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By Boopathi Krishnan
NFTs have withstood very well the challenge that the value and confidence of cryptocurrencies represented during 2022. Not only that: the NFT market even points to a slight upward and growth trend. When talking about the metaverse as a new investment framework, the mistake has been made of equating these digital assets with virtual currencies. As is being proven, NFTs are much more solid and stable, their regulatory context is more flexible and they represent an interesting avenue to invest.
NFTs and how do you operate in the metaverseÂ
An NFT is an original, encrypted digital file – in the form of audio, text, image or video – that is created thanks to blockchain technology. Their technical characteristics make them unique, that is, existing NFTs cannot be copied or modified in any way once created. In addition, the information that identifies them and differentiates them from their peers can be reliably verified: date and time of creation, content and size - in bytes -, owner or creator, etc., etc.
NFTs can be digital assets with their own entity or they can be the virtual representation of an asset that exists in the real world. In the latter case, the fact that the NFT is "representative" does not eliminate its quality of being unique, indivisible and inviolable. For this reason they are bought or sold, both in the metaverse and in other digital markets. Normally these assets are acquired as an investment for the future, in the confidence that there will be high demand tomorrow, since both the quantities of NFTs that exist and the categories into which they are classified are currently limited.
More NFT transactions. The boom of Only Up!
The argument to maintain that the NFT market is in excellent health is the increase in NFT exchanges, that is, negotiations and transactions with them. According to data from Solana Floor, as of mid-June, the total NFT trading volume was approximately $1.1 million. A possible cause of this increase is the greater exposure of NFTs and the possibility of operating with them on platforms that are easily accessible to the general public. The video game Only Up!, a real sensation currently in the gaming community, could be a good example.
This video game emulates for the user an experience similar to that experienced by the protagonist of the classic story "Jack and the Beanstalk." Despite offering a simple premise, its high level of difficulty encourages successive attempts by the player, although this generates high levels of frustration and negative evaluations—something completely foreseen and intentional on the part of the creative company, SCKR Games. Although Only Up! It is not an NFT trading platform, if it uses the gaming environment to explicitly advertise these assets. The name of the game even makes a play on words with Up Only, a well-known podcast and website where investment advice is given with crypto assets, such as NFTs.
Author Bio
Boopathi Krishnan is an executive of Marketing at Nft Marketplace Development. With 1+ years of experience in SEO and marketing, he loves talking about Blockchain, SEO, and NFTs.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.