Some people still think that NFTs are a passing craze. Unfortunately, they are wrong. NFT sales have been growing over the years, and more people are joining the big movement. Moreover, their uses are expanding beyond the confinements of media and art.
Some people refer to NFTs as unique digital collectables with little benefit. However, the media and entertainment industry has been using NFTs to increase their significance successfully. Consequently, this act is reshaping the future of business, healthcare and even finance.
If you are by any chance doubting the potential of NFTs, brace yourself because, although they are still in their early stages, they have a lot of potential. To give you an idea of what the future might look like, look at the growth of Bitcoin over the years.
Bitcoin came into the market in 2009. Then, people were very skeptical about it. Today, it is a different story because it is the largest cryptocurrency, and everybody wants to have a piece of it. Public companies, celebs, non-profit organizations and even some countries have widely invested in Bitcoin and other cryptocurrencies. Therefore, it is just a matter of time before everyone starts fighting to be associated with NFTs.
Top NFT Sales of the Week
This week featured a varied range of artwork across the table. This included BAYC, Fidenza and others. However, Ringers stood out with a massive sale of $6.93 million. With that said, below are the top NFT sales for the first week of October 2021!
1. Ringers #109 ($6.93 million)
Ringers #109 is a normal-sized ringer that comes with 11 traits. Its body is white with an additional red colour, which is a unique feature among 0.31% NFTs. In addition, it features rare traits like balanced wrap orientation and wrap style is Loop.
This week an unknown collector bought Ringers #109 for 2100 ETH, making it the most expensive Art block Curated sold.
2. Super Rare ($2.92 million)
Super Rare is an NFT that allows content creators to create unique artwork and link it to an indistinguishable token. The minted NFT can be sold, traded, bought or hodled by other investors.
3. Fidenza #77 ($2.87 million)
Fidenza #77 features a versatile algorithm. The program strictly focuses on structured curves and blocks; however, it features a wide variety of colour, texture, organization and scale, opening up an extensive range of possibilities.
4. Bored Ape #2087 ($2.27 million)
Bored Ape #2087 is a rainbow-skinned Ape. The featured Ape bites a cigarette with angry eyes. Its background is purple and it is the 9th rarest Ape.
Last week, an anonymous investor purchased the Bored Ape Yacht Club (BAYC) NFT for 769 ETH. This purchase is the most expensive BAYC NFT Ethereum sale.
5. Ringers #220 ($2.19 million)
Important to Note
Cryptocurrencies are not regulated and are highly volatile. In case of loss, there is no guaranteed compensation. Therefore, before investing in cryptocurrencies, take time to understand the trading process and evaluate the risk. Lastly, always invest what you are okay to lose.