the rampant use of images without copyright or attribution etc. But this is a way to have something the artists can control.

Let’s discuss this news on the show:

And take a look at this! How to monetize digital content without NFTs:

https://qbix.com/token

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