We are in the modern era, and we know that the virtual economy is on the rise. From the criptomonedas to any type of transaction, digital, many people believe that the industry will dominate the global finance. One of them is Andrew Steinwold, a partner in the company of hedge funds into digital assets Polynexus Capital. Steinwold estimated that the sale of tokens non-expendable (NFTthis year reaches the US$ 100 million, and ensures that sales will continue to grow.

To understand the reason of this event we must first know what is most essential: what is a token NFT?

What is a token non-expendable (NFT)?

The tokens are not fungible (NFT) are a type of token in the Blockchain of Ethereum that represent a unique asset. These can be assets fully digital (dress virtual, collectibles, weapons for video games, etc.) or versions tokenizadas of real assets. What does it mean to be “non-expendable”? They are not interchangeable with each other.

The fungibility occurs when the individual units of an asset are interchangeable and indistinguishable from each other. For example, the coins fiat are fungible. A twenty-dollar bill is exchangeable for any other twenty-dollar bill that it is authentic.

A NFT is exactly the opposite, every unit on sale contains a identifier be completely unique, which is what makes each token that is not fungible is different to the others. This feature makes the NFT are ideal for storing the property of virtual items.

Their sale has increased significantly

In his last article in Bankless, Andrew Steinwold interprets the rapid growth of the popularity of the CLS as a sign of what is to come. It also indicates that the total sales token-NFT-based Blockchain has exceeded US$ 100 billion for the first time since its appearance in 2017.

Steinwold believes that “we are in a market that someday could be worth billions of dollars“ although, that once such tokens were considered as mere toys to be trivial.

According to him, the collectibles in the Blockchain represent the largest part of the CLS sold between 2017 and 2020, with more than US$ 37 million invested.

The “collectibles” are defined as any symbolic with little or no functionality, such as rare coins, souvenirs, autographed and rare books. Some of the projects that include them are CryptoKitties (who popularized these tokens for the first time), CryptoPunks and Avastars.

Sale of tokens NFT
“Punk”, characters collectibles in NFT of CryptoPunks. Source: Larva Labs

It should be noted that he is not the only one that highlights the growing potential of the tokens NFT and its sale. A report recent L’atelier, part of the BNP Paribas group, identifies a “virtual economy” of US$ 100,000 million backed by the NFT and the virtual worlds, a factor which considered as key to a transfer of generational wealth in the coming years.

What other means exist NFT?

In addition, Steinwold elaborates on other means that are present the tokens are not fungible, as the worlds in virtual reality and works of art digital “crypto art”:

In the worlds in virtual reality, a user could create a virtual home, a gallery of ‘crypto art’, an e-commerce store, mini-games (if you know how to program) and more. The options are unlimited (…) In total, we spent approximately 27.5 million dollars in NFT used in virtual worlds based on Blockchain”.

Prominent examples include Cryptovoxels and Decentraland, where a user paid more than US$ 80 thousand dollars for a plot of land virtual.

And although the crypto art it only represents US$ 1.7 million of total sales, Steinwold create works of art to digital in NFT represent a financial advantage for the artists:

The Internet democratized the media to allow artists to gain their own followers in line… But the galleries still controlled the rail financial (…) Now, artists can finally control their finances because they are selling your work in a global financial system and irrepressible“.

It also believed that the titles of the property based on NFT also will revolutionize the real estate market in the coming years. An important statement, taking into account the magnitude of this market.

And you, do you think that the use of the tokens is not fungible (NFT) will continue to be on the rise? Do you think that have a real utility? Let us know your opinion in the comment box.

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Tech Junkie is a small word for Vikas Kaushik. Whether the latest game on the market or a new gadget launch he is the go-to person. He drives his motivation from the fast-paced technological advancements. He ensures that the right news reaches niche audiences. An avid biker and movie buff he has deep-rooted faith in upcoming technological inventions and is a torchbearer for the tech revolution.

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