NFT is bringing more people, and money, to crypto blockchains

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OKEx

Mar 10 · 3 min read

There’s no denying it, non-fungible tokens are so hot right now, and it’s bringing in a lot of attention and people into the cryptocurrency space.

Non-fungible tokens (NFT) are still gaining a lot of traction, breaking sales records and getting the attention of celebrities from all over who are entering the cryptocurrency space for the first time. With new people also comes new money, helping to boom the crypto economy and make NFT and various blockchains more popular. Undoubtedly the masses will follow, and they will not only learn about NFTs but also cryptocurrencies too.

New waves of people

With the excitement of NFT hitting mainstream audiences, it’s bringing in all kinds of people. From celebrities to tech entrepreneurs to famous artwork. Everyone is trying to get into non-fungible tokens, as it opens the doors to a new use case on blockchains. Fred Wilson, the co-founder of Union Square Ventures, believes that NFTs have shown early real utility.

While there is currently a lot of talk around NFTs, the market had already started booming late last year as the rise of DeFi opened new gateways for capital inflows. At the time, it was discussed about the potential of NFTs and some of the top NFT projects. For example, we have mentioned how NBA Top Shot may be the next big trend in NFT, which it has proven to be so far. OKEx even added FLOW, the blockchain behind NBA Top Shot, to it’s exchange.

NFT sales

According to nonfungible.com, NFT stats in the total market overview has exceeded 5.3 million sales and total volume in USD exceeding $401.8 million.

In a recent Nifty Gateway drop, a Beeple NFT resold for $6.6 million, and another one of his works, “EVERYDAYS: THE FIRST 5000 DAYS” went up for auction at Christie’s, where the price has been bid up to $9.75 million, with less than a day to go before the bidding ends.

Last week, Twitter CEO and crypto advocate, sold the very first tweet “just setting up my twttr” on the Valuables network for $2.5 million. In an OKEx Insights article, you can read about the state of the NFT space and its impact on the future of blockchain technology.

NFT on various blockchains

Non-fungible tokens are not constrained to a single blockchain. The most popular are on Ethereum currently, but other blockchain projects are trying to capitalize quickly on the trend.

For example, RAIR is an NFT that wants to use the technology to manage digital rights, such as video, books, music, source code, or art. Currently RAIR is using the Ethereum blockchain, however due to high ETH fees, RAIR plans to change to a cheaper option using their own hosted distributed node network.

FLOW is another blockchain taking the bull by the horns, which is used by NBA Top Shot, where NBA Fans from around the world can collect Top Shot Moments using NFT.

Virtual real estate on Decentraland

According to Crowdfund Insider, Bitcoin Cash (BCH) which is the bigger block version of Bitcoin, is also getting into NFTs. On the real estate NFT platform Decentraland, you can buy virtual real estate using ETH or BCH.

Launching your own NFT token for example on Bitcoin Cash isn’t that difficult, where fees on BCH is far less that of ETH, making alternative blockchains for NFTs much more appealing to artists and people who want to get into NFTs.

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