NFT

Why Are NFTs Popular? What Make NFTs So Popular?

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Why Are NFTs Popular
Why Are NFTs Popular

Before 2021, most people had no idea what non-fungible meant, but now celebrities like The Weeknd, Paris Hilton, and Jimmy Fallon use it in regular discourse.

According to a DappRadar analysis, NFT sales are in the billions, up about 38,000 percent year over year.

In reality, the most valuable NFT ever sold was a $69 million sale by digital artist Beeple in 2021. There’s even an SNL sketch on NFTs that was turned into an NFT itself.

Why Are NFTs Popular?

According to experts, there were numerous causes that contributed to the growth of NFTs in 2021, and the increasing popularity of NFTs demonstrates the unpredictable adoption curve of new technologies.

Because of the Bitcoin and Ethereum bull runs in 2021, many new investors rushed to crypto.

And if you have a small amount of crypto, Yang thinks it’s simple to branch out into additional crypto ventures like NFTs, staking, and more.

NFTs also created a new way for artists and makers to show off and market their work while maintaining complete transparency and ownership authenticity.

“It’s a slippery slope,” Yang explains, “because once you buy Ethereum, it’s extremely easy to buy an Ethereum-based NFT.”

A lot of celebrities have been talking about them and contributing to the hype, particularly on social media.

Take, for example, the Bored Ape Yacht Club. One was purchased by Jimmy Fallon, Stephen Curry, and Paris Hilton.

So if you bought a Bored Ape, you’d be joining a group that includes many well-known celebrities, and there’s even an in-person element, with Board Ape Yacht Club parties for owners.

Because there are only a limited amount of Bored Apes available for purchase — roughly 10,000 – people compete to get them.

According to Yang, those two characteristics are essentially what makes individuals useful from a societal standpoint.

What Make NFTs So Popular?

NFTs can be made out of nearly anything unique that can be stored digitally and has value.

They’re similar to any other collector’s object, such as a painting or a vintage action figure, only you’re paying for a file and documentation that you own the original copy rather than a tangible item.

Enoch

Are NFTs a Good Investment?

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