Non-fungible tokens (NFT) are becoming an increasingly important aspect of the digital economy. Composed of digital art, music and other assets, NFTs can often be sold for substantial sums of real money.
These digital assets, built upon the Ethereum blockchain, offer a secure and tamper-proof method of ownership and trading digital goods. Plus, they’re an enjoyable way to share any type of media with the world!
Art Blocks
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If you’re into generative art, Art Blocks is likely familiar to you. This platform showcases a vast selection of projects created through computer algorithms.
These creative works are stored on the Ethereum blockchain and each project includes a non-fungible token (NFT). NFTs are inherently non-fungible, which means they cannot be traded or exchanged one-for-one with another token without using an automated smart contract.
NFTs are created from a provably unique token seed, which controls variables in the generative script that makes up art. This code is immutably stored on the Ethereum blockchain, enabling users to purchase iterations of the same project.
Recently, several curated NFT projects have become highly sought after in the market; one recent Sotheby’s auction fetching millions of dollars. A curated project is a selection of NFTs carefully chosen by the platform’s team and known for its superior aesthetic and technical innovation.
To purchase a NFT token, you’ll first need to create an account on the platform and deposit some of your own Ethereum. After this step is completed, send the token directly to the project address.
Once a project’s creator receives funds, they will upload code to create the NFT. They have also the option of selecting which license type applies to their NFT, which determines how much access they have to the token.
Many are still unaware of NFTs, yet they are an extremely valuable form of cryptocurrency and an excellent investment option in the thriving art market. But before investing in them, it is essential to comprehend how NFTs operate in order to fully appreciate their benefits.
Generative art is an age-old form of digital artwork created through algorithms. However, with the emergence of cryptocurrencies and non-fungible tokens (NFTs), Generative Art is seeing a meteoric rise in popularity.
Last year, several generative artists launched NFT collections on Art Blocks and quickly gained a following on the platform. Tyler Hobbs’ Fidenza and Dmitri Cherniak’s Ringers are two of the most popular offerings.
Bored Ape Yacht Club
If you’re a fan of quirky profile pictures, then you may have come across Bored Ape Yacht Club. Created by Yuga Labs – an American Web3 company based in Utah – these 10,000 non-fungible tokens (NFTs) feature 10,000 ape-themed NFTs that have taken the NFT space by storm.
On the Ethereum blockchain, The Bored Ape Yacht Club NFTs are available for purchase. Each token depicts an ape with algorithmically generated traits like different eyes, facial expressions and hair colors.
By purchasing a token, you acquire full ownership and commercial rights to your ape. This means you can use it for selling merchandise, creating artwork or even branding your company.
As with many cryptocurrencies, tokens must be stored in a crypto wallet. Popular NFT wallets include Metamask and Trust Wallet, though there are other options as well.
Bored Ape Yacht Club NFTs have become quite the phenomenon, with their popularity skyrocketing over the past few months. But it remains uncertain how long this frenzy will continue.
NFTs have seen a meteoric rise in popularity due to their unique characteristics and celebrity endorsements. Furthermore, the tokens boast high values that can be traded on major exchanges.
Additionally, some celebrities have been actively marketing their bored ape NFTs on social media, creating an incredible amount of excitement around the project. Notable names include Kevin Hart, Snoop Dogg, and Mark Cuban.
Celebrities’ endorsements of bored ape NFTs have helped them rise in value on secondary markets, which was instrumental to its success. Furthermore, it has attracted new investors.
Bored Ape Yacht Club stands out among other NFTs on the market due to its exclusivity and celebrity endorsements, making it a must-have item for any crypto enthusiast.
Recently, token prices have seen a tremendous surge in value, with most reaching an all-time high of $24.4 million at Sotheby’s auction. This upward trend could continue for years to come.
The Sandbox
The Sandbox is a fictional creation by nft that offers an immersive and thrilling experience. Its 3D world is structured on a map, allowing users to interact with their avatars and the objects within it.
The Sandbox utilizes the Ethereum blockchain to enable users to create and monetize gaming experiences on its platform. It consists of three primary components: VoxEdit, a free 3D voxel art animation software for building NFT game assets; MarketPLACE for purchasing/selling NFT assets; and The Sandbox Game Maker tool for creating gaming experiences within the metaverse.
VoxEdit is a free and user-friendly NFT creation tool for PC/Mac that enables users to design and animate 3D objects such as humans, animals, vehicles, foliage, tools and items with voxels – square 3D pixels similar to building blocks. These creations can then be uploaded onto an IPFS network for decentralized storage before being registered on the blockchain for proof of ownership.
Once registered, NFT game assets become tangible assets that can be sold on The Sandbox Marketplace to other users. This enables creators to monetize their NFTs through The Sandbox’s market and earn LAND tokens that can be traded on NFT exchanges or used in games in the metaverse.
Land is the basic unit in The Sandbox and can be acquired during public property sales, when The Sandbox sells its land to users through DISTRICT approval. Land parcels measure 96 meters long and wide with an available total of 166,464 acres.
Each LAND can be terraformed to create unique landscapes. The owner uses a tool called the LANDer to alter the terrain, and they may also invite other players to play games on their land.
The Sandbox, like other metaverse projects, provides a decentralized mode of governance through decentralized autonomous organizations (DAOs). Furthermore, it utilizes several tokens that demonstrate digital real estate ownership.
Since launch, The Sandbox’s LAND sale has generated more than $1 million USD in sales and continues to provide significant income for its community of gamers, creators, and partners. Furthermore, the company is exploring additional funding avenues for continued growth. Currently, their community boasts +300k monthly users with an estimated value exceeding $20M by 2020.
CryptoPunks
CryptoPunks were one of the first non-fungible token (NFT) projects ever launched, created by New York-based mobile software company Larva Labs and released in June 2017. At that time, anyone with an Ethereum wallet could claim a punk free of charge provided they covered its nominal minting fee.
When we first spoke to CryptoPunks creators Hall and Watkinson, they told us their vision for the project. They wanted to create a collection of images that captured the rebellious, anti-establishment energy of early blockchain activism.
To achieve this feat, they employed a special technique known as defi (DeFi), which permits users to create 24×24-pixel portraits without paying for computing power. The outcome is an array of unique pixel art objects which have now gained widespread recognition as works of art in themselves.
CryptoPunks set the bar for other NFT collections such as CryptoKitties and Bored Ape Yacht Club. And with the ongoing popularity of NFTs, many of these pixel art assets have become highly sought-after on crypto exchanges.
Owning a CryptoPunk is like owning an original artwork – their supply is limited and their value has only grown over time.
In March 2022, Yuga Labs – parent company to popular social media site Bored Ape Yacht Club – announced they had acquired Larva Labs’ CryptoPunks and Meebits NFT collections for an undisclosed sum. They stated their intentions to create a community of builders and derivative works around these two NFT collections similar to their own BAYC NFT collections.
Following the acquisition, CryptoPunks’ floor price surged to over 70 ETH on the day of announcement, reinforcing investor confidence and fueling buying interest in the project. It is anticipated that these numbers will continue to climb with Yuga Labs’ leadership and guidance.
CryptoPunks has only been around for a few years, yet it has already cemented itself as an icon of the NFT movement and will likely remain so in the future. As more people become acquainted with NFTs, they will likely discover more uses for them – and CryptoPunks will undoubtedly play a prominent role in that growth.