The market cap for Ethereum-based NFTs has steadily declined over the period of August and November 2021. According to the latest data, the four-month downtrend has finally been broken and the market has turned bullish.
Ethereum-based NFTs maintain the lead in leading Blockchain networks. Hosting many popular NFT collections, the Ethereum network is growing rapidly. On the other hand, the reason for this remarkable increase in sales volume in December may be the increased interest in Bored Ape Yacht Club (BAYC) and game-oriented NFTs that month.
So much so that in late November, crypto payments company MoonPay introduced a service that allows celebrities to purchase expensive NFTs like BAYC. Celebrities such as Post Malone, Jimmy Falon, Diplo, and DJ Khaled had purchased an Ape using the services of MoonPay.
On the other hand, the entry of famous names such as Nike, Adidas, Eminem and Katy Perry into the world of NFT was another reason for the increasing popularity.
Famous rapper Eminem made his first NFT investment of hundreds of thousands of dollars
NFTs, which are getting more and more popular every day, mean the certification of data such as photos, videos, tweets stored with blockchain technology as digital assets. NFTs are thought to democratize art and the digital universe in the global world. Many people in the world are now directing their investments to digital assets.
Finally, another person who turned his investments into irreplaceable digital assets, namely NFTs, was American Rapper Eminem. The famous rapper bought NFT #9055 for $450k (123.45 Ethereum) from the Bored Ape Yacht Club NFT collection.
How is NFT done?
An immutable token (NFT) is a unit of data stored on a blockchain (a digital ledger) that can represent a unique digital item such as art. An NFT is a cryptographic token, but unlike cryptocurrencies like Bitcoin and many network or service tokens, NFTs are not mutually exchangeable. NFT is created by uploading a file, such as an artwork, to an NFT auction marketplace such as KnownOrigin, Rarible, or OpenSea. This creates a copy of the file saved in the digital ledger as an NFT that can be bought and resold with cryptocurrency. Although an artist may sell the NFT representing a work, the artist may hold the copyright to the work and create more NFTs of the same work. The recipient of the NFT does not gain exclusive access to the job, nor does the buyer acquire ownership of the "original" digital file. A person who uploads any work as NFT does not need to prove that they are the original artist, so there have been many people who have used that artist's work for NFT without the permission of the original artist.
Today, it is possible to create your own NFT within minutes on many NFT platforms such as Rarible (Digital Collectibles), Opensea (Digital Marketplace), Nifty Gateway (Digital Art), superRare (Digital Art), Enjin (Gaming), Decentraland (Virtual Reality). For this, it is enough to have a digital wallet.