NFT journey on Ethereum began (Yr 2015) much early than the birth of Cryptopunks. It was not until late 2017, with the launch of Cryptokitties, that created public awareness of NFTs and excitement on its future prospects. The entire scope of Cryptokitties gameplay surrounds collecting, breeding, and auctioning kitties. Since then, the NFT use cases have extended from collectibles to tokenization of real-world assets.Just like in the real world, no two assets can exhibit similar characteristics or value, similarly, each tokenized asset on the blockchain has unique characteristics. Since these digital assets are distinguishable from each other, they are not interchangeable and so are referred to as non-fungible tokens. Just like real assets that have a certificate of ownership, NFT tokens maintain ownership records and proof of authenticity on the blockchain.Sales volumes have remained high after NFTs rose in popularity early this year when crypto artists such as Beeple brought NFT into the mainstream with their art.Monthly sales volumes on OpenSea reached a record high (i.e. $750 million+) in August and counting,In August, the daily volume has remained above $55 Million on most days.In just 10 days of August, the number of NFTs sold has surpassed July record numbers.Source: DuneAnalysis. OpenSea monthly\/ daily trade volume (in USD).NFT enthusiasts see them as collectibles with intrinsic value because of their personal liking or speculation on rare traits of NFTs. Compared with works of art, NFT is much easier to price \u2014 The rarer these elements are, the more they are sought after by people. The rarity of these elements nowadays can be easily checked through tools like rarity.toolsStatus as of 10th Aug 2021. Sorted by trading volume.CryptoPunks is a prime example of the current boom in the NFT market. CryptoPunks have become among the most sought-after NFTs on the market. Known as\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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