The world of digital assets is growing faster than ever. It’s now a $200 billion industry with no end in sight. There are numerous types of crypto tokens, or ‘NFTs’ as they are commonly referred to, with new ones being introduced on a near-daily basis. However, not all NFTs are created equal, and not every token is worth your time or money. The following article will break down the best NFTs for you to invest in right now.
What is a Non-Fungible Token (NFT)?
An NFT is a special type of token that is non-interchangeable. In other words, each token is unique. This is in stark contrast to fungible tokens like Bitcoin and Ether, whose tokens are interchangeable and can be exchanged at will with no difference in value. If you’re interested in finding out more about the differences between fungible and non-fungible tokens, check out this article. Some of the most popular NFTs include CryptoKitties, Decentraland, and Cryptocelebrities. These are unique digital assets. They cannot be replicated, which makes them extremely attractive to investors. If people want to own a specific Cryptocelebrities token, for instance, they cannot simply clone the token and make two of them.
CryptoKitties: The Original NFT
The first big NFT hit the crypto scene in 2017. No, it wasn’t Decentraland or Cryptocelebrities; it was, in fact, CryptoKitties. Back in 2017, this digital cat game was so popular that it caused congestion on the Ethereum network. This is a testament to the power of NFTs and the potential of the industry as a whole. The game itself is simple enough: you breed, trade, and sell rare cat tokens. These are all NFTs. The original CryptoKitties raised $12 million during its ICO, and it’s estimated that 50% of all Ethereum tokens are either directly or indirectly related to CryptoKitties. This is a good example of how significant the impact of NFTs can be on the crypto industry as a whole.
Decentraland: Virtual Real Estate on the Blockchain
Another popular NFT is Decentraland, a virtual world built on the blockchain. Users can purchase plots of land and develop their pieces of land as they please. The system is built on a non-fungible token (or NFT), meaning every token is unique and owned by a single person. Decentraland is reminiscent of Second Life, the virtual world that came out in 2003 and quickly became a hit with people looking to explore the endless possibilities that virtual worlds have to offer. Decentraland’s non-fungible token can be earned, bought, and exchanged. It’s also possible to trade tokens on external exchanges. An interesting feature of Decentraland’s NFT is that it has a built-in auction system. This means that if you don’t have enough in your account to purchase a piece of land, it will put it up for auction instead.
Cryptocelebrities: Famous Faces with Famous Tokens
Cryptocelebrities is a digital token platform where users can purchase and own individual tokens that represent a famous person. The most famous people in the world, including celebrities and influential business people, are represented. Cryptocelebrities are NFTs, which means that each token is unique and owned by a single person. The genius behind Cryptocelebrities is that it combines two powerful industries: the token economy and the celebrity industry. The token economy is a multi-billion dollar industry that is growing at a rapid pace. The celebrity industry, on the other hand, is massive and continues to grow every year. By combining the two, Cryptocelebrities have created an extremely powerful token that is backed by both industries. It’s no surprise that the company has already raised $5 million.
Conclusion
NFTs have the potential to disrupt multiple industries and have already made an impact on the crypto industry. CryptoKitties, Decentraland, and Cryptocelebrities are just a few examples of how powerful NFTs can be. The future for NFTs looks very bright, and many more will likely make their way into the industry as time goes on. The best NFTs to invest in are the ones that are unique and interesting.
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