Everyone knows that the NFT revolution took the world by storm. The hype is on a meteoric rise with no signs of slowing down. NFTs are essentially digital assets – art, images, collectibles, videos, audio, music – anything stored on a blockchain, like Ethereum. These are governed by smart contracts, which are code statements that are automatically executed when certain specific conditions are satisfied.
Anyone could sell an NFT collectible – the rarer the product, the higher will be its demand and price. Certain factors like scarcity and unchangeable ownership make NFTs more valuable. There’s a lot of content available online, so people don’t recognize its value, so the rarer the digital item and the greater its historical and cultural relevance, the more valuable it will be.
While most people sell their NFT collectibles atsecondary marketplaces like OpenSea or Rarible for a fee, popular artists or those with highly interesting digital material could have their NFT prices skyrocket! For example, John Lennon’s personal memorabilia was sold as NFTs by his son which fetched $57000 in February 2022!
Some of the best NFT collectibles in the market include CryptoKitties developed by Dapper Labs, NBA Top Shot, the collectibles to buy and sell for basketball fans, and Hashmasks formed by 70 artists globally. Hashmasks host thousands of high-end NFTs. It lets the creators, collectors, and traders participate in the NFT marketplace accessible to all.
The digital art and collectibles initiated by the NFTs, powered by blockchain technology hold the vast potential to transform the ways of proving ownership of work. While all these years such collections of memorabilia remained a non-entity, the digital replicas have bestowed a special significance on them.
This category page talks about NFT collectibles, in particular, and we bring you the latest trends, news updates, product releases, and more. Stay tuned!
