NFTs and Blockchain Gaming is Taking the Lead in the Cryptocurrency Market Despite the Slow Start of Cryptocurrencies in 2022
Despite the recent sluggish performance of the overall crypto market, the NFT marketplace and blockchain gaming industry continues to record high transaction volumes. DappRadar data shows that the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021. In addition, the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022.Source In my previous leofinance post I've talked about realities of blockchain gamings as the future of both hive and other blockchains. NFTs such as Dcrops and DApps are growing on a daily basis in a geometric progression and I believe that it'll be the life wire of the crypto world in the nearest future. Greetings friends from @salvadornkpara. Today's post will focus on the benefits of NFTs in our present world economy and ways of cashing out from many NFTs.
Why NFTs?
The problem of safe keeping of at works and prove of ownership of digital art works is now a story of the past because NFTs could potentially store your digital assets and secure your ownership. Like in the case of Bitcoin in 2010, most people around the world didn't cease the opportunity to bear hoard some coins when it was cheap and today it has spike to about 50k and above. That's how NFTs is today and no one knows the spike it'll take tomorrow. Many investors like Elon Musk, Mark Cuban as well as famous and non-famous people around the world are seriously investing in NFTs more especially in Musician Grimes.
Over few months, returns on investment in NFTs has exploded as cryptocurrencies gained mainstream acceptance and pop-cultural cachet. The prices and sales of NFTs have skyrocketed topping $60 million in December, 2021 when compared to the $250,000 a year ago. This high percentage is evident enough to show how lucrative investments on NFTs are and will be in the nearest future.
How are NFTs doing?
NFTs like other cryptocurrencies are structured in a way that prices of each coin varied from the other in the market. Every price of NFT art work is determined by the art work in the individual market. According to an annual report on non-fungible.com a blockchain gaming and crypto collectible database, estimate that the overall NFT market was worth more than $250 million last year (up 299% from 2019). This is before the surge in recent interest.
Are there risk Associated with NFTs
Life in itself is a risk and there's no business investment that doesn't accompany risk. For an investor to know what NFT investment site that's legit is a big issue. Investing in an NFT, when you consider the value is in itself not very risky. Nanne Dekking once said "All the questions that you ask as a buyer of art will have to ask yourself when you buy traditional arts are already part of the artwork that you'll be buying". This will help fight your fears of fraudulent dealings in NFTs, but the real line to draw is there's risk in all forms of digital assets accumulation, so be careful.
Latest NFTs Sales Hike
Lindsay Lohan is an example of people who are cashing out from the sales of her art works. Her 'Mean Girl's art work which was not that valuable 17 years ago is now sold for thousands of dollars through artform: non-fungible tokens, or unique digital collectibles.
Just few days ago an Indonesian student named Sultan Gustaf Al Ghozali, has been able to tap into the NFT frenzy, becoming a millionaire. He was able to do so by listing selfies of himself as an NFT on the largest NFT marketplace, OpenSea and sold them for profit.
While monetizing his expressionless images, Ghozali stated, “You can do anything like flipping or whatever but please don’t abuse my photos or my parents will be very disappointed in me. I believe in you guys so please take care of my photos.”Source
As of today, there are 933 NFTs selfies uploaded by Ghozali, with 489 owners. The collection has traded a volume of 333 ETH, which at today’s price of $3,325 per token, it brings the total volume to $1,107,225. From listing at a minimum price of 0.001ETH or $3, his collection now has a floor price of 0.18 ETH ($598.50).Source
Looking at the financial benefits from just NFTs selfies that was uploaded by Ghozali. The question is, what is the stress in taking selfies with our phones? Ghozali has converted 933 selfies into NFTs and has earned up to $1 million. What are you waiting for to join the new oil well in form of NFTs.
Finally, to invest in art works, invest in art works that are trending and has the potentials of being valued in time to come in the market. Remember, NFTs is the future of cryptocurrencies and purchasing them during dip could give your the opportunity in the bull season.
Posted Using LeoFinance Beta