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NFTs Gained the Imagination of Crypto and Became Mainstream

This was another big week for NFTs, digital collections that have gained the imagination of crypto enthusiasts and are now quickly becoming mainstream.

Dolce & Gabbana revealed a collection of dresses, suits, jackets, tiaras and crowns that could be used by digital avatars, and said they would be referred to as NFTs or “non-fungible tokens” later this month.

Cryptopunks, a collection that contains 10,000 pixels of punk art, sold $1 billion, one of which attracted attention last Saturday after someone made a $1.23 million profits by spinning Cryptopunk in a matter of hours.

In Russia, the State Hermitage Museum increased more than $400,000 by selling NFTs of six works in its collection, involving Madonna and Leonardo da Vinci’s Child, and Vasily Kandinsky’s VI Composition. The museum mentioned that it would receive all its revenue in cash, not in “Russian law.”

New NFT markets are emerging, from both cryptographic companies such as FTX and Rakuten and Alibaba, who govern online shopping in Japan and China.

The main cause of the NFT mania is hard to pinpoint, although the widespread boom in cryptocurrencies has made a group of cryptocurrencies and millionaires who trust the Chinese blockchain and have money to bet on.

They guess that NFTs, which are generally pieces of art (such as wrecked diamonds or virtual perfume), but which differs from pieces of Manhattan real estate, to season tickets for sports clubs, and any amount of real-world assets, are a crossover product that will fascinate millions of normal people to the world of cryptography.

But the advent of NFTs, which are mainly created on the Ethereum blockchain, is also turning Ethereum into a “metaverse” lines, a parallel digital world that is the most trend technology idea of the year.

The metaverse, the reflector of reality in cyberspace, has been explained in many ways. Many office workers, who have been connected to their counterparts via the Internet since the epidemic began, may state that it has already come.

In July, Mark Zuckerberg described his idea for metaverse as a 3D Internet “where you are rather than viewing content.” He guaranteed that Facebook would become a “meta-company” by its virtual and expanded reality projects, and has started a virtual office simulation in advance.

Yet, the aim of colonizing Big Tech in metaverse and creating high-income walled gardens that now dominate the Internet provoked an instant reaction.

Digital currency supporters see metaverse as a set of shared online worlds that are compatible, so that users can navigate through them while having their digital identities, money and assets. You may use the same avatar in many games or even in Facebook’s virtual office.

The virtual piece of London or Seoul that you purchase from one platform keeps its value on another platform. No platform can control what you collect.

To obtain this perspective, there must be a single ledger for all known items, a blockchain where everything can be registered. And the Blockchain, which tops the network influence, is Ethereum.

As can be seen, the boom in NFTs is not just a possible madness caused by memes or status, but a digital cannibalism, a competition to overcome the dramatic heights of the new digital landscape.

Of course, the landscape is about to evolve significantly. Many NFTs now get their value from dependence on assets and services that are insufficient in the real world, but this sector is growing at lightning speed.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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