Wondering what NFTs are? Want to know some of the top-rated NFTs? Well, we have got you covered!
Table of Contents
- What are NFTs?
- Top-Rated NFT Projects on the Rise
- Concluding Lines
What are NFTs?
NFTs stand for Non-fungible tokens, which means that they are unique and can’t be replaced with something else. If we talk about a fungible asset, it is something with units of data that can be interchanged easily and quickly – for instance, money.
In the digital world, most technocrats define non-fungible tokens as “one-of-a-kind” assets that can be bought and sold like any other property but have no tangible form of their own.
Here it is important to note that although NFTs can be anything digital, for instance, drawings, music, etc., but at present, excitement is around using the technology to sell digital art.
In most simple words, NFT is a unit of data on a digital ledger called Blockchain, where each can represent a unique digital item.
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Top-Rated NFT Projects on the Rise
It is one of the high-grossing NFT projects and is considered to be one of the most simplified art forms for NFTs. Blockchain Experts and technocrats believe that it is a project that inspired the modern CryptoArt movement. CryptoPunks project enables its users to trade and store 10000 unique collectible characters generated uniquely using Proof-of-Ownership stored on the Ethereum Blockchain. By providing art ownership that can be transferred smoothly and continuously between users, this project is creating a decentralized digital art market. Its website describes itself as the first “NFT” on the Ethereum Blockchain network and an inspiration for the ERC-721 standard, powering most digital artworks and collectibles.
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Founded in 2017, it is a marketplace for single-edition digital artworks that uses an ERC-721 token that is traceable and cryptographically secured to represent each digital artwork.
What happens is artists upload their digital artwork, and the platform certifies the digital artworks on the Ethereum blockchain network in order to prevent forgery and offers to trace. In addition to this, SuperRare charges artists a percentage of commission to upload artworks on the platform. As the platform is among the top-ranking NFT-art marketplaces, it has reached an all-time trading volume of around $7.5 million, and also more than 12 000 pieces of digital art have been sold.
The OpenSea storefront of Pascal Boyart has sold digital artworks of approximately 400 ETH, with new offerings prices above 75ETH. As the name of the project suggests, Boyart is a skillful artist based in Paris who creates Digital Collectibles from his street art frescoes and has sold some of his artworks in a tokenized form in the past.
Talking about the new mural paintings, these are encased in newly minted non-fungible tokens and are sold at an auction, indicating that the crypto domain can build an art market easily within months. According to reports, Boyart’s murals also got featured in the digital Museum of Crypto Art.
To have a look at the recently added artworks by Pascal Boyart, you can visit:
Sandbox’s website describes itself as a community-driven platform where producers can monetize voxel assets and gaming experiences on the peer-to-peer, decentralized, Blockchain platform. The Sandbox is powered by SAND (ERC-20) token and ERC-1155 tokens: LAND and FUND. The platform features three sub platforms, namely:
- VoxEdit enables users to create and animate voxel art and export them worldwide.
- A marketplace that provides a place to sell and collect the most beneficial assets.
- Game Maker allows consumers to make and play any game of their choice that they ever imagined.
This platform partners with Atari, Square Enix, Care Bears, The Smurfs, and other leading brands. Although it has entered the crypto space recently, the project is the seventh valuable NFT protocol.
Lil Moon Rocket
Unlike other NFT projects that are built on Ethereum Blockchain, Lil Moon Rocket is an NFT project that uses the Binance Chain to issue NFTs and subsequent “name rockets” tokens. The project follows the latest trends in the Combination of vector art and algorithm generation. Each customer can obtain their own moon rocket picture after the initial selling of the digital artwork. Lil Moon Rockets uses its own “blind auction” model to keep project managers and early competitors from purchasing the most desirable artwork first. At the completion of the smart contract, all artwork will be revealed. The best part is that owners can co-create uniqueness by renaming the artworks with full ownership, and the first collectible with determined consumer traits are offered in vector graphics.
NFTs have the potential to transform digital exclusivity and offer a new definition to digital property rights. As celebrities have begun collaborating with NFT projects, projects have started gaining momentum, with projects reaching record-breaking sales. As a result, we will foresee NFT growth in 2021 and beyond, as well as deeper integration between decentralized finance(DeFi) and NFTs to make them more liquid and valuable. To sum up, combining art and collectable characteristics seems to be one of the most effective ways to draw new buyers.