Just How Much Are NFTs Going For These Days?
Non-fungible tokens, aka NFTs or 'Nifties,' have come a long way since their 2017 debut as collectible felines in CryptoKitties. For the uninitiated, non-fungibles, by definition, are unique. Whereas bitcoin is fully interchangeable and has the same relative value no matter where you spend, trade, or store it, NFTs have the opposite properties. Each NFT is unlike any other.
And in the realm of videogames, these rarities are especially useful.
For starters, NFTs occupy slots in their holder's crypto wallet. That in-game skin you bought in Fortnite doesn't really belong to you. Instead, it lives on a game server, aka a centralized server under the developer's control.
Click here for more info on NFTs in the world's first 100% blockchain mobile game.
Conversely, NFTs allow actual ownership. Players are free to use NFTs in-game or take them to secondary markets for selling or trading.
Now, in addition to acting as game pieces, there's a strong draw for collectors of rare and limited items. Imagine collecting sets of stamps or coins or baseball cards. But this time around, like any cryptocurrency, everything's digital and far easier to store—no need to worry about your favorite NFT getting sun damage or being eaten by your pet iguana.
The convergence of collectibility, rarity, and playability launched a swathe of digital marketplaces where both players and collectors have a shot at locating their non-fungible targets.
So, how much do NFTs cost? Well, that depends on several alternating factors...
7-Day Chunks of Data
Surf on over to CoinGecko or CMC, and you'll find a market capitalization ranking of most cryptocurrencies on the market. Well, at least the projects managing to get listed on exchanges.
The key difference between crypto aggregators and the NFT aggregator I'm about to show you is timespan. Since the NFT markets are but a small subset of the overall crypto space, data isn't as readily available. Rather than up-to-the-minute updates, NFT info runs for a week.
That said, if you're enthusiastic about NFTs—especially the tradeable price data, this site is your go-to source:
Image credit: NonFungible.Com
Now, the above image is from Friday, March 13. Here we are, four days later, and Cryptovoxels is still in the lead. However, although the average price declined, the sales volume for the same game now hovers near $61k—representing a 59% spike. Is that because more people are on COVID-19 lockdown and choose to play blockchain games? You tell me.
On an individual basis, cryptoassets in Cryptovoxels were trading for an average of $693 on March 13. But today it's closer to $400, as are NFTs in Decentraland. Like "standard" cryptoassets, NFTs will vary by MarCap, and these rankings will continue to change.
But if you're looking to keep your finger on the pulse of the NFT trading scene, check out NonFungible.Com for an easy synopsis. And if you subscribe to their newsletter, you can DL a recent report capturing three years' data across 20 million Ethereum transactions.
I hope you enjoy this free resource—and peace to you and your loved ones during these strange times of global uncertainty!