NFTs are unique cryptographic assets that are stored on the blockchain. These assets are usually a digital representation of a real-world item like artwork, image, music, or video. A non-fungible token cannot be duplicated like crypto, even though they mostly run on the same underlying software.
Every single NFT in a collection is different from all others in that same collection. All NFTs have a unique digital signature which makes them distinct. They cannot be used for transactions because all NFTs in a collection do not always have the same monetary value. For example, all units of Ethereum (ETH) have the same market price and are indistinguishable from each other.
The current state of the NFT market
NFTs today, have a market cap of about $1.8 billion and despite its decline in recent months is projected to be over $13 billion by 2027. Evidently, the NFT space is growing, and will benefit from a steady stream of new investors. Some of the best-selling and most popular NFT collections in the market are Bored Ape Yacht Club, Cryptopunks, NBA Top Shots, Moonbirds, and VeeFriends. Most of these collections are kept on OpenSea, a reputable Web3 platform, and restricted to trades being conducted solely in Ethereum (ETH).
Upcoming protocol Degrain which is due to launch 30th September 2022 will have unique cross-chain trading capabilities, in a current NFT market where transactions can only be made on one chain, this is revolutionary. Degrain will be an interoperable NFT platform that will seamlessly bridge networks together and allow various cryptocurrencies to be. This feature alone is sure to attract infamous collections such as Bored Ape Yacht Club (BAYC) and holders of Cryptopunks, amongst others.
Degrain has just launched its presale and is currently priced at $0.01 on July 4th in a bid to remove any need for venture capital investment and act as an entity solely for the community. What adds to Degrain being an exciting prospect is the real life use cases it intends to incorporate within the protocol itself. It is expected to be more than an NFT trading platform and work with real world companies to utilize the full benefits of Web3 and share this revenue with token investors and stakers. In a bear market, getting into innovative projects early is fundamental to achieving the highest returns on investments. Crypto analysts have already taken notice of Degrain and praised this unique concept and we agree that Degrain could be one of the highest potential investments of 2022.
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