NFT Mania 2021 – Will the Hype Sustain

2021 is turning up to be the year of NFTs with sales and volumes reaching new and amazing price records. This unprecedented interest in NFTs and its ensuing increase in volume begs the question – Is the NFT Mania in 2021 real and will it sustain?
This article covers in detail recently sold Non-Fungible Tokens (NFTs), the platform on which the sale occurred, and reasons why we are positive that the NFT hype is only just beginning.

Source: theblockcrypto.com

Several NFTs have been sold in 2021 alone with many of such waves making huge waves globally and subsequently creating awareness and adoption for the blockchain, DeFi, and cryptocurrency space.

Recently sold NFTs

Jack Dorsey NFT Tweet – Sold for $2.9 million 
First on my list is Twitter CEO and Founder, Jack Dorsey and his first-ever tweet. The CEO minted and subsequently sold this tweet on Monday, March 22, 2021. Dorsey first tweeted about his minted tweet NFT approximately two weeks ago with many people bidding to purchase the tweet. According to Valuables by Cent, the tweet finally sold for $2.9 million with Sina Estavi, CEO of Bridge Oracle winning the bid. The entire proceeds from the sale, according to Dorsey, will go to charity.

Beeple – Costliest NFT Sold for $69 million
One artist making major waves in the digital NFT space is Mike Winkelmann, popularly known as Beeple. In December 2020, the digital artist sold around $3.5 million worth of digital art on the Winklevoss brothers’ Nifty Gateway marketplace. In February, sold his “Everydays – The First 5000 Days NFT” for an astonishing $69 million. With that Beeple became the creator of the most expensive NFT art ever and he also became the third-most-expensive living artist.

CryptoPunks – 2,199 CryptoPunk were sold in February 2021 and generated sales of $100 Million.
CryptoPunks, one of the first NFT on Ethereum is a collection of 10,000 tiny pixelated characters. According to reports, the whole CryptoPunks collection has been completely sold out with only secondary sales now available. Most of these tiny pixelated characters are currently being sold for a lot of money. One sold for 800 ETH tokens in Febraury which amounted to $1.5 million approximately. The major marketplace for the CryptoPunk NFTs is the ‘Punks for Sale’ page on Larva Labs and Opensea.

Grimes -NFTs worth $6 million sold
Grimes, the Canadian artist, and musician recently joined the digital NFT space. On February 28, 10 pieces of one of his series went up for sale on Nifty Gateway. One of the pieces called “Death of the Old” was sold for about $389,000.

👼”Death of the Old” –@Grimezsz x @MacBoucher1 👼

The first of her kind, #WarNymph is a digital entity spliced from a pixel DNA of the organic human, Grimes.🧬

The journey into the #Oth3rkin Universe starts here: https://t.co/ccliYhMW1q & https://t.co/AgVLsy1eD8

Who’s ready?🔥 pic.twitter.com/lf4mer4XOE

— Nifty Gateway (@niftygateway) February 28, 2021

Other Top NFTs sold
NBA’s Dallas Mavericks also recently sold five digital collectibles on blockchain-based marketplace Mintable. Taco Bell, the fast-food chain, designed five taco-themed NFTs. The bidding started at 0.001 wETH, sold out within minutes with the highest bid as high as 1.5 wETH. The bidding took place on popular marketplace Rarible.

Also, in January, a virtual plot of land NFT in Axie Infinity sold for $1.5 million.

Breeding Ground of NFTs
While NFTs are having a big moment right now, the platforms used for creating and trading NFTs are becoming increasingly popular.

Terra Virtua (TVK – 119% pump in 30 days)
Terra Virtua (TVK), the AR and VR platform that has acquired massive partnerships is soon coming out with Godzilla and Kong-themed NFTs. Popular digital artist Tim Cantor with affiliation with Imagine Dragons has also disclosed plans to be part of the digital NFT space. He recently converted six of his oil paintings into digital art pieces (NFTs) on Terra Virtua.

Crypto.Com (CRO – 30% pump in the last 30 days)
Crypto.com, one of the leading cryptocurrency platforms is soon getting into the NFT space. The project will launch its NFT platform on 26 March 2021 and will feature content by mainstream and digital artists like Snoop Dogg, Lionel Ritchie, Aston Martin Cognizant Formula OneTM, Boy George, and more.

Enjin (ENJ – 323% pump in the last 30 days)
As a blockchain gaming platform, Enjin focuses on the creation of digital collectible. It ensures these digital collectibles are truly owned by the user. Impressively, Enjin recently surpassed a market evaluation of $1 billion because of the frenzied NFT trading. Enjin also plans to roll out two new NFT product offerings. It has also partnered with behemoths like Samsung, Microsft, and BMW.

Chiliz (CHZ – 870% pump in the last 30 days)
Chiliz, the digital currency for sports and entertainment platforms is popularly used on Socios.com. As a leading NFT blockchain, Chiliz token price has rallied over 8000% in the last 1 year due to the NFT mania. In the recent past, CHZ formed partnerships with top football clubs. These include FC Barcelona, AC Milan, and Juventus.

Sandbox (SAND – 88% pump in the last 30 days)
The Sandbox, the virtual world that offers users a platform to build and monetize their own gaming experiences. Furthermore, it allows users to their creations as NFTs. In the light of the current NFT mania, the SAND token has been listed on some of the most popular crypto exchanges.

NFT hype – Not just a bubble
2021 is turning out to be the year of Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) space just like 2020. Almost two years ago, the total value of the entire NFT space was less than $300 million. In 2020, it ballooned to over $1 billion and today the total value of the space has surpassed $3.4 billion.

As the NFT space continues to attract traction, a number of questions come into mind. Questions like, Is the hype real? How should we prevent a repeat of the 2017 ICO boom in the DeFi space? Is the NFT hype sustainable?

While these are legitimate questions, it will be important to understand that the NFT hype is not just a bubble. There are key pointers showing that the hype is both real and sustainable.

Real-world Use cases

For one, it has a number of use cases especially in the gaming, art, real estate space amongst several others. NFTs also play a major role in authenticating and verifying information including the authentication of luxury goods and valuable items. Using NFTs, the stocks can also be tokenized.

Venture Capitalists interest grows 

After the CryptoKitties craze of 2017, venture capital-led investments increased in the space.

Major Brands enter the playground

Since 2019, some of the major brands like Nike, Formula 1, NBA, and more entered the space.

All this helps to show that mass adoption is expected to take place in the NFT space. The NFT hype due to its myriad of use cases is sustainable and real.

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