1. What are NFTs?
Image Source: altimates.com
Non-fungible tokens, more commonly known as NFTs, are unique digital assets backed by blockchain technology. NFTs are usually forms of digital media such as artwork, GIFs or trading cards. Ownership of NFTs can be bought and sold, making them popular in the online trading world.
2. The theory behind NFTs
Image Source: nftsstreet.com
NFTs emerged from the concept of coloured coins which utilised Bitcoin’s blockchain. The theory behind coloured coins is that you can add an overlay or ‘open asset’ to a blockchain to create a subset of tokens. This idea was first established in 2013 and NFTs are the evolution of this concept.
3. Why Ethereum?
Image Source: nftsstreet.com
Most NFTs are part of the Ethereum blockchain, which is a cryptocurrency with the ability to store information on the digital ownership of an NFT. However, the high cost of the blockchain technology is resulting in creators and investors to explore other network options.
4. Memes have turned into NFTs
Image Source: Esquire Philippines
NFTs are considered ‘crypto-art’ as they are digital tokens that certify as a piece of digital artwork that can be sold. This means that anything can essentially become an NFT…including the famous ‘Bad Luck Brian’ meme which sold for $36,000 in March 2021.
5. What is the Bored Ape Yacht Club?
Image Source: altimates.com
The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique ‘Bored Ape’ NFTs living on the Ethereum blockchain. As of this year, the collection is worth over $1 billion. They are particularly popular amongst celebrities including Justin Bieber and Paris Hilton.
6. The first ever NFT
Image Source: altimates.com
‘Quantum’ is an octagon-shaped animation created by Kevin McCoy, an artist based in New York. Although the term ‘non-fungible token’ wasn’t established until 2017, this is considered first piece of work to be given an NFT-type digital certificate of ownership in May 2014.
7. Why are NFTs worth so much?
Image Source: altimates.com
Every single NFT is unique with its own verifiable identity. This is because they are non-fungible, unlike cryptocurrencies such as Bitcoin. The unique and individual nature of NFTs is what makes them so valuable, as they are worth as much as someone is willing to pay for them.
8. The most expensive NFT in history
Image Source: nftsstreet.com
‘The Merge’ is officially the most expensive NFT collection designed by the anonymous digital artist called Pak. Almost 30,000 buyers pitched in to buy the artwork which was sold for a whopping $91.8 million. The images are simply different sized circles which represent different masses.
9. Solana is on top
Image Source: AirdropAlert
Solana’s NFT scene is growing, with its price increasing last summer making it one of the world’s most popular blockchains when it comes to NFTs. The most popular collection is the ‘Degenerate Ape Academy’ which was top of the leaderboard in trading volume in August 2021.
10. Who is FEWOCiOUS?
Image Source: Esquire
FEWOCiOUS, whose real name is Victor Langlois, is an elite figure in the world of NFT art. At only 19 years old, his work is now valued at more than $26 million. He started creating art at the young age of 13 in his hometown of Las Vegas, before becoming a phenomenon in the digital art world.
11. The Azuki Collection
Image Source: nftsstreet.com
Earlier this year, $300 million worth of Azuki NFTs were transacted in just one week. Designed by the artist Arnold Tsang, Azuki NFTs are an anime-inspired collection of avatar pictures. Tsang is best know for his work as lead character designer for the video game ‘Overwatch’.
12. Eminem has his own NFT collection
Image Source: nftsstreet.com
Eminem is actively involved in the NFT space, after he released his own NFT collection called ‘Shady Con’ in April 2021 which yielded $1.7 million in sales. He also purchased a 'Bored Ape' NFT from the Bored Ape Yacht Club NFT at the start of this year.
13. Jack Dorsey made his first ever tweet into an NFT
Image Source: Reuters
Jack Dorsey was the founder of the social media platform ‘Twitter’ and is now the CEO of the payments company ‘Square’. Back in March 2021, Sina Estavi paid $2.9m for an NFT of Dorsey's first ever tweet. He is a crypto entrepreneur and CEO of Bridge Oracle.
14. NFTs were sent to Ukraine as aid
Image Source: nftsstreet.com
After the shocking invasion of Ukraine earlier this year, people were actually able to help the country by sending them donations in the form of crypto. The government received tens of millions of dollars worth of cryptocurrency aid, as well as NFTs.
15. Damien Hurst is an NFT creator
Image Source: nftsstreet.com
Last year, Hirst made his debut in the NFT world by pairing thousands of unique dot paintings with corresponding NFTs which were available to buy for $2,000 each. Buyers then had to decide if they wanted to keep the NFT or trade it in for the physical canvas copy the following year.
16. Ongoing royalties are a thing
Image Source: nftsstreet.com
When you sell an NFT creation on a platform such as OpenSea, you will receive ongoing royalties every time it sells in the future. In other words, you will get a percentage of the sale price each time it is sold. This can vary from 5-10%, meaning you will continue to profit.
17. NFTs are not just forms of digital media
Image Source: nftsstreet.com
Although NFTs are typically digital images or pieces of art, pretty much anything can become an NFT as long as they have ‘Digital Certificate of Ownership’ stored on the blockchain network. Last year, the artist Kii Arens turned a real house into an NFT.
18. The 12-year-old NFT millionaire
Image Source: nftsstreet.com
He hasn’t even reached his teenage years yet, but Benyamin Ahmed has become a millionaire. He is a crypto expert after his Dad taught him to code at the age of 5. He then released his own whale-themed collection of NFTs which have been traded for more than $5 million.
19. What are CryptoKitties?
Image Source: nftsstreets.com
CryptoKitties first came onto the scene after the idea of NFT gaming was brought to the crypto world. It was developed by the Canadian gaming studio ‘Dapper Labs’ and it allows players to purchase, breed and collect virtual cats with total ownership given to the token holder.
20. Who is interested in NFTs?
Image Source: dreamstime.com
So, who is really driving the current NFT boom? Although many people would assume its Generation Z because it is such a new phenomenon, a poll found that millennials are actually three times more likely to trade NFTs than members of the younger generation.
21. Visa has purchased an NFT
Image Source: nftsstreet.com
Not everyone is convinced by NFTs and they are yet to make it into the mainstream market. However, a lot of attention was brought to the space when Visa purchased CryptoPunk #7610 for $150,000 back in 2021 marking a prominent moment in the history of NFTs.
22. NFT games are a thing
Image Source: nftsstreet.com
NFT games have become popular in the Game-Fi world, which gives players the opportunity to earn an income by participating in the games. You can sell gaming assets to other collectors and players using the games native markets, as well as third-party marketplaces.
23. The work of Beetle
Image Source: nftsstreet.com
This is one of the most expensive NFT ever sold…Beeple's “Everydays: The First 5000 Days”. This mosaic compilation of Mike Winkelmann’s work, a digital artist who goes by the name ‘Beeple’. It sold for $69.3 million at Christie’s auction house in March 2021.
24. What is the NBA Top Shot marketplace?
Image Source: nftsstreet.com
During the Covid-19 pandemic, the NBA league managed to avoid the loss of earnings many others experienced during lockdown by using NFTs. Another invention by the Canadian gaming studio ‘Dapper Labs’, the NBA Top Shot marketplace generated hundreds of millions of dollars through trading cards.
25. You can use NFTs to get a loan
Image Source: nftsstreet.com
NFTs are more than just valuable digital collectables, they can now even be used to secure loans. Yes, that is correct, REAL loans! By using decentralised financial (DeFi) apps, NFT owners can make use of their assets to access the liquidity they need.
26. Gary Vaynerchuk supports NFTs
Image Source: nftsstreet.com
More commonly known as ‘Gary Vee’, this investor and entrepreneur is an advocate for NFTs. He is known for his accurate predictions about latest trends and emerging technology, meaning he has built up a loyal following online. Vee even has his own NFT collection called ‘VeeFriends’.
27. NFTs can be fractionalised
Image Source: nftsstreet.com
Do we all remember this ‘Doge’ meme? Well, it has now been turned into an NFT and thanks to the concept of Fractional Art anyone can become a part-owner. The meme has been split up into billions of tokens called ‘DOG’ which can be purchased by collectors.
28. What are CryptoPunks?
Image Source: nftsstreet.com
CryptoPunks is an NFT collection on the Ethereum blockchain which was created by two Canadian software designers called Matt Hall and John Watkinson. After launching in June 2017, they gave 10,000 tokens away for free for anyone with an Ethereum compatible cryptocurrency wallet.
29. Who owns Cozomo de' Medici?
Image Source: nftsstreet.com
Cozmo de’ Medici is one of the biggest NFT collections out there at the moment and you’ll never guess who owns it…Snoop Dogg. Not only is the rapper a big investor in cryptocurrencies, he also has an NFT wallet containing over $17 million worth of NFTs.
30. The most popular NFT game is Axie Infinity
Image Source: nftsstreet.com
Axie Infinity is one of the most popular NFT games at the moment which only means one thing…the price of tokens has also increased. This has limited the accessibility of the game to players who can’t afford it, which resulted in the development of a new programme where people can loan NFTs.