The average value of NFT transactions climbed from $126 to $270, showing an increase of 114% in November.
What are NFTs? NFTs explained in brief: Nonfungible tokens, or NFTs, are verifiably unique representations of digital and physical goods. Each NFT generally differs in makeup, and therefore likely differs in value as well.
In the physical world, U.S. dollars are fungible. No value is forfeited if a person trades any given paper U.S. dollar for a different paper U.S. dollar. On the other hand, something such as artwork is generally nonfungible. The “Mona Lisa” is not of equal value to “The Persistence of Memory,” as both artworks are unique, deriving value as such.
Based on distributed ledger technology, NFT crypto assets serve as a method of authentication for buyers of unique items, proving aspects such as ownership. NFTs became much more well known in 2020 and 2021. NFTs have potential for other use cases as well, such as companies tracking their internal resources or platforms verifying subscriptions and use.
The initiative “Realm of Historia” is on a mission to tokenize historical sites in Armenia and around the world using the blockchain to preserve cultural heritage for future generations.3614
Baton, Wormhole, Rokid, Saga, Bazooka Tango, Authentick and Intract are among the latest startups to secure venture capital funding.1550
Executives working in the gaming industry weighed in on potential Web3 gaming trends in 2024.3658
The American thrash-metal band Megadeth released a new NFT collection, aiming to connect with its community in both physical and digital reality.7993
Wemade CEO Henry Chang said that as more developers gain confidence, there will be greater experimentation and more complex use of blockchain elements in games.10473
Animoca Brands became the biggest validator of the TON blockchain in 2023, banking on the network effect of Telegram’s 800 million users to drive GameFi adoption.3756
The protocol will expand to liquid staking and layer-2 solutions while retaining its NFT lending services.18538
This eco-friendly blockchain ecosystem redefines financial stability by integrating gold, offering a sustainable and inclusive economic model.22404
A new NFT-powered game is vowing to continue Pokémon’s legacy — allowing players to collect mythical creatures in an immersive world.11137
Investment management company Tiger Global marked down its stakes in the NFT marketplace OpenSea by 94%.3636
Rarible has cemented its commitment to NFT royalty enforcement by launching a testnet for an EVM-compatible chain with embedded royalties at the node level.7054
Game developer Square Enix announced the auction dates for NFTs of its upcoming blockchain game Symbiogenesis.3215
Several new research studies indicate that personal experiences may be the NFT market’s primary mover.1637
Bioniq operates on the Internet Computer Protocol, tapping into native Bitcoin integration to ease the network congestion and high fees associated with Ordinals inscriptions.1726