Forget NFT Avatars, Owning and Trading NFT Colors Could Be the Next NFT Trend on OpenSea, Rarible and Foundation
2021年10月11日 - 06:04PM
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In brief New NFT project, BitColors, wants to give users the
ability to own and trade colors as NFT tokens. Just like with
CryptoPunks, early adopters may be in for some massive ROI. NFTs
are still such a big deal Following Beeple’s $69.3 million NFT
sales in March, the digital art market appears to have gone into an
overdrive mode. In the first half of 2021, the market for
non-fungible tokens (NFTs) surged to $2.5 billion. Comparatively,
the sales volume of the global NFT market was $338 million in 2020.
From investors spending millions of dollars on CryptoPunks to
digital artists churning out new NFTs at a record pace, one could
assume that the frenzy is only just beginning. However, some
industry experts have argued that the NFT flame will eventually
burn out. For instance, Litecoin’s Charlie Lee predicts that the
value of most non-fungible tokens will eventually crash to zero as
supply overwhelms demand. He wrote: “The problem with NFTs is that
they are non-finite tokens. There is zero cost to create an
unlimited number of tokens.” For some context, a non-fungible token
is a crypto asset used to represent a tangible or intangible item
such as an image, in-game item, real-life artwork, or even real
estate. The properties and ownership of the NFT are recorded on a
blockchain, allowing it to be traded as a stand-in for the item it
represents. Will Investors Lose Money? The current NFT landscape is
primarily a proliferation of a few successful collections like
CryptoPunks and several others. To a large extent, these copy and
paste projects do not bring anything new, instead, they rely on
randomly generated avatars. Lee is right to an extent based on this
argument. On the flip side, it would be wrong to dismiss the entire
NFT market on the premise of the proliferation of digital art and
several CryptoPunk wannabes. That being said, the next
million-dollar NFT project may not necessarily be a 24×24 pixel art
image of misfits and eccentrics or a collage of 5,000 pieces. It
might be something entirely out of the box. Innovation will rule
the scenes Speaking of out of the box, a new NFT project is looking
past digital art. The project, known as BitColors, features a
collection of 1,000 handcrafted NFT colors. Thus they are creating
a rabbit hole where users are allowed to own and trade colors.
BitColors is introducing a new angle to the NFT frenzy as there are
currently no other projects like this. Considering its early-mover
advantage, early adopters may be able to replicate the success of
projects like CryptoPunks in the form of an exponential ROI. Every
color in the collection is handcrafted, with no artificially
predetermined traits with no soul in them. BitColors users have the
freedom to decide the value of each color based on their own
feelings. In general, this appears to be an art project that might
catch the attention of auction houses like Christie’s, Hermitage,
and Sotheby’s. Another interesting aspect of BitColors is the fact
that it has kept the size of its collection at a relatively small
number. With just 1,000 NFTs, the project is priming the future
value of its tokens by introducing an element of scarcity.
Conclusion NFTs are definitely here to stay. The underlying tech
behind the sector packs such immense potential. Even though the
rave of the moment is to try to buy an NFT at a cheap price and
flip it for massive profit, the future of the sector and possible
use cases will likely extend beyond what we are already familiar
with. In the long run, only projects that bring something unique to
the table will stand the test of time. Image
by garageband from Pixabay
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