NFT Memorabilia and Potential For the Future

The Current Market of Non-fungible Tokens (NFT) have been successful since its release as one of the biggest utilization of blockchain technology.

With so many applications including the ability to tokenize multiple types of collectibles, the market for NFTs has been booming and is projected to keep rising.

The concept of NFT is based on the opposite of fungibility. In the traditional sense, when you want to make an exchange, you need to trade one item with another of equal value. For instance, a dollar can be exchanged for another dollar, one ethereum can be traded for another ethereum. However, NFTs make it possible to exchange various digital assets for another, regardless of the value.

Essentially, anything that is considered unique can be tokenized and traded for another one-of-a-kind item. A unique example is an invaluable piece of art by Picasso or another painter. Each of these might be valued at different prices but they are both unique to themselves. Hence, it can be exchanged as a Non-fungible token.

There are currently several types of NFTs available such as CryptoKitties, Splinterlands, and Rariable. NFTs have unlocked a world of possibilities where any asset can be digitally represented.

Thanks to the endless possibilities of NFTs, the demand for NFTs is continuing to surge and the market is indicating no signs of reducing anytime soon. With most of Beeple’s NFTs selling instantly at a maximum of almost $70 million, multiple celebrities are slowly breaking into the NFT scene and creating their flagship NFTs.

Currently, the combined market value of some major NFT projects has increased by 1, 785%. This has led to an explosion of sales within NFT marketplaces such as Opensea and Rarible. Both platforms recorded sales that doubled with 50–100 folds in three months. This progressive surge has led to the formation of different high-profile NFTs across various blockchain ecosystems aside from Ethereum.

Some of these upcoming NFT platforms that are set to launch soon include;

• Polkamon: In preparation for their releases, this platform ran a campaign with the hashtag #ClaimYourEgg. This campaign encouraged everyone to claim their eggs on the platform and made a ton of money. The cost of gas on the Ethereum blockchain costs around $15 when this campaign ran and more than $1.5 million were spent on gas.
• Moonrock Capital: One of the first investors in the Polkadot ecosystem and also the largest incubator of Polkamon.
• Crypto Prophecies: Gathered funding from Polygon and prime DeFi funds to create an NFT game.

What is The NFT Projected Market Rise?

The market for Non-fungible Tokens is projected to sustain its fast growth trajectory all through the year. With the demand for different types of digital collectibles growing, the trading volume is expected to surpass $170 million by October. Hence leading to a robust capitalization of $470 million.

The market value for NFTs was worth $338 million in 2020, however, the trading volume rose by about 645% in the first three months of 2021. This success has been attributed to many celebrities, the world of European art showrooms, and professional sports. According to Cointelegraph, Beeple’s sale for the “Everydays” NFT at $69.3 million is the third-largest sale for any artist currently alive.

It’s also been reported that the unstable market values of the crypto market will not affect the value of NFTs. Hence, NFTs will likely continue to experience significant value surges in the future.

What is The Future of NFTs

With a large demand for NFTs, the market is slowly taking on several applications and many people are curious about the next direction for NFTs. The amazing $69 million sales of Beeple’s intangible artwork in the form of an NFT has the world fixed on the potentials of NFT. NFTs could be applied in so many different forms.

There is already the possibility of having a personal gallery. An NYC gallery has recently showcased crypto art physically. The Superchief Gallery opens an NFT gallery that featured NFT artwork from 300 artists. There’s also the possibility of auctioning NFT memorabilia.

Crypto collectibles from sports and art are selling like hot cakes

Currently, many investors are purchasing NFT memorabilia from the sports, arts, and film industries.

NFT memorabilia is a unique investment that holds some advantages and disadvantages when compared to physical memorabilia.

• It can offer more liquidity. For instance, a rare painting is an appreciating asset, and when tokenized will continue to increase in value. This is a better option compared to storing it away or selling it physically.
• It allows for more flexible classes of security. For instance, a museum can allow investors to purchase shares in artwork but will not give them full control.

NFT memorabilia like other NFT projects also have some cons such as;

• The price of gas fees during an exchange
• The lack of stability. No one can predict the value of an NFT
• Environmental concerns. Trading with NFTs and other blockchain-based assets requires significant computing which is only possible with substantial energy.

NFTs have made it possible to tokenize different types of assets including art, videos, and so many others. With the market constantly rising and more NFT projects launching soon, it’s clear the value will keep ascending.

NFT memorabilia is the future of fan engagement and The Memorable project is launching soon! Stay with us..

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