banner
NFT impressive footprint in the crypto market
NFT impressive footprint in the crypto market
NFT news

NFT impressive footprint in the crypto market

By Thuy Dung - 28 Mar 2021

Chevron down
Listen this article
download

Whether folks are interested or not, in recent times, it can’t deny the remarkable development of NFT in the crypto market. More and more products stand out and develop in the NFT ecosystem. 

SpencerNoon – an investor in the Variant Fund and founder of the project called “Our Network” stated his perspective about the promising trend that NFTs are going mainstream. If you work in art or are interested in it, then definitely do not miss the information about NFT below.

NFTs (Non-fungible Tokens) are collectibles based on the blockchain. To put it more simply, NFT are crypto assets that are “unique” and “limited”. 

For example, using the ERC-20 standard, every token in the supply is the same, you can exchange with others 1 ETH and there is no difference in the ETH you receive. 

However, with the standard of Non-fungible Token, the NFT works on the ERC-721 standard, where each token is irreplaceable.

ERC-20 ERC-721
Fungible Non-fungible
Uniform Unique
Interchangeable Non-interchangeable
Dividesible Non-divisible
Ex: LINK, MKR, UNI, YFI, USDC… Ex: CK, AVASTAR, EM, DCLI…

 

Because of that “uniqueness” and “limitation”, NFT becomes something not only exclusive to the crypto market demand but also has a large number of individuals pursuing the arts. They can be creators, art collectors or, more closely, people who need art products such as logos, digital paintings… In addition to the rapid growth of Defi today that further strengthens the growth of NFT in the future. NFT became valuable and attracted a large number of users thanks to Defi platforms surging.

So far, many promising projects are starting to incorporate NFT. In NFT’s Lego, there are many pieces of the puzzle and prominent names work in different areas such as:

  • Marketplace: Rarible, OpenSea, …
  • Infrastructure: Darwinia, Ethereum, Cardano, Zilliqa, Flow…
  • Games: Axie Infinity, CryptoKitties…
  • VR: Sandbox, Decentraland, OVR…
  • Defi NFT: Seascape, NFTX…
  • Collectibles: Unisocks, Meme…

In addition, the NFT market also attracts the attention of projects that are not purely developed in terms of NFT. An example are recent projects like IOST, Origin and ZKSwap. This is definitely good news for the fan holder when the project team always catches the latest trend in the market. 

NFT, a growing market in the crypto space

Within the remarkable growth in such a short time, SpencerNoon affirmed the NFT market will gradually expand and develop in the future. In February 2021, $91 million of crypto art was sold in the market and its value increased eightfold from the previous month. There are currently 4 artists whose artwork in NFT is valued at more than $ 10 million. The story will go further if the NFT market attracts artists from the traditional market to crypto, so the market capitalization will increase sharply.

Also in just one month, @nba_topshot – a crypto collectible project has a revenue of up to 250 million dollars, this attracts other sports leagues that are sure to follow. According to OpenSea, a leading marketplace for NFT recently has attracted more than 50,000 users in a short time and there is no sign of stopping. NFT’s sales across the market have reached ATH at $ 105 million and have become a remarkable portfolio of many collectors around the world. 

Finally is the SOCK token, a token for $ 12 that allows you to buy socks on the Unisocks platform that has peaked at $ 150,000 and is currently trading stably at $ 100,000.

Perhaps many people are still skeptical, but the truth has proved that anything can happen in the crypto market. The important thing is whether people will be forever skeptical of the NFT or will seize a chance during the time while the market is still constantly uptrend.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.