The blockchain is responsible for the creation of NFTs (Non-Fungible Tokens). They are similar to cryptocurrencies, but they are not the same. NFTs, unlike cryptocurrencies, are one-of-a-kind tokens. They display ownership, source, and history on a database that is permanent, transparent, decentralized, secure, and open-source.
Numerous fields are being disrupted or are on the verge of being disrupted by NFTs. Here are a few examples:
- Real Estate
Artists, without a doubt, have been at the forefront of innovation in this space since its inception. Many of these people have had life-changing experiences.
Trevor Jones, a Canadian painter living in Scotland, went from working four jobs to support his art career to selling his Bitcoin Angel for $3.2 million in February, setting a record for the “most expensive open-edition NFT artwork” at the time.
There’s Ben Mauro, the artist who went from barely scraping by to becoming a millionaire.
Blake Jamieson is another well-known example. He’s a 36-year-old Brooklyn artist whose career took off when he sold over $46,000 in NFTs in less than six weeks. He sold his work on sites such as SuperRare and OpenSea. He has since collaborated on NFT projects with current and former NFL stars Dez Bryant and Terrell Owens, and he is working to expand his brand.
And, thanks to the internet, social media, and the growing popularity of NFTs, collectors from all over the world can connect with the artists they want to collect. In terms of markets, art is being linked to a liquid market that it has never seen before. Over $4 billion in NFT sales have occurred in the last month alone on just one exchange, OpenSea, which is more than the global NFT market size in the first half of 2021.
What does the future hold for the brisk NFT market? While no one can predict the future, it is clear that there is a strong community of collectors, traders, and investors who have created a very liquid market. There will be ups and downs, but it is clear that NFTs are here to stay.
Bullseum is an art project that produced 5,000 NFT collectibles. This is not a generative project; rather, each image was hand-drawn by a human artist. These collectible bull NFTs are part of a fantasy ecosystem that has an ambitious roadmap that will continue to grow and add features.
Some of what this will include:
- A cryptocurrency token
- Artists competitions
- NFT airdrops
- A video game
One of the most appealing applications of blockchain is the creation of a fair decentralized economy in which creators can be rewarded for their efforts rather than being dominated by central institutions, gatekeepers, and middlemen. Bullseum adheres to this by establishing an ecosystem that incentivizes artists, investors, and traders to participate.
Because it is still in its early stages, the project is appealing to investors. Those who want to join the ecosystem now can do so at a floor price of 0.1 ETH. As part of the project’s roadmap, as detailed on their website, there will be a series of NFT airdrops in which holders will have the opportunity to win additional NFT collectibles. Holders will also be able to vote in a series of community votes to help guide the project’s direction.
The community is actively growing as of this writing, with approximately 10,000 members on the Discord chat.