The NFT space is growing more profitable than it has ever been, especially since Twitter’s Jack Dorsey sold his first Tweet as an NFT. While this excited the crypto space, some saw this as a new beginning for non-fungible tokens. Non-fungible tokens are unique token types that cannot be exchanged for another token, unlike Bitcoin and Ethereum.
The tokens are created to protect ownership of a particular intellectual property, and people believe that the NFT space is now growing in market caps as more people seem interested in NFT. While the tokens are still far from being the next big thing, experts believe that this year could be when people get exposed to digital collectibles.
Messari values the NFT platform to be over $1 billion
Messari, a popular crypto-related data company, shared new information concerning the NFT market space. The tokens are currently causing a huge buzz on various social media platforms causing many crypto enthusiasts to grow interested and research their possible worth.
Nifty Gateway, which the crypto industry’s Winklevoss twins own, could be worth over $1 billion, according to new reports from Messari. While the NFT might not draw much attention like the fungible token market, it might gradually pull up its crowd as more people get exposed to the asset type.
The tokens’ values are often sentimental and cannot be equated to a financial valuation, unlike Bitcoin. Still, people are content with having these digital collectibles that might hold similar sentiments to collectible action figures.
The famous twins are known as Tyler, and Cameron Winklevoss bought the NFT company In 2019, and since then, the firm could have grown in value as reports show that the asset is over $700 million. Many factors are causing the current buzz and attention over the crypto space, such as Grimes and Beeple. The blockchain used for the collectible is usually the Ethereum network, one of the most used blockchains in the industry.
NFTs show ownership of digital artwork
The tokens often show ownership of certain things such as digital images, animations, and even tweets. Interestingly, the NBA also made its own NFT platform known as Top Shots. The industry is getting very positive ratings from different NFT experiments, which could signal the industry to be a bigger sector in years to come.
Experts explained that even with the sector’s presence for some years now, the industry has only got many sales in the past few months. The platform owned by the twins is still the sector’s biggest platform, as Messari reported that the firm worth between $774 million to $1.2 billion.
According to the analysis firm, the second-largest NFT firm on the list is Open Sea, which it believes worth between $321 million to $498 million. Other models explain that Nifty Gateway could be worth over $5 billion when looking at expected revenues and other aspects.
The space mostly shows ownership on mainly artworks, but music and documents could soon join the digital collectibles list. The data firm believes that NFT would soon go beyond artworks and into other sectors.