2021 is the first year of the NFT, who will approve? Who is against?

From JPEGs to sports culture to crypto biology, NFTs have made headlines this year and their popularity has overtaken other groups in the crypto space.

In 2021, the value of Bitcoin more than doubled from its all-time high, the Ethereum ecosystem rapidly improved, investors joined the cryptocurrency space, and Dogecoin became very popular and became a model. important. . But surprisingly, everyone around me seems to be talking about 'JPEG'.

Around the same time last year, NFTs were only a part of the crypto space, but now they're just a model. Over the years, the concept of DTV has not only permeated many cultures, but has also made digital technology a viable concept. More surprisingly, the monthly commodity market has reached millions of dollars. dollar.

In fact, a lot of people love and hate NFTs. Because I'm not sure if NFTs represent the future of membership or if it's just deadly fraud.

So, what is a non-fungible token (NFT)? According to popular belief, NFTs are not JPEGs. It's not red, it's not a pixelated avatar, it's not a digital collection of sports culture, and it's not a monster battle for you in a video game. This is all what NFT stands for.

In fact, NFT itself is a blockchain-based token and can turn out to be the owner of a single project regardless of the project. Smart contracts can sell or trade NFTs, artists can earn permanent profits, and virtual assets can be used in games and meta-universes.

Suddenly it arises:2021 NFT first year

2021 is the year that NFTs enter the public eye. The concept of NFT first appeared in 2014, but only happened this year. The NFT sector made over $ 23 billion in the industry this year alone. Randomly generated NFT collections, on-site contributions from mainstream celebrities, and the rise of paid games during games are the main drivers of the NFT boom. The latest meta-space craze is even more icing on the cake. At the start of the year, good gains in sports suddenly pushed NFTs from the market segment to key markets. Dapper Labs' NBA Top Shot monthly volume topped $ 200 million in February and March alone, surpassing total industry-wide NFT volume in 2020.

Earlier this year, performers also made waves in the NFT arena, from Grimes to crypto generators such as Rob Gronkowski, Pak and 3LAU. It should be noted that digital artist Beeple sold NFTs for $ 69.3 million during Christie's debut in early March, now ranking third in a major offering for the live artist. , sensationalizing the entire crypto industry and bolstering the NFT boom. .

But now that competition seems to have become the culmination of the NFT boom. The craze gradually subsided and the market began to saturate. Naturally, Topshot's sales started to gradually decline and more and more royalties were not generating revenue. A lot of people are starting to wonder if the NFT boom is just a temporary event. for

Overall, in the first half of 2021, the NFT industry reported $ 2.5 billion in revenue with the quarterly average trade volume also being equal, breaking previous performance in this industry. However, as cryptocurrency prices started to rise in July, the NFT market suddenly hit its highest level in August as it exploded. After several months of improvement in the NFT market, communities and groups have gradually increased, electricity prices have gradually increased to create a "blue chip" in accordance with the law, and the packaging industry has reached 10.7 billion US dollars. for

The value of NFT collection will be very high in 2021. Collectible products are not just NFT products, some have become special names, and as the metaverse has improved and matured, this method will lead to a relationship of metaverse. Based on statistics for the Top 100 NFTs from historical data, the market value of NFTs at the time of writing is estimated to be $ 16.7 billion.

OpenSea is now the industry leader in the NFT platform, with Ethereum trading volume reaching $ 150 million in June, $ 329 million in July and $ 3.4 billion in August. It's not hard to see that the increased traffic this time around is the most important and fully encrypted routine that reflects the ingenuity and potential of digital devices for community and power consumption. Meanwhile, the famous effect also played an important role in improving the NFT market, and earlier this year players such as SouljaBoy, Steve Aoki and Rob Gronkowski entered the NFT. Over the next several months, Paris Hilton actor, rap superstar Eminem and NBA star Stephen Curry also joined the NFT writing group, and since then news on the NFT has been active in the news. important news. . These models for NFT became more proven than Beeple's "Daily: The First 5000 Days" sale for $ 69 million and NFT was unveiled in the famous Christie store. Over the next few months, other NFTs and parts of the CryptoPunks and BAYC collections sold for record prices at Christie's and Sotheby's.

Other NFTs are worth paying for

1. Shades Ape Yacht Club takes over from OG. for

2. Cryptopunk adjusts your NFT profile picture as before, which saves you from having to manage specific club benefits, while still allowing the NFT to maintain this company profile. for

3. Art Blocks uses the Ethereum blockchain to create graphic effects algorithmically, similar to EulerBeats' NFT project for music creation.

4. Axie Infinity is currently the largest NFT project, and this project demonstrates the great potential of NFT in video games. Millions of players have bought Pokémon-type cartoon monsters and used them for battle. Some people depend on the lifestyle.

5. Another NFT function, Loot, is the TXT format of the JPEG or GIF files that we normally use, the 8 lines of this text form 8 randomly generated adventurer equipments. for

The decentralized communities that have multiplied today are all game developments around NFTs.

A world like Sandboxes and Decentraland, along with the gradual creation of meta-worlds, are driving digital transformation, allowing you to edit, share and finance your virtual land ownership. If the ambitious meta-universe plans of Facebook and other companies can finally be realized, we'll be there soon.

Takeover of the NFT industry

It cannot be ignored that the NFT market is booming. According to statistics from DappRadar, the market share of NFT in the quarter was $ 10.67 billion, and so far this year it has reached $ 22 billion. Not only that, but this industry seems to be acquiring more and more knowledge. Because more and more NFT data is used to improve performance. NFT is considered an important module for the construction of Web3, that is, an important module for the creation of meta-universes.

NFTs have long brought people closer to cryptocurrencies and blockchain technology. They come in many forms and are associated with people interested in works of art and culture. Additionally, NFTs make the crypto environment less recognizable but more accessible. Alex Svanevik, CEO of Nansen said:

"DeFi invests in crypto, NFT puts people in crypto."

Of course, a person can spend millions of dollars on a Twitter avatar, which confuses most of us. It should be noted, however, that this is only one example, and it is also the end of the ice of many issues that this market will still climb.

Ethereum still has some uncertainties. Objects collected and assets mined on low-intensity blockchain platforms (like Solana) also often engage in fraud. It's true. The whole crypto industry is still rich.

Media coverage is often the focus of NFTs, and businesses and organizations trying to get involved in this area often struggle. However, it is not possible to prevent large business models from entering the NFT market, as recently reported by McDonald's and Budweiser. Retailers say Budverse (Budweiser's first NFT series) is coming soon, as will White Castle's Tinderverse and Sliderverse.

Maybe even the first support group that was excited about NFT didn't expect tokenized digital collections to be so popular this year. But will this fanaticism continue?

Some insiders believe that most NFTs will not be able to sustain these benefits over the long term. Even well-known NFT author and founder Gary Vaynerchuk has warned that "NFT winter" is approaching and the industry is on the verge of decline. He thinks that only certain "good chip" projects can be successful.

If NFTs were truly the foundation for the next generation of the Internet, they might become obsolete. However, while depressing skeptics, in the future NFTs will become obsolete as they will be used to represent the owners of objects in our digital lives.

Ultimately, the NFTs will come together in our lives. We'll never call them NFT again, and we'll never know their special availability. Everything will behave like this. Think about it. Remember the last time you recorded digital music called MP3?

2021 is the year people get excited and excited about NFTs. The bell for 2022 is ringing, will the market continue? Let's wait.