With all of the new innovations, the NFTs world is thriving, and it wouldn’t be inaccurate to say that people are going crazy over everything that is being released. Hyundai Motors, for example, has established a partnership with Meta Kongs NFT brands to enter the non-fungible token market. We’ll learn what makes NFTs so popular in this blog, but first, let’s define what an NFT.
What is an NFT (non-fungible tokens)?
Non-fungible tokens, or NFTs, have distinct characteristics that cannot be replaced or interchanged. They are the tokens that represent ownership of one-of-a-kind objects like as digital artworks, collectibles, music, games, and a variety of other electronic items. One of the most important features of NFTs is that they only have one owner at any given moment and are secured by a blockchain.
The following is a list of 5 well-known NFTs
NFTs have recently received an excessive amount of attention. They’ve become a fad these days, with celebrities endorsing them and major corporations collaborating and entering the market. What’s more fascinating about these NFTs is that they grant their members exclusive rights and exceptional benefits. Members can use their existing characters to create a new piece of art.
1. Bored Ape Yacht Club
Bored Ape Yacht Club created by Yuga Labs is so famous that it is currently being endorsed by many celebrities. From Justin Beiber to Jimmy Falon, these big names flaunt the apes on their Twitter handles and have made them the most sought-after NFTs in the market.
With just 10,000 in number, BAYC enjoys its elite status by being scarce in number. Not only that, BAYC is coming with its first Hollywood debut movie “ The Otherside”.
2. Doodles
Doodles, created by Burnt Toast are a collection of colorful characters having exciting visual traits. With just being 10,000 in number it includes cats, aliens, apes, skellys, and mascots.
3. Decentraland
Founded by Esteban Ordano and Ariel Meilich in 2015, Decentraland is a virtual world running on the Ethereum blockchain. The users can buy and sell digital real assets, explore, interact and play games within the virtual world.
4. Women Rise
Created by world-renowned artist and activist Maliha Abidi, Women Rise represents women from all around the globe. It is a collection of 10,000 unique NFTs with traits going beyond the diversity of colour of the skin. Women Rise looks forward to building the first school in the metaverse for children around the world who does not have access to education.
5. Moon Birds
Launched on 16th April 2022, Moonbirds is a collection of 10,000 bird NFTs. It gives its members access to private club membership and additional benefits. There is this thing called ‘Nesting’, wherein the member can lock their bird and let it nest without leaving the wallet. Once the total time is accumulated, Moonbird achieves new tier levels.
Types of NFTs and Ways to Buy them:
With non-fungible tokens gaining popularity, it comes up with new innovations and creations. Some of the popular types are as follows
- Collectables
- Domain names
- Gaming
- Property
- Real-world assets
- Virtual items
In order to own the unique pieces of token one needs to have a digital wallet to store their cryptocurrency and NFTs. One can use platforms like Kraken, Opensea, and Coinbase to purchase cryptocurrencies.
Usually, a small percentage of the crypto purchases is charged by the exchanges.
What Makes NFTs so Popular?
For something to become popular and revolutionary requires uniqueness and acceptance. Perhaps that is the reason why NFTs are becoming hot cakes these days and everyone wants to own a piece of them.
Another point that makes it unique is authenticity. Each collectable is different from the other and easily verifiable because of blockchain. Any fake collectable cannot be created because each item can be traced to its original owner.
But there is a love-hate relationship going on in the NFT world. Recently, some very famous NFTs have been under hackers’ radars. BAYC and Axie Infinity have seen some of the biggest hacks in the history of NFTs with millions of dollars worth of NFTs being stolen.
Not all that Glitter is Gold
NFT world has seen a remarkable response and it has been accepted as something of value. However, there are a few drawbacks that are worth mentioning while talking about non-fungible tokens. Let’s find out more.
- In February, Open Sea confirmed a phishing attack. As explained by Peckshield, a blockchain security company, the process once authorized paved the way for hackers to steal the NFTs.
- The Crypto world was in shock again when hackers breached the Ronin network and stole cryptocurrencies of more than $600 million. According to Ronin, the attacker exploited a compromised private key to fabricate false withdrawals. Platform lost 173,600 ether tokens and $25.5 million coins worth over $620 million.
- On 25th April 2022, came another hacking news by Bored Ape Yacht Club. The hackers stole $3 million worth of apes including 4 Bored Apes, 7 Mutant Apes, and 3 Bored Ape Kennel club keys NFTs.
Apart from the hacks, the creation of NFTs involves huge computing power and many server farms are powered by fossil fuels. The environmental impact cannot be overlooked considering the already burdened Earth’s environment.
It is not everyone’s cup of tea. For some people, it is just too overwhelming and they are not ready to accept it and conversation around NFTs is either rejected or ignored.
Conclusion on NFTs being Popular
We may love it or hate it but we cannot ignore it. NFTs are booming and there is no stopping them. It has helped enhance exposure for the budding artists and big brands that want to make an impact.
Being so popular, everyone now wants to own and flaunt their avatars just like their profile pictures. Play-to-earn games are becoming famous and it has helped people earn a living.
The digital artists who once used to display their art on other social media platforms were not getting the response they expected however, with NFTs becoming famous their artwork is getting due recognition. NFTs look promising with big brands jumping the bandwagon and trying to make a digital impact.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
Author
With all of the new innovations, the NFTs world is thriving, and it wouldn’t be inaccurate to say that people are going crazy over everything that is being released. Hyundai Motors, for example, has established a partnership with Meta Kongs NFT brands to enter the non-fungible token market. We’ll learn what makes NFTs so popular in this blog, but first, let’s define what an NFT.
What is an NFT (non-fungible tokens)?
Non-fungible tokens, or NFTs, have distinct characteristics that cannot be replaced or interchanged. They are the tokens that represent ownership of one-of-a-kind objects like as digital artworks, collectibles, music, games, and a variety of other electronic items. One of the most important features of NFTs is that they only have one owner at any given moment and are secured by a blockchain.
The following is a list of 5 well-known NFTs
NFTs have recently received an excessive amount of attention. They’ve become a fad these days, with celebrities endorsing them and major corporations collaborating and entering the market. What’s more fascinating about these NFTs is that they grant their members exclusive rights and exceptional benefits. Members can use their existing characters to create a new piece of art.
1. Bored Ape Yacht Club
Bored Ape Yacht Club created by Yuga Labs is so famous that it is currently being endorsed by many celebrities. From Justin Beiber to Jimmy Falon, these big names flaunt the apes on their Twitter handles and have made them the most sought-after NFTs in the market.
With just 10,000 in number, BAYC enjoys its elite status by being scarce in number. Not only that, BAYC is coming with its first Hollywood debut movie “ The Otherside”.
2. Doodles
Doodles, created by Burnt Toast are a collection of colorful characters having exciting visual traits. With just being 10,000 in number it includes cats, aliens, apes, skellys, and mascots.
3. Decentraland
Founded by Esteban Ordano and Ariel Meilich in 2015, Decentraland is a virtual world running on the Ethereum blockchain. The users can buy and sell digital real assets, explore, interact and play games within the virtual world.
4. Women Rise
Created by world-renowned artist and activist Maliha Abidi, Women Rise represents women from all around the globe. It is a collection of 10,000 unique NFTs with traits going beyond the diversity of colour of the skin. Women Rise looks forward to building the first school in the metaverse for children around the world who does not have access to education.
5. Moon Birds
Launched on 16th April 2022, Moonbirds is a collection of 10,000 bird NFTs. It gives its members access to private club membership and additional benefits. There is this thing called ‘Nesting’, wherein the member can lock their bird and let it nest without leaving the wallet. Once the total time is accumulated, Moonbird achieves new tier levels.
Types of NFTs and Ways to Buy them:
With non-fungible tokens gaining popularity, it comes up with new innovations and creations. Some of the popular types are as follows
- Collectables
- Domain names
- Gaming
- Property
- Real-world assets
- Virtual items
In order to own the unique pieces of token one needs to have a digital wallet to store their cryptocurrency and NFTs. One can use platforms like Kraken, Opensea, and Coinbase to purchase cryptocurrencies.
Usually, a small percentage of the crypto purchases is charged by the exchanges.
What Makes NFTs so Popular?
For something to become popular and revolutionary requires uniqueness and acceptance. Perhaps that is the reason why NFTs are becoming hot cakes these days and everyone wants to own a piece of them.
Another point that makes it unique is authenticity. Each collectable is different from the other and easily verifiable because of blockchain. Any fake collectable cannot be created because each item can be traced to its original owner.
But there is a love-hate relationship going on in the NFT world. Recently, some very famous NFTs have been under hackers’ radars. BAYC and Axie Infinity have seen some of the biggest hacks in the history of NFTs with millions of dollars worth of NFTs being stolen.
Not all that Glitter is Gold
NFT world has seen a remarkable response and it has been accepted as something of value. However, there are a few drawbacks that are worth mentioning while talking about non-fungible tokens. Let’s find out more.
- In February, Open Sea confirmed a phishing attack. As explained by Peckshield, a blockchain security company, the process once authorized paved the way for hackers to steal the NFTs.
- The Crypto world was in shock again when hackers breached the Ronin network and stole cryptocurrencies of more than $600 million. According to Ronin, the attacker exploited a compromised private key to fabricate false withdrawals. Platform lost 173,600 ether tokens and $25.5 million coins worth over $620 million.
- On 25th April 2022, came another hacking news by Bored Ape Yacht Club. The hackers stole $3 million worth of apes including 4 Bored Apes, 7 Mutant Apes, and 3 Bored Ape Kennel club keys NFTs.
Apart from the hacks, the creation of NFTs involves huge computing power and many server farms are powered by fossil fuels. The environmental impact cannot be overlooked considering the already burdened Earth’s environment.
It is not everyone’s cup of tea. For some people, it is just too overwhelming and they are not ready to accept it and conversation around NFTs is either rejected or ignored.
Conclusion on NFTs being Popular
We may love it or hate it but we cannot ignore it. NFTs are booming and there is no stopping them. It has helped enhance exposure for the budding artists and big brands that want to make an impact.
Being so popular, everyone now wants to own and flaunt their avatars just like their profile pictures. Play-to-earn games are becoming famous and it has helped people earn a living.
The digital artists who once used to display their art on other social media platforms were not getting the response they expected however, with NFTs becoming famous their artwork is getting due recognition. NFTs look promising with big brands jumping the bandwagon and trying to make a digital impact.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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