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Non-fungible tokens, commonly referred to as NFT, took the world by storm in 2021 and continue to innovate the blockchain and Web3 ecosystem. While the hype around profile picture projects faded, the underlying NFT technology has continued to evolve at a rapid pace.
Powering novel use cases across domains like gaming, art, music, and collectibles, NFT marketplaces recorded impressive growth in 2022 despite volatility in the broader crypto market.
In this article, we explore the NFT ecosystem through its key statistics, examine trends shaping marketplaces, and analyze opportunities for builders and buyers. Let’s start exploring the NFT and its current state in 2024!
Smart contracts mint NFTs on blockchain networks like Ethereum. These programmable contracts define the properties of crypto tokens and who owns them at any given time.
The smart contract facilitates the transfer of ownership from the seller's wallet to the buyer's wallet when an NFT is sold, permanently recording the transaction on the blockchain. This is how NFT works in simple terms, but what does it do exactly? Let’s find out!
Content creators gain power over authenticity and ownership by receiving royalties whenever their work is resold or transacted through NFTs. As buyers purchase NFTs with the stablecoin EURK, artists and creators receive a percentage of secondary sales.
Some key benefits of NFT technology include proof of authenticity, tradeability, and new revenue streams for creators. The decentralized and transparent nature of blockchain establishes proof of a digital item's scarcity and ownership.
Collectors can profit from appreciated values by freely trading NFTs via marketplaces. For artists and content creators, NFTs provide a way to monetize their work and collect royalties on future sales.
All segments of the NFT community stand to gain from NFT. Creators gain new revenue opportunities, and communities form around their work.
Collectors profit from the value appreciation and flex ownership of exclusive digital assets. Early NFT adopters who bought sought-after profile pictures or virtual land made life-changing gains.
Tokenization refers to the process of tying ownership of a real-world asset to a unique virtual receipt on the blockchain. By utilizing NFTs and blockchain to tie specific metadata and a digital signature to creative works, collector's items, or in-game assets, unique ownership is established.
This is the relationship between NFT and tokenization. For further details, make sure to check out “Benefits of Tokenization," “Real Estate Tokenization," and “RWA Tokenization!”!
Firstly, asset tokenization establishes scarcity and proof of ownership for digital creations like images, music, or videos, which traditionally could be endlessly copied. Secondly, it allows the creators to derive long-tail revenue by receiving payments from resale transactions.
Tokenization enhances asset liquidity and enables peer-to-peer crypto trading. Finally, it creates new modes of engagement between artists and fanbases. You may wonder about the safety of this process, so let’s find out!
All technologies come with inherent risks that early adopters must understand. On the security front, NFT marketplaces and their underlying infrastructure are generally safer than centralized exchanges due to decentralization and the lack of single points of failure.
Specialized crypto wallets are used to "mint" a creative work, digital collectible, or in-game asset onto a blockchain as an NFT.
The creator would determine standard metadata for the NFT, including its title, description, unique identifiers, and attributes. They would then upload the digital file or content and associate this metadata with their NFT. They can tokenize the following types of NFTs in NFT marketplaces:
There are a few main reasons why people buy NFTs. For some, it is to collect and own specific pieces of digital artwork, videos, or collectibles that they find valuable. The speculative investments of others hope to resell their NFTs later at a higher price.
The Merge by Pak set the record for the most expensive NFT sold to date, fetching $91.8 million worth of cryptocurrency in December 2021. Other top sales include Beeple's "Everydays: The First 5000 Days," which sold for $69 million, and a single CryptoPunk NFT selling for $11.8 million.
More recently, certain trendy profile picture monkey NFT collections, like the Bored Ape Yacht Club, have gained popularity due to the exclusive benefits and status they offer holders.
There are a few key ways that NFTs can generate money. For collectors, the hope is that, as with traditional art markets, the value will appreciate over time, allowing resales for significant profits.
Creators can earn money by selling their initial NFTs on platforms like OpenSea using euro stablecoins like EURK. A percentage of all subsequent resales of their NFTs will also provide them royalties in perpetuity as the works gain value and change hands repeatedly.
EURK is the best stablecoin for the euro in the stablecoin ecosystem. As EURK euro stablecoin is 1:1 pegged to the euro, it provides fast, secure, and easy transaction options for its users. It enables secure crypto payments, crypto trading, and more opportunities as a secure eur stablecoin.
If you want to learn more about stablecoins and the security of stablecoins, make sure to check out “Can stablecoins lose value?” “Are stablecoins a good investment?” and “How profitable are stablecoins?”. You can also follow EURK blogs to expand your knowledge about stablecoins and blockchain technology!
At this early stage, it's difficult to say definitively how profitable the booming NFT space will remain long-term. However, there are reasons to believe that NFTs will stay popular and potentially more lucrative throughout 2024 and beyond if certain trends continue.
As mainstream brands and communities adopt NFT memberships and experiences, their utility will expand. Many believe the metaverse construction will be a huge driver of NFT demand as people look to own land, names, and assets within virtual worlds.
Blur dominates with over $656 million in 30D volume, as per data from January 2024. Others in the top tier include OpenSea, Rarible, LooksRare, NBA Top Shot, and more.
Major crypto exchanges also run their own platforms. Marketplaces tailored for specific use cases have also found product-market fit. For example, Axie Marketplace and God's Unchained Marketplace power transactions in their respective games.
For buyers, finding undervalued collectibles poised to appreciate requires research across categories on upcoming projects, analysis of community sentiment, and identification of key drivers like utility or games using a given collection.
Profile pictures alone may not retain value in the long term. Media coverage also inflates costs, so checking activity before and after hype cycles could yield deals. You can check out “NFT calendar” for more information!
The 2021 NFT euphoria has simmered, but its long-term potential remains immense, supported by evolved use cases and refined experiences. Statistics point to continued growth extending beyond art collecting to entertainment, gaming, identities, and whole new worlds.
Barriers to mainstream adoption are falling through intuitive platforms, while compliance demands boost overall legitimacy. As EURK, we have provided a comprehensive guide about NFT and the current status of 2024.
If you want to also explore the stablecoin ecosystem with a secure euro stablecoin platform, EURK is here for you. You can easily buy EURK on Coinstore, KoinBX, and Bitay with your euro stablecoin wallet. You can also learn more about EUR stablecoin benefits by becoming a partner!
