Non-fungible Token| Its Unbelievable Prices| You Can Own One!
Hello Crypto friends,
It is a wonderful opportunity indeed to relate with you again in this great community.
In my last discussion, we learn how we can play our part in supporting the growth of steem economy and today, we shall be learning about another great innovation in the crypto ecosystem.
Ever since the emergence of cryptocurrency in 2008, there have been erruption of other mind-blowing projects that runs on a blockchain too, project such as nfts, metaverse etc.
Today, we shall be discussing about Nfts
WHAT IS AN NFT
Nft (Non-fungible Tokens) can be explained to be a unique, irreplicatable cryptographic token existing on a blockchain.
It can be used to represent real life items like real estate, artwork etc.
Nft can also be explained to be a financial security, contained with digital data that is recorded in a blockchain.
Nft contains unique metadata and identification codes which help to differentiate them from one another.
The ownership of an nft is usually recorded in the blockchain and it can only be transferred by the owner, thus making room for nfts to be sold and bought.
Meaning they are tradable.
Nfts need no coding skills to be developed and as such it can be created by anybody.
It consists of references to digital files such as audio, video and photos.
And Nft contains unique metadata and identification codes which makes them uniquely identified, and as such they differ from cryptocurrency, which is fungible.
The digital file an nft references determines it's market value.
NFTS emanated from ERC-721 standard and was developed by the same team responsible for ERC-20 smart contract.
HOW NFT VALUE IS DRIVEN
Nft value is usually determined by the market demand and supply.
When an nft is designed to represent a physical asset, it makes it easier analyzed.
However, most nfts resides on-chain in the digital world.
Each Nft posseses a unique supply, but there are other factors that affects it's value in the digital world.
Let's take for example the limited series Nft, they are usually of higher value because of their special use cases.
The founding team of an nft has significant effect on the demand of their nft, as well as it's artists and community.
For better understanding, we can say that the value of an Nft is affected by the team behind it's creation, it's community, it's Importance in play-to-win games and sometimes market sentiments.
There have been numerous successful Nft project in the cryptospace there have been lots of failures too, so if you want to invest in nft, please try and do your own research.
Carryout an extensive research and invest money that you can bare loosing, just incase your investment goes otherwise.
TOP 10 MOST EXPENSIVE NFTS
There are numerous expensive Nfts In the crypto ecosystem but today, we shall be examining it's top 10 most expensive.
| Name | Everyday: The first 5000days |
|---|---|
| Price sold | $69million |
| Designer | Mike Winkelmann |
| Buyer | investor Metakovan |
| Time period | February 2021 |
| Name | Clock |
|---|---|
| Price sold | $53m |
| Time period | February 2022 |
| Designer | Pak and Assange |
| Purchaser | AssangeDAO |
| Name | Human one |
|---|---|
| Price | $28.9m |
| Period | 11 November 2021 |
| Creator | Mike Winkelmann (Beeple) |
| Buyer | Ryan Zurrer |
| Name | Cryptopunk #5822 |
|---|---|
| Price | $23.7m |
| Creator | Larva labs |
| Purchaser | Deepak Thapliyal |
| Period | February 2022 |
| Name | CryptoPunk #7523 |
|---|---|
| Price | $11.75 million |
| Maker | Larva Labs |
| Purchaser | Shalom McKenzie |
| Period | June 2021 |
| Name | TPunk #3442 |
|---|---|
| Price | $10.5 million |
| Creator | Matt Hall and John Watkinson |
| Purchaser | Justin Sun |
| Period | August 2021 |
| Name | CryptoPunk #4156 |
|---|---|
| Price | $10.26 million |
| Designer | Larva Labs |
| Purchaser | The beloved Anon (initial owner) recent is an anonymous. |
| Period | December 2021 |
| Name | CryptoPunk #5577 |
|---|---|
| Price | $7.7 million |
| Designer | Larva Labs |
| Purchaser | Robert Leshner |
| Period | February 2022 |
| Name | CryptoPunk #3100 |
|---|---|
| Price | $7.58 million |
| Creator | Larva Labs |
| Purchaser | Straybits.eth |
| Period | May 2022 |
| Name | CryptoPunk #7804 |
|---|---|
| Price | $7.57 million |
| Designer | Larva Labs |
| Period | March 2021 |
WHERE NFTS CAN BE BOUGHT
There are different marketplaces where Nfts can be bought but you need a suitable wallet and accepted cryptocurrency for purchase.
For example, on Binance Smart Chain (BSC), Nft can be bought using BNB and BUSD.
And on Ethereum blockchain, Nfts can be bought using Ether as they are in ether.
Using Binance exchange, you can purchase the required coin and transfer them to a wallet that can be connected to an Nft marketplace.
Below are some list of some Nfts market place
Polygon.technology
The Sandbox
Onflow.org
Cosmos.network
Illuvium.io
Axie Infinity.com
Kusama.network
Opensea.io
Superrare.io
Bison protocol
Flovater.com
Votexdefi
Decentraland.org
Crypto kitties
MetavillageDao
Superfarm
Fetch.AI
Dmarket
Binance NFTs
PROCEDURES TO BUY NFTS ON BINANCE NFT MARKETPLACE
As i earlier explained, Nfts can only be bought using it's supported token, and on binance, the only Supported token to purchase Nft is BNB or BUSD.
The first step you need to take is to convert your funds to either BNB or BUSD, and ensure that the converted funds is still on spot wallet
As seen above, I ensured that I had enough busd on my spot wallet and I then went to the home feature on my binance app and then click on more.
All of these have been illustrated above.
After I clicked on more, I proceeded to click on binance Nft
After clicking on binance Nft, I was directed to a new page which is the binance Nft market place.
On the binance Nft market place, I clicked on the marketplace icon for me to explore the available Nfts
As I explored, I saw an Nft that got my attention and I decided to buy it
The Nft with the name "Bored ape SE #6229" was the Nft I decided to get.
After I clicked on it from the binance Nft market place, I proceeded to click on make offer.
Then I inputed the price that it was listed for, and since I had more than enough to buy it, I then clicked on confirm.
After clicking on confirm icon, I noticed that my offer has been submitted, then I proceeded to check the offers available for that Nft.
On checking, I noticed that I am the only one who has offered to buy the Nft, and within the next 6days if there's no other offer higher than mine, the Nft will be sold to me.
For the meantime, the price of the Nft has been deducted from my account, it was removed in the sense that, it was still there but couldn't be spent by me.
Then after the period of 6days, it will either be removed totally or I will be refunded.
If I get the Nft, I won't be refunded but if the Nft was sold at a higher price, I will be refunded
As seen from the above screenshot, 1.5BUSD was unavailable, which means it cannot be spent by me.
CONCLUSION
The rate at which Nft is gaining popularity is indeed alarming, as many Nfts are being sold and bought at different prices.
Some Nfts possesses good usecases while some do not.
So before investing in Nfts, do well to carryout your own research and only invest what you can afford to loose.
All Screenshot were taken from binance and it's Nft market place except otherwise stated/referenced
Thank you for the support friend.
#steem-on 💙
Wow this is a great article brother. You have included expert contents in your article.
Yeah, thanks for stopping by bro.
#steem-on 💙
You are most welcome my brother. Keep doing such great jobs here.
You content is full of details.
In principle these are unique digital works of art
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