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Are NFTs Going To The Moon?

by Ece Uyguc 8 months ago in product review
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Huge Growth In NFT Sales in 2021

Photo by Matheus Bertelli from Pexels

While NFTs continue to become an important part of our lives, I would not be indifferent to this development. I wanted to learn everything about this digital art and dive into this vast universe. I made a fast entrance into this new world last month and now hold four NFTs from two new collections.

In my previous article, I talked about my first NFT experiences. And I think it would be good to share with you what I have learned in this field so far. I want to be a guiding light for those who are unaware of NFTs and who want to be a part of it.

As people enter this field, they spend most of their time doing thorough research, watching videos, chatting on discord channels, and most importantly, actively spending time on Twitter. Twitter has become the most influential platform for NFT lovers and traders. People from different parts of the world speak different languages, but when it comes to the NFTs, everyone meets in a common language and culture.

NFT Language

When I talked about a common language, I meant a new language used and comprehended only among NFT traders. They usually use abbreviations for many expressions, and when you join their world, you start to understand what they mean shortly. I would like to share with you some of the terms used in this new “NFT Language” to give you an idea:

A thread on Twitter giving a list of NFT terms

1. Gm — good morning

2. Gn — good night

3. Ser — sir

4. Fren — friend

5. GMI/WAGMI — “Gonna Make It” / “We All Gonna Make It”.

6. PFP — Profile Picture

7. FOMO — The Fear of Missing Out

8. Floor Price — The lowest available asking price on digital markets such as OpenSea for a collection.

NFT: The Word of the Year

While checking my Twitter feed in the past weeks, I came across an article stating that NFT, the abbreviation of “non-fungible token” was chosen as the word of the year 2021 by Collin’s dictionary, beating out “crypto” and “cheugy”.

I believe the reason is that people joining this NFT world boomed this year and there is a huge growth in NFT sales.

To have an idea about the increasing values of the NFTs, let me give you an example of a digital artwork that was sold in the first quarter of this year. The name of the collection was called “Everydays: The First 5000 days” and it was sold for $69.3 million in March 2021.

When we explore the statistics of OpenSea, a virtual NFT market, we see that it has hit $3.08 billion in trading volume for August 2021. This represents an increase of over 800% compared to July 2021 volumes. You can check it in a tweet posted by David Finzer, the Co-founder and CEO of OpenSea.

Reuters Graphics

According to DappRadar, which tracks sales across multiple blockchains, sale volumes hit just under 2.5 billion USD for the first half of 2021.

OpenSea: The Largest Virtual Market of NFTs

OpenSea is one of the leading NFT marketplaces that first introduced this new type of digital good. According to OpenSea official website, “NFTs are unique, provably scarce, tradeable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them! You could throw them in the trash, gift them to a friend across the world, or go sell them on an open marketplace.”

OpenSea can be considered as a virtual market where digital works of art, collectibles or game items, plots of land in metaverse projects, villas, or apartments are offered for sale.

Recently, celebrities and famous fashion brand owners have also become interested in NFT and metaverse projects and started partnering in several affiliated projects.

Financial Disclaimer

This is not financial advice. I am not a financial advisor. This article is for expressing my personal opinions. Please do thorough research and make your own decisions before purchasing NFTs.

This article was originally published on another platform.

product review

About the author

Ece Uyguc

Economist, certified English<>Turkish translator, writer, NFT collector

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