Nft sold but sell all

Some non-fungible tokens (NFTs) have sold for millions of dollars, and experts expect the market will exceed the billion dollar mark by a couple of hundred million within 2021. What is this thing that is creating new markets and has captured the attention of creators, collectors, and crypto-enthusiasts?

An NFT is a specific type of digital asset. The token refers to a virtual entity. Cryptocurrency like Bitcoin and Ethereum are examples of tokens. However, cryptocurrency is by definition fungible. It is meant to be mutually interchangeable with other forms of money. In contrast, something that is non-fungible is truly one-of-a-kind.

It brings to mind the descriptive phrase in Antoine de Saint-Exupéry’s The Little Prince, “unique in all the world” that the prince applies to his rose as distinct from all others.


Miscellaneous Online Items

The other items on this list were easy to define, but the NFT market is sort of the wild west of internet commerce; this is exemplified by the NFT market crash that happened a few months ago. As stated before, Jack Dorsey literally sold a tweet.

This opens up the possibility for people to sell anything on the NFT market, really.
People may want to sell their own tweets, Facebook statuses, articles, Snapchat Stories, or TikToks; the sky is the limit. And while they are only seen as collectibles, for now, there are a couple of real-world NFT use cases that could emerge in the future.

The NFT Market Is Still Growing

There’s still a lot left to be discovered in the NFT market.

Nft sold but sell all

This settled down to around $450,000 each week, occasionally spiking as high as $6 million on a busy week.

In September 2020, despite sales not increasing much, the total value of those weekly sales hit $4.8 million. The weekly sales would then stay between $2 and $4 million until late January 2021, where it began to increase to a peak of $176 million in May.
After this, the weekly sales fell, but they’ve stayed above $10 million so far.1

20. Increase in Active Wallets Over Time

The total number of active wallets started in double figures and first went over 100 on November 24, 2017.
At the 2017 peak, it hit 34,985 active wallets in a week, but quickly fell and settled into the 2,000 to 4,000 range.

Enjin

Enjin by itself is not just an NFT marketplace, but an entire company that deals with everything related to Blockchain technology. They make NFT games, have their own wallet, create their own tradable assets, and the like.

Of course they also have their own marketplace where artists, collectors, and hobbyists can buy, sell, trade items among other users.

As of writing this, over 830,000 assets have been traded within their marketplace, totalling to up to 44.7M Enjin coins in transactions (which is around 65 million USD).

Takeaways:

  • Runs on the Ethereum network.
  • Gas-less transactions.
  • Uses Enjin Coin (ENJ) and JumpNet to mint NFTs gas-free.

6.
NFTs for now. (Read also: Bitcoin, Ripple, Ethereum: Comparing the Top 3 Cryptocurrencies)

While having choices can be a good thing, it can also complicate the process, as an NFT created on one blockchain may not be sold on an exchange that doesn’t support it. CoinDesk explains it this way:

“For instance, if you create NFTs on top of the Binance Smart Chain, you will only be able to sell them on platforms that support Binance Smart Chain assets. This means you wouldn’t be able to sell them on something like VIV3 – a Flow blockchain-based marketplace – or OpenSea which is an Ethereum-based NFT marketplace.”

How to Buy NFTs

For many marketplaces, it is necessary to adopt some kind of digital wallet to purchase an NFT through the form of crypto it accepts.

If you buy one on the NFT market, you will be able to claim exclusive ownership of the name, cutting out the middleman.

8. Virtual Fashion

Everything bought and sold on the NFT market has been virtual, so why should fashion be any different? You can blow big bucks on a bomb bikini, but you won’t really be able to wear it.

Folks who buy fashion NFTs will be dressing up online avatars instead.

This may sound ridiculous, but remember, someone on this planet spent $4 million to own the Doge meme. Owning a virtual handbag or necklace is definitely reserved for more extravagant and fashion-forward individuals.

These, of course, will all be uniquely designed and limited in quantity.

9.

It’s important to note that the blockchain does not reflect this prominent sale, as it occurred as part of Sotheby’s Natively Digital auction in June.

The original minter of #7523, Straybits, and the Punk’s second-ever collector, Sillytuna (who supplied it for auction), are both prominent parts of the NFT community. As a result, the sale was seen as a huge win for the NFT ecosystem and also as a major push towards mainstream NFT adoption.

4.

Cryptopunk #5822: $23.7

million (8000 ETH)

The most expensive CryptoPunk ever sold is punk #5822. The alien-style punk featuring a blue bandana sold for $23 million on February 12, 2022 — more than double the cost of the next highest-grossing punk.

Because it’s one of only nine aliens in the collection, it was bound to sell at a high price. The buyer is the

CEO of Chain, Deepak Thapliyal.
As OpenSea explains, the free transactions include the following:

  • Minting a new NFT aka “Lazy Minting”.
  • Creating a collection
  • Listing an NFT as fixed price
  • Listing an NFT as auction
  • Reducing the price of an NFT you’ve listed

However, gas fees are incurred from the following:

  • Accepting an offer
  • Transferring (or Gifting) an NFT to someone
  • Buying an NFT
  • Canceling a listed NFT
  • Canceling a Bid
  • Converting wrapped ETH (WETH) back to ETH, and vice versa.

It does offer this tip to creators, though.

Polygon.

The main difference is for Ethereum, there are gas fees involved when minting NFTs and any other form of transactions done within the marketplace, meanwhile it’s totally free in the Polygon blockchain.

Anyway, OpenSea offers several thousands of NFTs for sale, down from 2D images, videos, audio, and 3D renders. It is also home to several NFTs minted for games like Sipher.xyz.

It is also home to CryptoPunks which swept the NFT world by storm, which sold 10,000 pieces of pixel artworks, and trading is still actively ongoing on the site.

At the moment, the cheapest CryptoPunk costs 22.99 ETH or $73,801.11, while the most expensive up for trade is 4,200 ETH or $13,478,039.

Takeaways:

  • Supports both Ethereum blockchain and Polygon.
  • Sellers pay 2.5% fee for each sale.

2.

A white-haired, green-eyed pixelated character known as a CryptoPunk 9998 just sold for more than half a billion U.S. dollars — or so it appeared — the latest wild development in the booming non-fungible token space. But the Ethereum blockchain shows the money from the NFT trade ended up right back where it started, raising the question of why anyone bothered.

Bloomberg reports: The process started Thursday at 6:13 p.m. New York time, when someone using an Ethereum address beginning with 0xef76 transferred the CryptoPunk to an address starting with 0x8e39.

The process started Thursday at 6:13 p.m.

Nonfungible tokens, better known as NFTs, took the internet by storm in 2021. While the notion of purchasing a digital copy of a uniquely coded image for millions of dollars may seem foreign to some, the high prices some NFTs have commanded suggest the concept has inspired art fans.

Here are the top creators whose NFTs raked in the largest amounts of money in 2021 ordered from smallest to largest, according to their rankings on Cryptoart.io.

MELANIA TRUMP RELEASES FIRST DIGITAL IMAGE AS PART OF NFT INVESTMENT

10.

Micah Johnson

Former Major League Baseball player Micah Johnson started his art career in the physical world before shifting to digital platforms. Johnson made news in February 2020 when he sold $2 million worth of NFTs in 28 hours.

Johnson’s most notable character is Aku, a young black child wearing an astronaut helmet.

The anonymous artist’s style, which draws from punk, has become iconic in the crypto art space.

2. Beeple

Mike Winkleman, aka Beeple, is likely one of the most well-known NFT artists. Based in Charleston, South Carolina, Winkleman made news worldwide when art company Christie’s sold his art, Everydays: The First 5,000 Days, for $69.3 million in April.

Digital artwork sells for record $69.3 million.

“Everydays: The First 5,000 Days” by US artist Beeple becomes the most expensive “non-fungible token” (NFT) – a collectible digital asset that uses blockchain tech to turn virtual work into a unique itemhttps://t.co/qK9dIo8rDb

— AFP News Agency (@AFP) March 12, 2021

Winkleman’s art currently holds the record for the most expensive NFTs sold to date.

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