#NFTs went from $200m in sales volume in 2020 to an est. $10b in Q3 2021.
Why are people like @StephenCurry30 @alexisohanian buying?
What kinds of NFTs are there?
What are they used for?
Why are they worth so much?
Continue reading to find out more, a @scribeDAO summary⬇️
Why are people like @StephenCurry30 @alexisohanian buying?
What kinds of NFTs are there?
What are they used for?
Why are they worth so much?
Continue reading to find out more, a @scribeDAO summary⬇️
https://twitter.com/coinbase/status/1446204338372689920
What kinds of NFTs are there?
Traditional art NFTs (@beeple)
-Artist get more value compared to traditional methods due to royalty clauses in NFTs.
- Wider reach and ease of selling
Generative art (CryptoPunks, @artblocks_io)
- Art is created via the use of an algo
Traditional art NFTs (@beeple)
-Artist get more value compared to traditional methods due to royalty clauses in NFTs.
- Wider reach and ease of selling
Generative art (CryptoPunks, @artblocks_io)
- Art is created via the use of an algo
Gaming NFTs (@AxieInfinity)
- In-game items are NFTs, allowing players to have ownership over the items.
- Able to extract the economic value they create from playing the game
- Most popular NFT collection so far is Axie Infinity w over $2b in sales.
- In-game items are NFTs, allowing players to have ownership over the items.
- Able to extract the economic value they create from playing the game
- Most popular NFT collection so far is Axie Infinity w over $2b in sales.
What uses cases are there?
DeFi x NFTs
- Able to use NFTs as collateral for a loan
Social/engagement tokens
- Allow creators/sports clubs to engage and reward fans (@Chiliz/$CHZ)
- Entry pass to communities (@BoredApeYC)
- Sports collectables/games (@nbatopshot, @SorareHQ)
DeFi x NFTs
- Able to use NFTs as collateral for a loan
Social/engagement tokens
- Allow creators/sports clubs to engage and reward fans (@Chiliz/$CHZ)
- Entry pass to communities (@BoredApeYC)
- Sports collectables/games (@nbatopshot, @SorareHQ)
Cross-game transfer
- Players are able to transfer in-game items from 1 game across to another as they own the assets
- Unlocks potential for cross-game collaborations and gameplay (imagine if you could port your WoW items into Runescape)
- Players are able to transfer in-game items from 1 game across to another as they own the assets
- Unlocks potential for cross-game collaborations and gameplay (imagine if you could port your WoW items into Runescape)
What determines their value?
Cultural significance and community
- Culturally significance and mainstream adoption. CryptoPunks were the first NFTs and @artblocks_io were the first of their kind. #BAYC received mainstream appreciation.
Utility
-Usefulness in games
Cultural significance and community
- Culturally significance and mainstream adoption. CryptoPunks were the first NFTs and @artblocks_io were the first of their kind. #BAYC received mainstream appreciation.
Utility
-Usefulness in games
What does the future hold?
- NFTs revolutionized digital asset ownership and social coordination
- Likely to go through boom and bust cycles as with all new asset classes but the use cases and adoption of the technology will continue to grow
- NFTs revolutionized digital asset ownership and social coordination
- Likely to go through boom and bust cycles as with all new asset classes but the use cases and adoption of the technology will continue to grow
S/O to the authors of the article: @Cdempsey44 @ejaaz_a @jmart_199.
If you liked this summary, do give @scribeDAO and myself a follow and check out my summary of an article on @AxieInfinity here. Feel free to drop any comments or feedback too!
If you liked this summary, do give @scribeDAO and myself a follow and check out my summary of an article on @AxieInfinity here. Feel free to drop any comments or feedback too!
https://twitter.com/IdeasInAJiffy/status/1450119381258686482
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