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Things that you did not know about NFTs

While crypto enthusiasts and investors around the world seem to be obsessed with NFTs, their trading volume breaks all records. Here we reveal 10 interesting facts about NFTs that will help you better understand the world of non-fungible tokens.

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1. NFT is a non-fungible token.

This means that an ERC-20 token placed on a blockchain can only exist as a single instance.

2. NFT is a step from humanity to the virtual world.

NFTs are common in the field of video games and virtual worlds. Through the NFT one can buy and sell characters, skins or aspects of the characters and weapons, their own strategic maps, etc. The market volume of CS: GO skins, for example, is estimated at 2 billion dollars (1.7 billion euros).

3. CryptoKitties are the first non-fungible tokens

The first to enter the world of NFT were the CryptoKitties. CryptoKitties is a blockchain game where players buy, sell, breed, breed and create virtual kittens, which are the characters in the game. Each “kitty” is an NFT. The game was released in 2017.

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4. 5 thousand images in the form of NFT were sold for 69 million dollars

There is an artist and graphic designer known as Beeple. Beeple is the founder of the Everyday movement. Like the members of the movement, he himself creates memes and interesting images every day. In 2011 Beeple sold a collection of 5,000 of his images in the form of a non-fungible token for which he earned $69 million.

Read Also: How to create and sell your own NFT

5. Donald Trump appears in an NFT

Following Donald Trump’s defeat in the 2020 US presidential election, Beeple created a video of a large, blond man lying naked on the ground face down. Words like “Looser” and others related to the lost campaign were seen on his body. This token was issued in the form of NFTs and was sold for 6.6 million dollars (5.6 million euros).

6. …and LeBron James too

The NBA sold a video of LeBron James hitting a slam dunk for $200,000.

7. For artists, NFT is a trade without intermediaries

For illustrators, musicians, and other artists, NFT is a perfect way to sell their work and earn money. For this they do not need anything or anyone: not directors, not record companies, not famous galleries, not auction houses. The artist can create a token, put it up for sale on an NFT platform (eg OpenSea), and set the price. The platform creates a smart contract to formalize the deal and the first to offer the right amount of money gets to keep this NFT. It is also possible to organize auctions for your works and sell them to those who offer you the most money.

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8. NFT platforms “burn” the most Ethereum gas

After the implementation of the London hard fork on the Ethereum network at the beginning of August, the commissions of this blockchain began to burn. The leader of this Eth burn is the OpenSea NFT market, which outperforms all blockchains and DeFi platforms, which means that the transaction volume of NFTs on this platform is huge.

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9. NFT market sales increased 196 times

In 2021, the volume of NFT trade around the world reached 3.34 billion dollars (2.83 billion euros) for 8 months, while in the same period of 2020 it was equivalent to 17.1 thousand dollars (14.5 thousand euros). That is, the market grew 196 times. The number of active non-fungible token wallets has increased from 17 to 65 thousand. According to expert forecasts, for the entire year, 2021 sales may amount to 7 billion dollars (5.9 thousand euros).

10. Jack Dorsey’s tweet was sold in the form of NFTs

Jack Dorsey, creator and owner of Twitter, sold his first tweet in the form of a non-fungible token (NFT) for $2.9 million (€2.46 million).

Surely NFTs still have a lot to surprise us with, as this is only the beginning of their rise. Soon we will tell you more curiosities about the mysterious world of non-fungible tokens.

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George Philip
George Philip
George is a tech-savvy professional and enthusiast. He writes content that gives you the insights and information you need to understand how tech is impacting your life, workplace, and world. You may contact him via his email - [email protected]


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