Crypto Prices: Ethereum and the Big Deal of NFTs – D1SoftballNews.com

New data has revealed that the NFT market is amassing formidable numbers and the social media giants are preparing to monetize the trend. Messari Research data showed that the total NFT market capitalization exceeded the swashbuckling figure of $ 15 billion.

The data includes all currently existing NFT categories: custom avatars, games, digital works of art, “collectible” algorithms, metaverse and various utilities, as well as virtual real estate and music.

The Boom of NFT Avatars

The element that most strikes the attention is the huge market that revolves in particular around the sale of avatars, a sector that alone covers a share of almost 8 billion dollars. Messari Research analyst Mason Nystrom points out that NFT avatars have reached a broader value overall than that of NFT games, art and collectibles combined.

In Mason’s opinion, “the long-term horizon of the NFT ecosystem is bright. The sector continues to expand as newcomers enter space and new companies issue non-fungible tokens, based on pre-existing or newly created intellectual property. “

After Twitter comes Only Fans

Precisely the so-called “newcomers” are raising wide appreciation but also an inevitable crowd of controversies within the NFT ecosystem. It dates back just a few days agoTwitter announcement that it wants to introduce verified NFT profile pictures, that now another important platform has already joined the troupe: it is Only Fans. The popular website, which offers subscription-based customized content for adults, has announced that its users will now also be able to set verified NFTs as their profile picture. The CEO of OnlyFans explained that the aim is to “increase the potential available to creators”.

In this regard, however, a more in-depth analysis is needed. Only Fans told Reuters that the new mechanism only supports Ethereum-minted NFTsand the NFT verification process itself takes place under the auspices of an Ethereum icon.

This drastically narrows the options available to DeFi lovers. And the problem is also: how popular can a verified NFT image-profile function actually become, if users have to deal with the gas tariffs imposed by Ethereum to purchase it?

Phenomenon destined to last

Things are heating up in the NFT space, as the number of blockchains contributing to add NFT functionality for their users increases in an attempt to undermine Ethereum’s dominance. New NFT markets are also emerging to challenge the trading volumes of OpenSea, the marketplace currently leading the global industry. If that’s not enough, cryptocurrencies minted specifically for the metaverse are also gradually becoming popular. With digital giants like Meta and Twitter looking into NFT capabilities and increasing market capitalizationit seems that the NFT phenomenon is destined to last a long time.

You May Also Like

About the Author: Kate