- Non-fungible token (NFT) is the closest thing to the world born out of crypto. The technology has the potential to be useful for many industries.
- It has become the preferred method for selling and securing artworks, music, and other collectibles.
Since its invention, cryptocurrency was always seen as an investment rather than a technology. That’s because its adaption was very difficult given the fact that we’re living in a world run by centralized governments and organizations. But NFT brought a disruption, it emerged as a solution that had practical uses.
Today, a number of artists, musicians, and companies are using this decentralized fintech solution. Using an NFT, it is possible for individuals to secure their work from plagiarism. For the uninitiated, you can integrate any image, video, or music file into an NFT. Its non-fungibility prevents the original items to be copied to any other source.
As a result, the artisans and collectors get the true worth of their hard work. Their artifact is never copied and they get paid the whole amount every it is sold. And since its market is evolving, we have seen quite projects that have created a buzz in this space.
The 5 NFTs with an impressive portfolio
So let us glimpse a few of them and see what they offer to the users.
CryptoPunks works on the Ethereum blockchain and is perfect for managing a huge portfolio. Two Canadian software developers Matt Hall and John Watkinson launched this project in 2017 with the help of Larva Labs Studio. It has garnered a volume of 252.44 ETH and a market cap of 658,167 ETH. Since its launch, the platform has attracted so many artists.
As the name gives you a hint, this Ethereum-based project is associated with CryptoPunks. It is actually built to facilitate the former’s holders. The platform allows you to convert the CryptoPunks ETH tokens into ERC-731 tokens. The holders can trade these tokens on any NFT exchange. Its volume is 494.72 ETH and its market cap is 131,652.17 ETH.
Inspired by Anime, Azuki has established a distinct place for itself in the NFT space. It is known for hosting a rare collection of artifacts along with easy navigation of the platform. Moreover, it has accumulated lots of community engagement too. It has a volume of 781.36 ETH and a market cap of 151,437 ETH.
Commonly known as Bored Apes or BAYC, this Ethereum-based NFT platform boasts a vast collection of cartoon apes. The artists can create cartoons using their own procedural algorithm. Its volume is 1,006.55 ETH and the market cap is 511,473 ETH.
Mutant Ape Yach Club
It is a child entity of the Bored Ape Yacht Club and consists of 20,000 Mutant Apes. The team of Yuga Labs created it with the motto of rewarding BAYC holders. With a market cap of 223,605.36 ETH and a volume of 1,891.66 ETH, this platform has a thriving active community.
The world of NFT definitely shows some promising prospects. It gives you ample opportunities and also safeguards precious artworks from plagiarism. Moreover, it is allowing the artists in raising and maintaining a steady income. Without a doubt, it is a technology that takes us to a digitized world with limitless possibilities.