NFT projects have grown quite popular this year, some may have heard of them while some probably still haven’t. NFT is an abbreviation for Non-fungible token, the non-fungible here means something that is unique.
What is NFT (Non-Fungible Token)?
A non-fungible token or NFT for short is a unique digital item that can be sold and bought. Most NFTs are part of the Ethereum blockchain, like Bitcoin. If you are a first-time bitcoin investor, you can check this website for all you need to know about bitcoin investment.
When NFTs first started, some of them were gamified crypto-collectibles but in 2021, most of the common NFTs are digital art collectibles. Pascal Boyart, a French artist, supplied one of the most important works.
Top 5 Trending NFT Projects
Now that you know what NFT is all about, let’s move on to the top 5 trending NFT projects to follow in 2021.
Rarible
Rarible is a marketplace that allows both the creators and the buyers to make transactions without a middleman. It allows creators to sell custom crypto assets that show their ownership in their digital work. It is a network built on the Ethereum blockchain, and has a very simple and straightforward setup. You can find digital artworks and virtual parcels of land on the Rarible marketplace.
Rarible makes use of RARI tokens. Users can earn these tokens by selling or buying them on the platform. Owning these tokens means users can curate artwork, make important decisions that affect the platform, etc.
Rarible distributes 75,000 tokens to its users who actively interact every week. Users on the platform can create NFTs (non-fungible tokens) for unique digital items. According to Google (statistics), Rarible price is $39.53, the price to BTC is 0.000665, ranks 90, 24-hour volume of $12.10 million, and a market cap of $985.61 million.
Flow
The team behind Cryptokitties is also responsible for Flow, which launched in 2020. The NFT project allows developers to create and trade digital assets, also a foundation of games and apps. Flow divide the responsibilities of each node (validation stage of a transaction) into collection nodes, consensus nodes, execution nodes, and verification nodes, this has increased efficiency.
When using Flow, the blockchain allows developers to release their dapp in beta, at the same time updating their code in case any problems arise. Once they submit the final version of the code, it cannot be changed again. Flow created a new programming language called Cadence which is easy to use and designed for digital assets and dapps. Upgradeable smart contracts are also written in Flows programming language.
Users need to have ownership and stake FLOW tokens in order to become a node, through this, they have a say in the governance of the platform. There are rewards in store for these users. Developers are also allowed to create their own cryptocurrency on Flow. According to Google (statistics), Flow price is $35.43, price change 24 hours is $-1.68 4.53%, trending volume of $209,936,328.64 41.00% and a market cap of 0.1744. If a user does not want to run a node, he/she can delegate their stake to professional operators. They will participate in the network on their behalf.
Decentraland (MANA)
This NFT project is a virtual reality platform that is an Ethereum blockchain in accordance with the ERC-20 (MANA) standard for tokens. It is a world where users can buy, sell and develop virtual land, and users can also play games on this platform. A non-fungible ERC-721 (LAND) token represents users’ ownership of virtual land on the platform. Due to the fact that it is non-fungible, each land is unique and users determine what to publish on their land. The MANA token can be used to purchase virtual plots of land while the token, LAND, is used to define land parcel ownership.
When users own MANA, they have a say in land auctions and can vote on policy updates. MANA tokens are deflationary, this is because when a land is auctioned, the MANA tokens used to purchase the LAND are burned or removed from circulation. Each LAND is equivalent to 100 square meters in the Metaverse (the virtual reality land). According to Google (statistics), Decentraland price is $0.9561, has a market cap of 0.1688, and a trading volume (24 hours) of $254,648,717.12 4.37%.
Origin Protocol
A decentralized shopping platform, a protocol for sharing and creating marketplaces without intermediaries using the Ethereum blockchain and IPFS. Users can buy goods and also sell these goods on the platform. Creators and developers can create their own application, this is powered by the Origin blockchain. Users can purchase the Origin token (OGN), this gives them a say in the governance of the Origin ecosystem. According to Google (statistics), the origin token price is $2.66, the price to BTC is 0.0000447, has a market cap of $780.23 million, a 24-hour volume of $236.45 million, and a rank of 103.
Terra Virtua Kolect
This is a crypto marketplace that allows digital assets to be viewed online, through a mobile app and a 3D environment using augmented reality. The NFT project has a unique social, gaming, and creative experience and is enabled by blockchain. It is a curated cross-platform and blockchain ecosystem for sharing, interacting, and trading digital collectibles. It makes use of an ERC-20 utility token (TVK token). Users with TVK tokens have access to premium activities such as competitions, they can vote on the platform and they can earn unique non-fungible tokens on the marketplace.
The project has partnered with media houses like Paramount Pictures and Legendary Entertainment. According to CoinMarketCap, Terra Virtua Kolect has a price of $0.6744, a market cap of 0.1159, a trending volume (24 hours) of $17,137,448.81, and a market rank of 330.
If you are a lover of creating crypto art or a fan of crypto art, the above-listed NFT projects are guaranteed to suit your taste. Remember that when getting started with NFT there are steps to follow. Set up an Ethereum wallet (like Trust Wallet, MetaMask, or Rainbow), purchase some units of ETH, and connect your wallet to an NFT marketplace.
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