Why is NFT so popular?
NFTs (Non-Fungible Tokens) are digital assets that are based on the blockchain. The blockchain is also the technology that powers cryptocurrencies such as Bitcoin and it works by creating a permanent record of decentralized data which can be accessed publicly.
NFTs represent real-world objects such as music, art, in-game items, videos, and others. NFTs are bought and sold online using cryptocurrency. The buyer of an NFT becomes its official owner, and each NFT can only have one official owner at a time. This gives the owner bragging rights.
A common question among many people is:
Why is NFT so popular?
To most users and enthusiasts, NFTs introduce a new way of creating a digital collection. NFTs bring in a new way of supporting artists, musicians, and athletes without relying on intermediaries. For musicians, artists, and creators, NFTs provide them with a new way to share their work with the world and monetize it. With NFTs, artists can earn their profits directly since there are no deductions from distributors, companies, publishers, and other intermediaries.
Today, NFTs are limited to the hobbies, arts, and entertainment industries. However, it is expected that NFTs will be implemented in many industries. You can buy and sell NFTs on popular NFT platforms such as OpenSea, Rarible, SuperRare, and Foundation.
The Most Popular NFTs
If you intend to venture into NFTs, it is worth choosing popular NFT tokens and investing in them. But, what makes an NFT popular?
NFTs are made popular by their use cases and demand. NFTs used by many people will have a high demand, which will make them more popular than others.
So, what is the most popular NFT?
Below is the list of the most popular NFTs today:
Decentraland is a virtual community and environment that runs on the blockchain. Users can own lands, characters, wearables, and other NFTs. They are also allowed to take part in the Decentralized Autonomous Organization (DAO) of the platform.
Decentraland allows its members to contribute to how the project is governed. Decentraland’s token, MANA, and its in-game assets are supported by the Ethereum blockchain network.
#2: SAND- The Sandbox
This is a virtual metaverse that runs on the Ethereum blockchain. The users are allowed to create, control, and even make money from their game experience.
The sandbox gaming platform is made up of three interconnected technologies that work together to produce user-generated content. Users can earn extra because they can ensure copyright ownership for the assets via smart contracts.
Its native token, SAND, is used to facilitate value transfers as well as governance and staking in the ecosystem.
XTZ-Tezos is one of the most popular NFT projects. It is an open-source NFT project that deals with the challenges that the blockchain faces in adopting goods and services. It is backed by a community of researchers and auditors located across the world. Tezos promotes open participation, secured smart contracts, cooperation, and long-term upgradability.
It also provides a robust platform that supports dApps development. It uses a future-proof architecture, which makes it easy to scale operations.
Tezos also provides low-cost and high-performance transactions to users in NFT, DeFi, and Metaverse ecosystems.
Its native token is Tez (XTZ). It is used as a governance token and for payment of fees.
#4: THETA –Token
It works in the same way as other blockchain systems. The goal of the project is to revolutionize the information delivery and video streaming sectors by facilitating the sharing of bandwidth among users. This is done via peer-to-peer (p2p) distribution technologies.
It uses Content Delivery Networks (CDNs) to distribute video stream content and users have to pay for it.
#5: Axie Infinity
This is online gaming inspired by Pokémon Go. It has Pokémon-like animals called Axies. Players may gather Axies in the form of virtual pets with the intention to mate, combat, grow, collect, or create kingdoms. Axie Infinity introduces a new way of interaction between the blockchain and ordinary online gaming. This makes it unique from other video games. It grants players a mechanism to control their virtual assets and awards players who manage to unlock higher levels.
#6: ApeCoin (Ape)
This is another popular NFT in the NFT industry. ApeCoin is an Ethereum-based governance and utility token used in the APE Ecosystem to empower decentralized community building in Web3.
ApeCoin holders use a decentralized governance framework to govern themselves and participate in making decisions through voting on how to use the ApeCoin DAO Ecosystem Fund. The APE Foundation implements proposals that have been passed by the ApeCoin holders.
Currently, the coin doesn’t have any real function except within the membership of the ApeCoin DAO. However, its roadmap shows that this may change with time.