NFT explosion! More than $520 million has been traded in the past 30 days

According to dappradar, 2021NFTIt's booming, with more than $1 billion in transactions over the past 30 days.Although many of these transactions are motivated by speculation and profitability rather than by a genuine belief in the field and its collections, it marks the legalization of this asset class and heralds a bright future for blockchain technology.

NFT is a unique asset cast and stored on the blockchain.You can think of them as transaction cards, of which only a certain number are available, and users can buy and sell each other through the market.They are irreplaceable because each NFT is unique, rather than being equal and interchangeable like cash.

Cryptokitties, the first major NFT platform to emerge, was launched in December 2017, allowing users to buy and sell kitten digital art.Today, it accounts for only a small part of NFT transactions and has been taken over by other projects.

In the past 30 days, the largest NFT project with more than $281 million in transactions is the NBA top shot.This is a platform built on the flow blockchain, allowing users to buy and sell NBA "wonderful moments.".It's made up of wonderful videos of NBA stars, such as dunk.Since its launch at the end of 2020, the number of users of the platform has soared to more than 300000.

The second largest Ethereum based NFT is cryptopunks, which allows users to trade images of more than 10000 unique collectable characters.In the past month, it has generated $108 million in trading volume.

These pictures and videos may seem interesting to ordinary people, but they are definitely not worth tens of thousands of dollars.In a way, they are right, because many of the current NFT deals are based on pure speculation.Instead of buying NBA moments as collectibles, many users want their valuations to rise, just as people buy sneakers or other assets such as Beanie Babies to appreciate their value.

The best example is an NFT artwork sold at auction for more than $69 million, making beeple the world's third richest living artist.The title should belong to a household name, but it was given to beeple.After selling his works, he acknowledged that there seemed to be a bubble in the NFT field, and that investing in NFT works of art had great risks, and many of them eventually became worthless.

When everyone buys collections to sell them, rather than keep them as novelty, they are certainly overvalued and highly speculative, as some people think we see in NFT.

Others, however, see these NFTs as the next wave of art, where users can buy cryptopunk or NBA moments to own the next Picasso.These NFTs represent real digital ownership of an artwork and are therefore of great value.

Fortunately, for the long-term development of NFT, they are not only applicable to art, but also have many use cases in the real world.NFT may have a revolutionary impact on traditional industries.For example, metisdao uses NFT as a "passport" to track users' reputation and collaboration history in their ecosystem.In addition, Enjin coin is building a platform to allow users to use video game projects as NFTs.

This means that users can have a sword in a game like my world and move it to another video game like fortress night, which is unprecedented.One of the most potential use cases is the storage of official documents, such as property rights, birth certificates, and identification.This will allow anyone to virtually save their most important files and enjoy all the benefits of blockchain, such as privacy and verifiable legitimacy.

Even though digital images may not always have a multi million dollar valuation or a $500 million transaction volume, the current NFT boom represents a major victory for blockchain technology.It brings users' adoption and understanding of these platforms, and will make more users willing to use blockchain wallets such as metamask and send transactions to smart contracts.

NFT's future use cases will continue to evolve, enabling the industry to move beyond speculative trading in digital art and contribute to the future of the Internet.Maybe these NFTs are the future Picasso, Da Vinci and Michelangelo. Let's wait and see!