🪄NFT Bazaar Infographics Hub | Significant Moments of NFT Buzz in 2021
During one of the worst pandemics in human history, cryptocurrencies made waves in the market. If the bitcoin saw wild fluctuations, Non-Fungible Token (NFT) was the talk of the digital ecosystem. From companies to investors to celebrities to artists, NFT has become a top investment option. As a result, its market cap grew more than 54 times from $338 million by the end of 2020 to more than $18 billion on June 9, 2021.
What is NFT?
An NFT is a metadata composition, making it one of a kind. Each NFT reflects digital ownership backed by an asset. NFT gives a digital identity to physical or digital assets. It can be associated with any form of tangible or intangible assets. Further, just like other cryptocurrencies, NFT is channeled through blockchain technology.
NFTs have been around since 2012, some built on the bitcoin network but most operating on the Ethereum network. The first-ever NFT was minted in 2014 by artist Kevin McCoy. Later, in 2017, it again came to prominence when it debuted in the Ethereum network for a digital collectible game. However, in terms of popularity, NFT remains a comparatively new entrant among other cryptocurrencies.
Why all the buzz now?
As we mentioned earlier, its market cap has grown more than 54 times since 2020. This growth has come from a series of high-end trading in NFT assets.
NFT has now gained much prominence but the potential it holds is yet to be fully discovered. The first applications were across Metaverses, Art, Gaming, Sports, Collectibles and Utility. However, AR/VR, Real Estate, Event Ticketing, Brand Licensing and Tokenizing of real-world assets also show promise. Further, we are seeing many new players from different segments starting to invest and trade in NFTs.
What makes NFT different from other cryptocurrencies?
Though it is a decentralized form of currency just like other cryptocurrencies, NFT is different from other cryptocurrencies in the following key aspects:
- NFT opens the possibility of multiple-owner scenarios for a particular asset. Therefore, rather than being owned by one, it holds the potential to be owned by many in pieces.
- An NFT’s value is uncertain. It depends on how scarce or popular it is considered by the potential buyer.
- An NFT is not equal to any other NFT. Each token is assigned a digital hash that distinguishes it from every other NFT. Therefore, no two tokens are equal, either in value or in their properties.
- Little volume with exceptionally high value of assets.
- The secondary market is relatively less active.
During the pandemic, when most of us shifted to our workstations at our homes, the artists and art galleries were among those recognizing the urgent need for digitalization. NFT emerged as a blessing in such a scenario. Further, NFT managed to capture attention quickly, leading to a smoother transition to the blockchain across various use cases. However, it is still a long road ahead in making NFT mainstream.
We are also witnessing some concerns being raised over NFTs. Environmental impact and crypto-bubble are the two major concerns here.
About NFT Bazaar：
The brand-new founded NFT Bazaar (https://nftbazaar.network) is one of the most-used aggregators that offering up to hyper-efficient NFT markets to benefit not only NFT token holders, but digital artists, musicians, gamers and all kinds of lovers as well, while providing one-stop NFT issuance, bidding and exchange platforms with ease.
NFT Bazaar is more than an info hub, but more like an aggregated digital art gallery and central market interchange that links all live trading venues, investors and creators on this unique platform with ease!! By dedicating to co-contributing the emerging Binance Smart Chain (BSC) ecosystem, NFT Bazaar, in the very near future, will become your handy NFT aggregator as well as exchange platform full of vitality.
At present, NFT Bazaar has collected 50,000+NFT contracts and 520,000+ on-chain transaction data, covering 9 categories such as art, collections, virtual world, sports, music, and games. The transaction data is updated in real time, which is far ahead of other similar platforms. Users can quickly find the information they want by category, price, transaction volume, market value, etc., and obtain intuitive chart price display, transaction history and other data.
NFT Bazaar has just been launched for 1.5 month, with average weekly UV2,000+ and PV 3,000+. It is expected to reach MAU 2,000+ by the end of the second quarter and MAU 10,000+ by the end of 2021.
The NFT issuance function has now been officially launched in May 2021, and NFTs in mainstream contract formats such as 721/1155 can be created at just one-click both in front-end and back-end modes. It is estimated that the platform can support 1000+ TPS and platform GMV will reach 500,000 US dollars/month. By the end of 2021, NFT Bazaar will rank among the top 15 global NFT platforms.
We have currently formed official strategic partnership relationships with other pioneers in this fields, including: @Redblock Capital @Resolute.fund @Rocki @bondlyfinance @Fortube @Ontology/Wing and so. Welcoming to join us at:
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For more information about UPRETS,
Lastest SolarX Project MakerDAO Forum: https://forum.makerdao.com/t/solarx-mip6-application-uprets-solarx-industrial-real-estate-backed-loans/6718
OST Digital Securities MakerDAO Forum: https://forum.makerdao.com/t/ost-1-mip6-application-by-uprets-real-estate-backed-digital-security/4438