There’s hardly anyone on the planet who hasn’t heard about NFTs, or in other words, Non Fungible Tokens. There is a good reason behind this. Not only are they a fusion of art and technology, but they are also a perfect place for understanding how human psychology works, in terms of evaluating and valuing certain things. In this case, objects, only not the physical ones, but rather digital.
That being said, when the first NFT appeared on the market, it was unclear how this market would expand and progress. Shortly after, it became obvious that this industry tends to become one of the most powerful industries in the world. First of all, it is based on blockchain technology. We all know how popular cryptocurrencies have become, especially in the last couple of years. Bitcoin has tremendously grown in value and is now the most expensive currency out there. When it was first invented, no one ever knew that it’s going to become what it is today. More importantly, no one could imagine that it will be a prototype for almost 2,000 other currencies that currently exist on the market. Apparently, blockchain technology is an innovative technology with endless possibilities and potential, and it is not only the case with investing, but with many areas in which it can be applied. That said, it changed the way we perceive the world around us, the way businesses and economies work, and it brought revolutionary changes on a global level.
Isn’t this the perfect environment for NFTs? It most certainly is. There are thousands of tokens available and they are being minted on a daily basis. Just like BTC was mined, these tokens are being minted, or in other words, created and added in the system. For this to be done, large amounts of energy are being used, which is one of the biggest problems when it comes to digital currencies in general. However, every NFT is unique, it is non-fungible, which means that they can’t be copied nor distributed more than once, which reminds of traditional artworks, and the way they were made and sold. Only this is a digital version.
Depending on the type, or in other words – collection of NFTs, their price can vary from as low as $30 to the most expensive NFT ever sold – for almost $92,000,000! This incredible price of an NFT is not something that can be seen so often, as The Merge is the first on the list of the top 3 most expensive tokens ever sold. The second one on the list is Everydays, with the value that reached $14,000,000.
However, tokens are usually being bought for less money, and people trade them just like any other currency. If they are not the creators, they usually tend to purchase popular tokens or tokens they think are gonna increase in value over time – while they’re still affordable. In other words, NFTs are being treated just like any other assets. The most common and the most popular type are artistic NFTs or digital art that’s based on Ethereum and blockchain. But this industry also evolves fast, and now we have music, GIFs, videos, collectibles, sports, memes, fashion — basically anything that can come to your mind. All of this is being transferred to digital, or digitalized.
When it comes to art, doodles are extremely popular, and art that looks like simple drawings that are being done in Microsoft Paint. Aliens, animals (monkeys, bears, pandas, snakes, pelicans, fish) anything you can imagine – it’s there and it’s being sold. However, when it comes to NFT turtles, it seems like the market is not that saturated.
The most expensive NFT turtles are tropical turtles that are being sold for almost $850, which is the case with Tropical Turtle #68. The next most expensive one is the Tropical Turtle #775, which is being sold for almost $780. The third on the list was sold for around $600, and the other two were being sold for an estimated price of $500.
As you can see, animal NFTs are extremely popular and the demand is very high. As a matter of fact, the most expensive animal was sold for around $2,200 USD, and it was a snake. The most used platform is OpenSea although there are multiple platforms where you can both trade and create original tokens as an artist or creator. Non fungible animals can either be realistic or made as a drawing. When it comes to the first, there is an important good cause behind them, since a part of the funds of every trade is being dedicated to endangered species all around the world. These species, such as tigers, gorillas or whales, need our help and with these funds, their habitat can be improved, and it can also be used for food etc.
On the other hand, collectible animals such as Bored Apes, are the most recognizable type of tokens, and the first thing people imagine in their mind when someone mentions NFTs. Some of these bored monkeys have been sold for almost $2,250,000, which shows how much popularity they gained over time. Pudgy Penguins, Doge pounds, Weird Whales and Gorillas that are being called Cyber Kongz are also extremely popular collections people love to invest their money in.
Collectible animals are designed as cartoon animals (turtles are based on ninja turtles, in most of the cases). All of them have interesting and colorful clothes, jewelry, accessories etc, which makes them so interesting to purchase.
Finally, Non Fungible Tokens make a great investment, whether you are experienced or not. Especially if you are already investing in Bitcoin or other cryptocurrencies and you want to diversify your portfolio. Since the crypto market is so volatile, it seems like a good idea to invest in different types of assets, many different cryptocurrencies, even stocks etc. While the NFTs are in peak of their popularity, there’s nothing better you can do but to indulge in this world!