People are coming up with more and more uses for the tokens
has the potential to make economic activity more efficient, transparent and fair. But it also comes with risks.. The market capitalisation of the top ten NFTs grew from less than $5bn at the start of 2021 to about $25bn in October . CryptoKitties, unique digital animals that can be bred and sold, were one of the first tokens to generate large volumes of activity. Dapper Labs, a gaming company that created CryptoKitties in 2017 along with several other NFTs, is now valued at $7.
After the sale of “Everydays”, the use of NFTs for digital art was particularly frenzied. Blockchain-based art can help artists keep a larger share of their work’s value. In the physical world, it is difficult for creators to maintain a stake in re-sold versions of their work. But NFT creators can collect royalties on future transactions by baking it into the blockchain’s code.
Some doubt the true value of a NFT. To “own” one means having your ownership recorded on a digital ledger—nothing more. The image can still be copied and downloaded by other internet users. There are signs that the market is cooling off. Trading volumes for art NFTs have fallen from their peak of about $200m in March to less than $25m in July .
Still, the world of DeFi is beguiling and evolving. . San Marino, a small country in southern Europe, has approved the use of NFTs to issue digital covid vaccine passports. Some people are using virtual land NFTs which confer the right to build properties in different virtual worlds known as “metaverses”. Trading volumes of NFTs overall have remained steady, even as art trading has slumped. Come and join us down the rabbit hole.
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