All Posts

The NFT phenomenon

Crypto 06/21/22

The NFT phenomenon

If you know a thing or two about crypto then most probably you have heard about the current craze that is NFTs aka Non-fungible tokens.

While people might assume that the NFT domination started 1-2 years back, the first actual NFT project came out in 2015 and it was called Terra Nullius and later on slowly but surely new projects came along with their products classifying as NFTs. Even though you might think you don't own any, if you've played any blockchain games, such as crypto kitties, axie infinity, etc, well you're probably the owner of some nice and juicy NFTs, though they might not be worth anything.

The crypto community is somewhat divided on the NFT projects, while some consider them a blockchain revolution others simply see it as a bubble or even a fraud, where a jpeg minted on the blockchain should be worth as much as it does, which in reality is a bit mind blowing, considering people pay up to millions of dollars for some NFTs such as the Bored Ape Club NFTs. But despite the controversy, it’s already a fact that they're here to stay, and they’ll have a contribution to how the crypto universe will unfold from now on, seeing as there are many celebrities that back them, companies including Meta (Facebook) and others that are implementing the NFT concept into their businesses.

While you might think that they're a goldmine and it's that time you finally hit the jackpot, unfortunately with the popularity of them and sudden increase in market and valuation over a short period of time so did the scam attempts increase, and there have been countless NFTs projects where the teams behind them promised the world on a silver platter and as soon as they collected the minting fees they pulled the plugs on the projects, so if you think you've found the next big NFTs, we'd highly recommend doing some research at first, some things that you could do: check if the team behind them have disclosed their identity, check their discord, see if there is an actively engaged community behind them and most importantly! Be suspicious about NFTs that are heavily promoted by influencers as they simply get paid for promoting them.

One of the easiest and friendliest to use marketplace for NFTs is OpenSea where you can mint/list your own NFTs as well as buy others for as little as $5. So if you're the next Picasso and looking to get your art on the blockchain or simply want to collect a nice picture or keep up with the new trend, then NFTs are the place to be right now.