12 FACTS YOU NEED TO KNOW ABOUT NFTS
Here are 12 Facts About NFTs to help you comprehend the space’s meteoric emergence and rise in popularity
EACH NFT IS UNIQUE
Each NFT created is a verifiably unique asset worth as much as someone is prepared to pay for it, often following the Ethereum token standard of ERC-721.
FORGERIES DO NOT EXIST IN THE REALM OF NFTS
NFTs allow artists to show provenance and establish a chain of ownership by utilizing the blockchain’s ledger
NFTS ENABLE ARTISTS TO REACH NEW AUDIENCES
NFTs, dubbed the “new disruptor” in the art market, are making ripples in an industry historically dominated by traditional investors.
LISTING NFTS ENTAILS MINTING
Minting is the process through which your artwork, collectible, music, film, domain, or other item is added to the blockchain.
OPENSEA ALLOWS FREE NFT MINTING.
OpenSea, unlike other platforms, does not impose a fee to mint NFTs. To differentiate itself, the platform charges a payment on the final sale price, which is presently 2.5%.
ETHEREUM SUPPORTS THE MAJORITY OF NFTS.
Ethereum allows fungible tokens such as ETH, but it differs from blockchains such as Bitcoin in that it also enables non-fungible tokens, which store additional information about the token
THE NFT MARKET INCREASED BY 18,000% IN A YEAR.
The first six months of 2021 witnessed an astounding $2.5 billion in sales. Sales continue to be strong, with August 2021 alone posting $3.4 billion in sales!
THE VALUE OF ETHER HAS SKYROCKETED
While the growth of the blockchain network did not happen overnight, the rise in NFTs is mainly responsible for increasing ETH’s value.
MEME NFTS ARE VALUABLE
The Success Kid meme sold for 15.00 ETH ($32,355.75)
ETHEREUM 2.0 WILL ALMOST CERTAINLY FIX THE PROBLEM OF EXCESSIVE GAS PRICES.
With the introduction of Ethereum 2.0 in 2022, the network will transition to a proof-of-stake architecture, with fees and transaction times projected to fall considerably.