The main topic of the ETH Denver 2021 virtual conference, and it seems like everywhere else, is NFT tokens, which are becoming a trend in 2021, with an explosion of digital art, gaming platforms, and much more.
The non-fungible tokens (NFT) It seems that they have already gained ground in the digital industry. Every day, hundreds of users are hearing about this important innovation that is growing in the blockchain, and that every day takes over more and more of the industry. The potential offered by this type of tokens is captivating the attention of many in the community, who beyond simply hearing about them, are delving into the magic and splendor of this sector in full growth and development.
At conference Interactive ETH Denver 2021, which ends today, NFTs are one of the main topics to which exhibitors and speakers have dedicated a large part of their presentations. At this conference, a total of 7 presentations related to these tokens are presented, where different topics are covered. Also, the popularity that these assets are acquiring among artists, designers, creators, collectors and common users is impressive. Cryto.com, a platform for cryptocurrencies, , applied a poll to almost 30.000 of its users, where nearly 47% revealed to be aware of the existence of NFT tokens and their great popularity.
It may interest you: The Hashmasks, the platform that accumulates the greatest value in the NFT market
NFT, building the future
Cryptocurrencies and blockchain technology are one of the most important innovations of our era, which have come to revolutionize and transform the current financial system, and turn it into a transparent, secure, reliable and, above all, free and decentralized one. However, as we have said on several occasions, blockchain technology is not only revolutionizing the financial industry, but this technology is making its way and making a place for itself in every sector and area of our society. Video games, art, decentralized finance platforms and the Metaverse are no exception to this reality.
New economies are revolving around these tokens, so it is worth saying that we must prepare and sign up to be part of the changes and evolution that is coming. NFT tokens have the ability, due to their qualities, to represent something in a unique, original and unrepeatable way within the blockchain, so there is no doubt that their value is exponential. Currently, the NFT market brings together more than 184 million dollars in sales, and so far this week alone, it has sold more than 8,5 million, with crypto art being the sector with the highest demand for NFTs.
The Hashmasks, the NFT boom
The Hashmasks is an NFT art and collectibles project, and so far, it is the first NFT project on the marketplaces. The interest and demand for the art pieces on this platform led to it collecting over $17 million in ETH in sales during the first few days since its launch.
The highest valued piece of art in this collection of 16.300 works, so far, is a mystical demon art, purchased by user Danny (@seedphase) for 420 ETH, valued at $650.000 USD at the time of purchase; of course The Hashmasks has open auctions for hundreds of other tokens, with some selling for as much as 666 ETH, valued at over $1 million.
The power of Axie and sovereign nations
Another NFT project, this time from the video game industry, that is gaining in popularity and value is Axie InfinityIt is a gaming platform, inspired by Pokémon, where users can interact in a unique, safe and fun virtual space.
The game's boom exploded recently when user "Flying Falcon" paid $1,5 million to buy 9 plots of digital land; more than enough money to have bought a real property anywhere in the world. However, "Flying Falcon" pointed out that this is an investment in a project that will continue to appreciate in the future.
The Axie sale is the largest ever seen in the NFT industry so far. On the other hand, Axie Infinity's vision is to become a digital platform that lays the foundations for a new society, and that allows the construction of the Metaverse, one where users can design their own sovereign nations, with their own citizens, their own economy, and their own national identity.
Other implementations
Other NFT projects, such as Cryptopunks y CryptoKitties NFTs have become industry icons. Cryptopunks is the first NFT platform launched on the Ethereum blockchain, and consists of a series of 10 thousand unique and original collectible characters. NFTs are also finding a place in the sports industry, especially in football, where they are being demanded for the creation of tokens and cards of the most famous teams' players to revolutionize fantasy football; they are also being applied in decentralized finance systems, where they can be used as collateral or guarantee to access decentralized financial services, or to obtain liquidity through secured loans. Even within the DeFi The figure of “fractional ownership” is being used to use NFTs as collateral in different projects.
NFTs are sparking curiosity, excitement, ambition, and more across the crypto community, and analysts like Alex Salnikov of the community NFT marketplace Rare, notes that this trend will continue to grow as more NFT projects emerge and enter deeper into the markets.
Continue reading: Enjin and MetaverseMe, the potential of NFT and Augmented Reality in one place
