Home Blockchain News What is the main secret of the growing popularity of NFT tokens and their purchases? Expert opinion

What is the main secret of the growing popularity of NFT tokens and their purchases? Expert opinion

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According to the analytical platform DappRadar, in the third quarter of 2021, the trading volumes of unique NFT tokens reached $ 10.67 billion… This is almost 704 percent more than in the previous quarter. The most remarkable month in terms of growth rates was August, because during this period alone, the amount of transactions with NFT exceeded $ 5.2 billion. In September, the indicator decreased slightly up to $ 4 billion… Be that as it may, the new wave of popularity of NFT has two fundamental reasons – belief in technology and social capital. Let’s talk about what is happening in more detail.

Recall that NFT tokens allow you to associate a specific real or virtual object with a token in the cryptocurrency network. Since blockchains are immutable and transparent, anyone can be convinced of the uniqueness of the object itself and the fact that a person owns it. We discussed the NFT topic in detail in a separate article. We recommend that you familiarize yourself in order to better understand what is happening in the coin niche.

At the same time, the popularity of NFT is really great. For example, according to analyst firm Messari, secondary sales of NFT tokens have surpassed the $ 10 billion mark. We are talking about transactions directly between representatives of the crypto community directly. Of this amount, Ethereum accounts for more than $ 6 billion.

Secondary market size with NFT tokens

That is, investors actively interact with this category of tokens. And that’s why.

Why are NFTs soaring in value so quickly?

Investors in NFT believe that their digital collections will only grow in value because of their uniqueness. In addition, many expect the development of infrastructure and the technologies themselves in the field of NFT – an increase in the number of ways to use unique tokens in everyday life.

К примеру, помимо цифровых объектов, NFT можно привязать к реальным товарам, для которых очень важна оригинальность. Это могут быть известные бренды одежды: всё же весьма выгодно их продавать с компактным "сертификатом" подлинности, чтобы уничтожить рынок подделок. NFT также могут использоваться как цифровые паспорта для универсальной идентификации личности — причём как на интернет-платформах, так и в реальной жизни.

CryptoPunks NFT tokens

Top 5 Most Expensive NFT Trades of All Time

As noted by CNBC journalists, so far the most popular way to use NFT in addition to digital art can be video games: conventional and based on decentralized applications. Unique tokens open up new ways for developers to monetize game content and in the future may contribute to the flow of new capital to the crypto market, even from gamers.

The second reason why unique tokens are gaining popularity so dramatically is the importance of social status in the community of new millionaires. Now an expensive picture from a digital art collection, the uniqueness of which is confirmed by NFT, speaks of the wealth of its owner. This is something on the level of an expensive Lamborghini sports car or a watch for several hundred thousand dollars.

CryptoPunks NFT tokens

CryptoPunks NFT Collection

Here is a quote from an NFT collector under the pseudonym gmoney on this matter.

When someone buys a Rolex in the real world, they don’t spend thousands of dollars just for the functions of the watch itself. A simple $ 5 watch can do the same tasks. All this is done for the sake of “underlining the status.” To tell everyone: “Look, I have a huge fortune, I can afford this expensive watch.”

Судя по всему, с NFT сейчас происходит та же ситуация. Особенно с учётом того, что Твиттер тестирует функцию использования таких токенов в качестве аватаров. То есть дальше аватар не просто будет картинкой, а полноценным NFT, за который были заплачены большие деньги. Мы писали об этом в нашем Телеграм-канале.

Money can really be big. For example, the average cost of an NFT token from the CryptoPank line is now the equivalent of $ 485 thousand. So, in fact, the owner of such an NFT is really a wealthy person – and this can be shown.

Here is a graph of the average NFT price from this series since the beginning of 2021. On January 1, the figure was 6.7 thousand dollars.

cryptocurrency token price

Average cost of an NFT token from the CryptoPank series

Мы считаем, что NFT стали новым символом богатства в цифровую эпоху. Это удобная возможность продемонстрировать всем свои успехи на поприще накопления капитала. По сути чем больше у вас элементов дорогих NFT-коллекций, тем успешнее вы как инвестор.

Obviously, NFTs will find new applications, which means that, in general, we can bet on the development of this area. The main thing is to learn to distinguish promising collections from useless copies or something similar.

Look for even more interesting things in our crypto chat for millionaires. There we will talk about other topics related to blockchain and decentralization.


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