2/17/2023 - Economy and Finance

The Economy of the NFTs

By Milton Rodríguez

The Economy of the NFTs

NFTs transform collectivity by creating their own virtual economy

The NFTs have become a prime part of the cryptosystem, as it generates its own economy, economy that has reached numbers expressed in millions of dollars.Since that collection generated in 2017 called CryptoKitties represented by cats and that has been one of the first to launch in this format, able to change the paradigm of collectors who like exclusivity, passing from a physical to virtual format.Unlike other collections, this does not have a limited emission, since the project is designed to create kittens from attributes that you can also configure that these can be sold or transferred. In May 2018 was sold the first CryptoKittie for 140K dollars. There are currently more than 2 million of these collectable kittens.

CRYPTOPUNKS

To this collection followed him more successfully as the CryptoPunks, faces based on London's punk style, equally reminds us of the Minecraft game by the peculiar style of creating the pixel figures. This was created only 10K and one of these is within the NFTs of any highly valued and sold type, the amazing is that the elements of this collection were offered through an Airdrop, an event where users are asked to perform certain actions to access the reward, in this case the only petition was that people had a wallet that could receive NFTs.And since we talked about the economy that generates it is impossible not to comment that CryptoPunk #5822 was sold in 22 million dollars.

BORED APE YACHT CLUB

We cannot leave aside another collection that had a fairly high media impact, this collection is that of the Bored Ape Yacht Club represented by simios with an emission of only one thousand NFTs and here we already see how these virtual assets have additional benefits to just own the NFT, this has given as a result that the possessors are not necessarily of the crypto world.This collection has a total value of 1.4 billion dollars and is that it is no wonder, since great brands have made the decision of incursions in this market, Adidas confirmed their arrival to the metaverse through the Bored Apes being the main, but there is no scope that this collection had.Artists of the size of Steve Aoki, Justin Bieber, Paris Hilton, Eminem, Snoop Dogg, Marshmello, as well as world-renowned sportsmen such as Shaquille O’Neal, Serena Williams, Stephen Curry, Neymar Jr. have again seen this collection and are now owners of at least one and in some cases even provoked that they have developed some project related to this world.

COLECCIONISTS

The natural characteristics of the collectors' people where the key factor is exclusivity has driven this market by exploring the possession of virtual assets, in addition to the uncontrolled reproduction of copies of these virtual objects, the unique or unique possessor and owner when it is collection is what moves them to invest.Very soon we will see more and more incursion marks in the NFTs and an important part will be to include benefits to exclusive customers who acquire one of these, currently there are clear examples of big brands, organizations that have designed and developed projects that are suitable for these virtual assets, at another time we will deepen the market reach logically speaking.And to close, we present a list of NFTs that reached the largest sums in their sale throughout history.
  1. The Artwork Everydays: The first 5000 days sold by 69.4 million dollars.
  2. CryptoPunk #3100 sold for 7.6 million dollars.
  3. CryptoPunk #7804 sold for 7.5 million dollars.
  4. The first tweet by Jack Dorsey founder of Twitter sold for $2.5 million. The owner tried to sell it for $480 million and received only a $280 offer. This is a clear example of how prices move by supply and demand, is the value that the market wants to give you.
  5. CryptoPunk #6965 sold for 1.6 million dollars.
  6. And I will extend three more places for the reason that the following are CryptoPunks and it is interesting to know how from a list of possible 10, most belong to this collection. The CryptoPunk #4156 sold for 1.3 million dollars.
  7. CryptoPunk #2890 sold for 1.2 million dollars.
  8. CryptoPunk #6487 sold by 1.1 Million Dollars.
  9. I will finish the last two places of a top ten because again a Crypto Punk is involved. This place is reserved for Hashmask #9939 a digital artwork sold by 844,000.00 Dollars.
  10. And to close as we mentioned, the CryptoPunk #2140 sold by 804,000.00 Dollars.
Although not all is said, this article has served us to understand the NFT Economy that these virtual assets represent for society whether it is crypto or not.We see each other in the following article.

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milton rodriguez

Milton Rodríguez

Hi, I'm Milton Rodriguez. I have 20 years of experience in the technology and I dedicate to providing valuable information to people through content generation.

I am currently 100% in the crypto industry as a Consultant, knowledge that I have acquired for more than a year and a half that I decided to generate content for this sector.

I am Bitcoiner but not maximalist, I like what happens in crypto and all "The Bitcoin Effect".

Additional I write for portals with end.guru and other means, in addition to boosting my personal brand through my social networks.

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