The term NFT is an abbreviation for non-fungible tokens. NFTs are tradable digital assets stored on the blockchain. Traditionally, Non-fungible tokens (NFTs) are unique, non-interchangeable units of data. However, the Sui technology takes the NFT space to a new level by introducing mutable and composable technology. Also called dynamic NFTs or cNFTs, meaning the NFTs can be changed after minting. Consider buying extra properties for your NFTs, upgrading them, or making a static NFT a dynamic NFT, for example.
NFTs contain identifying information that makes them distinguishable from all other tokens. Because no two tokens are the same, they cannot be traded or exchanged at an equivalent rate or broken down into smaller units like currency.
The NFT space has more value propositions than the average bun knows. Because each NFT is unique, NFTs can be used to value and authenticate the ownership of digital assets. Currently, One of the biggest markets for NFTs is the entertainment industry. As a result, NFTs are being used in many spaces. Such as Art, Collectibles, Gaming, Music, Sports, and more.
Obviously, the buns are NFT fanatics, and if other buns don’t believe NFTs are a sustainable market, we throw some carrots and facts at them. Here are a few examples of the massive progression of the NFT market. In 2021, the volume of NFTs traded in Q3 went up by almost 40,000% compared to last year’s period. The monetary value of these tokens exceeded $10.6 billion during this period! That same year, Opensea, one of the biggest NFT marketplaces, reported a trading volume of more than $75m in one bunful day.
These are examples of how explosive the NFT space has been. At the moment, the volume is down in crypto in general, but the ones who think NFTs are dead should eat more carrots to see things more clearly. You got to understand the human psychology behind market cycles and see the bigger picture. In our hairy opinion, the digital era is inevitable, and NFTs are still in their early stage. However, we do feel like it’s time to get the NFT space to the next level. The Sui tech stack offers the much-needed tools to make this happen.
According to our bunful analyses, the Sui network has the potential to compete with other well-known NFT chains. We even think that Sui will compete, and potentially front runs the king of Ethereum eventually.
Hairy hugs, your cutest frens!
