Have you watched a game of Cricket? If yes, how do they start the proceedings? Yes, that's right, they toss a coin in the air and choose the side that would opt to bat or bowl. In the same way, there are many occasions when someone uses a coin to start the dealings. It is the same thing when you buy something using money. You would be kinda confused right now? Yes, the concept here is Coins have been better now and have overshadowed the real ones and have become invincible with a new name, NFT-
Non-Fungible Tokens. They are new age and can be used to convert your exciting creations into a so-called token and earn ownership of the same.
NFTs here! NFTs there! And yes, NFTs are everywhere, and people have started adopting the newest change that is revolutionizing the world. They have reached the top surpassing the records of the mighty cryptocurrency in just months. People are eager to mint their creations into an NFT, thus earning more. In the process, people have started to build a marketplace to showcase their talents in the metaverse. What led to the bump in NFTs should be known before moving further.
Sales that have transformed them to a whole new level
In the cryptocurrency world, non-fungible tokens (NFTs) are breaking new ground. According to new research from Cointelegraph, people have spent over $9 billion on NFT sales so far, with total NFT sales expected to reach $17.7 billion by the end of the year.
Amitabh Bachchan's recent launch, an autographed vintage poster, and a recitation of his father's classic poem, Madhushala, fetched Rs 7.18 crore ($966,000).
The NFT series of five digital sketches by Bollywood fashion designer Manish Malhotra was auctioned for around Rs 2.8 lakh.
According to a recent study, NFT sales increased from $41 million in 2018 to $2.5 billion in the first half of 2021. It is said to be a 60-fold increase in three and a half years.
Compared to 2020, the increase is astounding. Total sales in 2020 were $340 million, according to reports from a popular NFT website, and sales in 2021 have already surpassed $9 billion, a more than 25-fold increase.
According to the study, monthly sales volume reached $360 million in May 2021. Shortly after, the NFT euphoria was shattered by a sharp drop in crypto markets, with daily volumes plummeting by up to 90% of previous highs.
On the other hand, NFTs bounced back in July, reaching new highs and a total volume of $2.6 billion in August.
These sales made people rethink about their business and jump into the world of NFTs. Moreover, there are a lot more NFT marketplaces that stood to the occasion and started to storm the minds of people in launching an NFT marketplace and earning more rewards in this venture. Here are a few marketplaces that stood as an example for beginners and are said to be the best NFT marketplaces for beginners.
Biggest NFT Marketplaces List 2022
OpenSea