A Quick Dive into the Popularity of Blue-Chip NFTs
More than just simple economics of supply and demand, popular NFTs remain desired because of its cultural significance.
The post A Quick Dive into the Popularity of Blue-Chip NFTs appeared first on LUXUO.
Non-fungible tokens (NFTs) are all the rage now. Its popularity skyrocketed in 2021, along with the cryptocurrency boom as Bitcoin and the likes entered mainstream consciousness. For the starters, NFTs are tokens that can be used to represent ownership of unique digital assets like a piece of art or sound clip that was bought using Ethereum, a type of cryptocurrency. Ownership of an NFT is recorded on a blockchain, and the public has access to its authenticity, ownership and provenance.
To be fair, NFTs have been around since 2014, but it was only recently that this technology was popularised. Its sales even hit US$25 billion last year when it was only hitting US$94.9 million in 2020, according to data collected by DappRadar. With such a huge market, NFTs became a surefire way for people to earn quick bucks or even make a career out of it by becoming digital artists. Celebrities and big companies have also jumped on the bandwagon to create and buy these digital tokens.Â
Image: CryptoPunks
READ MORE: Top 5 Most Expensive NFTs in 2021
Of the sea of newly minted NFTs, blue-chip ones are perennially in demand like the two most popular ones: Cryptopunks and Bored Apes. These are almost equivalent to ?museum quality? art produced by the Old Masters and could easi...
The post A Quick Dive into the Popularity of Blue-Chip NFTs appeared first on LUXUO.
Non-fungible tokens (NFTs) are all the rage now. Its popularity skyrocketed in 2021, along with the cryptocurrency boom as Bitcoin and the likes entered mainstream consciousness. For the starters, NFTs are tokens that can be used to represent ownership of unique digital assets like a piece of art or sound clip that was bought using Ethereum, a type of cryptocurrency. Ownership of an NFT is recorded on a blockchain, and the public has access to its authenticity, ownership and provenance.
To be fair, NFTs have been around since 2014, but it was only recently that this technology was popularised. Its sales even hit US$25 billion last year when it was only hitting US$94.9 million in 2020, according to data collected by DappRadar. With such a huge market, NFTs became a surefire way for people to earn quick bucks or even make a career out of it by becoming digital artists. Celebrities and big companies have also jumped on the bandwagon to create and buy these digital tokens.Â
Image: CryptoPunks
READ MORE: Top 5 Most Expensive NFTs in 2021
Of the sea of newly minted NFTs, blue-chip ones are perennially in demand like the two most popular ones: Cryptopunks and Bored Apes. These are almost equivalent to ?museum quality? art produced by the Old Masters and could easi...
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