NFT Market Potential

NFT Market Potential

A. NFT Technology Explained

B. NFT Market Potential

NFT Technology Explained : What is Non-Fungible Token (NFT)?

NFT stands for non-fungible tokens. Tokens are built on the same blockchain technology as cryptocurrencies like Bitcoin and Ethereum,

On the one Side, cryptocurrencies are "fungible tokens," which means they may be traded or swapped for one person to another person. They're also worth the same, one Bitcoin is always value another Bitcoin. On the other Side "non-fungible-tokens" cover digital signatures that prevent them from being equivalent to one another (hence, non-fungible).

The non-fungible characteristic makes NFTs unique and irreplaceable. Therefore, people are using NFTs to represent digital files such as paintings, photos, cards, game collectibles, digital music, virtual lands in fantasy Metaverse, or even tweets on Twitter, to make one of a kind in the digital world. For example, everyone can download a copy of Everyday from the internet; however, there's only one rightful owner of the original item who has paid nearly $70 million to buy its NFT.

Beeple’s famous NFT artwork: Everydays

While Ethereum is the most popular NFTs creation blockchain currently, other public blockchain networks also support NFT makings. Binance Smart Chain and Polygon Network have been growing with events, ranging from token swaps to decentralized money markets and cute NFTs.

To buy NFT you need to have a digital wallet that allows you to store NFT and cryptocurrencies. Then you have to buy some cryptocurrencies depending on what currencies your NFT provider accepts and use the cryptocurrency to exchange digital assets on NFT Marketplace such as OpenSea, Foundation or Apicland Marketplace. You can Purchase crypto using a credit cards on platforms like Coinbase, Kraken, e-Toro and even PayPal and Robinhood now.

You can also purchase NFT on Apicland NFT Marketplace.

NFT Market Prospective: Last year the blockchain space observed the rising of Decentralized Finance (DeFi); however, the NFT sector has stolen DeFi's thunder to become the most noticeable trend of 2021.

There was an exponential growth in the NFT empire during the first quarter of 2021. According to Forbes list in the first three months of this year, the NFT market capitalization escalated by around 1789% to $432,10 million. The total trading volume of top NFT platforms multiplied 26 times from $30,2M in December 2020 to $227M in March 2021.

The majority media has been wild about NFT novelty and their adoptions by celebrities and investors. In March, well-known auction house Christie sold Beeple artwork with a record-breaking price of nearly $70 million.