The global NFT market size is expected to grow from USD 3.0 billion in 2022 to USD 13.6 billion in 2027, at a compound annual growth rate (CAGR) of 35.0% from 2022 to 2027.
According to Bitcoin news site and token listing PortalCripto, key factors driving the growth of NFTs include the growing influence of celebrities on NFT adoption, revolutionizing the gaming industry, and slow but steady growth in demand for NFT digital artwork, among others .
What are NFTs?
NFTs are digital assets that represent real-world objects such as artwork, music, in-game items, and videos. They are often bought and sold online using cryptocurrencies and are often coded using the same underlying software as many cryptocurrencies.
Although NFTs have been around since 2014, they are now gaining notoriety as they are becoming an increasingly popular way to buy and sell digital art. In 2021 alone, the NFT market will be worth a staggering $41 billion, a figure that is close to the total value of the entire global fine art market.
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Encrypted NFTs are usually unique, or at least one of very limited implementations, and have a unique identification code. “Essentially, NFTs create digital scarcity,” said Arry Yu, chair of the Cascadia Blockchain Committee and managing director of Yellow Umbrella Ventures, a Washington-based tech industry association.
This is in stark contrast to most digital creations that are almost always endless. Assuming it has demand, reducing supply should increase the value of a given asset.
What is an NFT game?
NFT games are games that contain NFTs in some way.Unlike other forms of NFTs, NFT games don’t just keep crypto collectibles in your wallet, they also come with player interactions, avatars, and weapon purchases, and through templates game to make moneywhich also allows players to earn income from NFT games.
The appeal of NFT gaming is that it creates unique and limited tokens that can be exchanged with every existing non-fungible token on a decentralized digital ledger based on blockchain technology. This allows players to have true ownership and can trade, create and implement NFTs in-game, while developers create smart contracts to form the rules of the NFTs used. For more information, you can read our article on how to buy NFTs.
The most popular NFT in 2022?
CryptoPunks are a collection of 10,000 unique characters. The most expensive of them so far sold for $24 million in the ethereum (ETH) cryptocurrency.
#2 Boring Ape Yacht Club – NFT Monkey
Another modern NFT project is the BAYC project, short for Bored Ape Yacht Club.
This is another collection of non-fungible tokens on the Ethereum blockchain. The collection includes monkey photos generated using a unique algorithm. Its parent company, Yuga Labs, owns the Boring Ape Yacht Club. Pre-sale for the project begins on April 23, 2021.
The series was so popular that even celebrities like Neymar, Snoop Dog or Justin Bieber won their Apes.
On January 20, Neymar changed his avatar and used the boring ape 6633 as his avatar. According to OpenSea history, the footballer paid 159.99 ETH for the monkey. Taking the current ETH price as a reference, the price is around $481,600.
How to earn free NFTs?
#1 Game Money Game
One way to earn NFTs for free is to sign up for NFT-based games. These are games specifically designed to encourage the buying and trading of NFTs.
These types of games are called Play-to-Earn (P2E) games.
#2 Twitter Giveaway
You can also earn NFTs from projects that frequently promote giveaways on Twitter. Search for hashtags or terms related to NFTs and see which project accounts appear.
Like Twitter, projects often reward their Discord community with NFT giveaways. Often, they distribute NFTs from other projects to show cross-community support.
The main difference between Twitter and Discord freebies is the time and effort to find them.
The world’s most expensive NFT for sale
The most expensive NFT sale in the world is in 2021, Beeple’s Everydays: The First 5000 Days. Not only was this the most expensive NFT sale ever, but the event snowballed in the mainstream media and brought the popularity of the term “NFT” to the cryptocurrency industry.
Having said that, please do your research before making any investment, investing in cryptocurrencies, NFTs are highly risky and speculative, this article is not the author’s recommendation for investing in cryptocurrencies.
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