We are now hearing it for the 100th time! NFTs are all hype and in a few months none will be worth anything anyway. But is this true for all NFTs? We’ll show you what other options exist to get a good start in the NFT market.
Most crypto fans have come into contact with NFT over the past few months. Collections such as the Cryptopunks or the Bored Ape Yacht Club have become world famous. “Normal” people no longer need to think about acquiring such art, since the price is sometimes more than 100 Ethereum. Also: Are we in a bear market anyway? Who buys NFTs?
From 5 billion US dollars in monthly transaction volume in December 2021 to 600 million in April 2022. We are talking about no less of a platform than OpenSea. As the most popular platform, it shows the general crypto market trend. This has been falling sharply since December 2021.
On Google Trends, those interested can observe that the number of search queries has fallen to about a third from the high of 100 in December. This again represents the lowest value since the NFT hype began, but how can you still make money from NFTs?
ENS and Unstoppable Domains – NFT as a website
ENS and Unstoppable Domains sell domain names in Web 3.0. As on the “normal” Internet, users can buy domains with .eth and .crypto endings on both sides. These should serve as a universal login in Web 3.0 and replace the long 42-digit wallet addresses. If users have an .eth site, they can connect it to their wallet and then use the domain name instead of the long wallet address.
The popularity of domain names has increased a lot lately. One of the most important reasons is decentralization, which does not apply to the usual areas. Instead of registering with a central registry, blockchain domains operate in a completely decentralized manner. The owner of the respective domain can actually prove his ownership via the blockchain – no longer dependent on third parties. The domain therefore cannot be blocked or blocked, so it is censorship-resistant.
Good to see in this article: on April 22 alone, 16% of all domain names were registered, which is the highest value! Since the domains are all NFTs, they can also be purchased on OpenSea. Again, volumes for Unstoppable and ENS domains have peaked in recent days:
3 and 4 digit domains are especially popular these days. A user was even able to sell the 3-digit page 555.eth 4 days ago for 55.5 ETH. Well, do you still have doubts?
Trading cards are all the rage
Interesting NFT investments for users also result from trading cards. Compared to the extremely weak figures for the overall market, the four main collections were all able to increase on a weekly basis.
Although trading cards are usually bought for much less money, they can also be sold for an extremely high price if invested correctly. Especially for the wallet of the average German, collectible cards are affordable because there is a large quantity of them. These are therefore cheaper than rare NFTs. You will still need to acquire some know-how: Depending on the category, some cards are rarer than others and therefore more valuable.
In the popular soccer trading card game Sorare, for example, a user can earn an incredible 116.15 Ethereum. He sold a one-off by footballer Kylian Mbappe. The situation is similar with Parallel Alpha. Players purchase trading cards as NFTs to build entire decks and compete against each other. If you think 116 ETH on Sorare is a lot, then brace yourself: a staggering 360 ETH was worth a player’s most popular card in the entire game on Parallel Alpha.
A new NFT marketplace called VooVoo recently offered its users a Banksy NFT for sale. Yes exactly! Banksy. The British artist is generally known for his street art objects. This gives users particularly willing to take risks the opportunity to buy parts of this work of art. Lee Davies, CEO of VooVoo, tells us that NFTs are very popular:
“Banksy is an extremely controversial artist. For us as NFT market it was a statement to buy the picture of the sneezing old woman in times of Corona. It symbolizes this era perfectly. We are very happy that we were able to sell the NFTs in just 14 hours.
Just recently, the VooVoo team was able to sell 4900 Banksy NFT coins for 1000 USDC each. However, the rush does not seem to stop, in the future more Banksy NFTs are to be sold through the platform. There are also many requests for other projects from other British artists.
“Although we started with the Banksy NFT, in the future we intend to secure more than mint artworks and resell them as NFTs. In the long term, the place of the market should be for all artists.
He remains calm on the question of how upcoming regulations could affect the NFT space and his project. “The NFT space will continue to grow a lot. The fact that users can prove their ownership via NFTs is simply unique. Governments saw that with crypto, there were also taxes to be collected for the state. I don’t think the space is over-regulated.” According to him, the current slump in the NFT market will soon be over. Well, let’s hope he’s right!
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