SpiderDAO recently joined PolkaPets to participate in the Polka ecosystem by creating 1200 distinctive non-fungible tokens (NFTs). Their pet features in the bondly PolkaPet card family. In the first sale, 400 of the 800 prints were sold in less than 25 minutes! The overwhelming response by the market was partially expected given the current hype around NFTs. SpiderDAO plans to use the remaining 400 prints as part of future promotions.

So, what are NFTs? And why is there a lot of hype around them?

Non-Fungible Tokens

Do you remember CryptoKitties? Well, these were among the first iterations of NFTs. Cryptokitties is a virtual blockchain game where users collect, breed, and sell these cats. The cats are some form of art that users around the world appreciate. Their prices depend on the level of appreciation or demand by users globally. The more the art form is appreciated, the higher its price in the market.

Essentially, NFTs are digital art. Any art created digitally can pass as a non-fungible token including poems, music, videos, audio recordings, and even gifs. They are stored digitally in special digital wallets. NFTs can also represent the value of physical products. The broad definition means that anyone can create their own NFT.

The definition of NFT is quite broad, so broad in fact, that it even includes tweets. And the tweets can be costly, to say the least. For instance, Jack Dorsey, the Twitter CEO, created a 1-of-1 signed NFT of the first-ever tweet. Sure, the tweet is valuable, but did you think that it could be worth more than $2.5 million? Because that is the current highest bid at the time of writing. Others, like Logan Paul, have sold snippets of videos and digital cards, which are fetching thousands or even millions as Grimes recently found out. She sold NFT art worth over $6 million.

In the case of SpiderDAO, their digital art is a PolkaPet. The pet is a form of spider that embodies the beliefs and visions of the project in the Polkadot ecosystem. The PolkaPets come with a description that pays homage to their inspiration. For example, SpiderDAO is described as a creature that spins webs, hides out in high and dark places, attacks without being noticed, and is wary of sunlight — descriptions that undoubtedly describe a spider.

Fun and Rewards

Apart from the value that you may purchase through SpiderDAO NFTs, there are other lucrative advantages. The platform believes in giving its users even more value with the investment they make in SpiderDAO’s products and services.

These advantages include:

• Access to VIP SpiderVPN services
• A free SpiderConnect router
• Early access to SpiderDAO products and services including all features on DAO development and testnets.

Price Appreciating Asset 

Part of the reason SpiderDAO NFTs were sold out quickly was the prospect of a future increase in value. Like trading cards, NFT prices are directly proportional to their rarity and demand. With the expected growth of SpiderDAO’s user base, it is likely that demand for the NFT will increase. There is also a possibility that of the 1200 originals created, a percentage may be lost due to several reasons thus increasing rarity and price.

In some cases, the value of the product rises for some inexplicable reasons. For instance, the Gucci ghost gif NFT retailed at $3,600 on its first sale. To purchase it now, you would have to part ways with at least $16,000.

Hype or The future of Art?

NFTs are popular, and some may even say that they are overhyped. However, it may be time to buy the hype. Remember what they said about blockchain, Bitcoin, and cryptocurrencies? Well, those who bought the hype made at the very least 100% profit, judging from the current price of Bitcoin.

The disruption created by blockchain technology in the financial industry is seemingly doing the same in the world of art. Bitcoin is now worth many more than traditional currencies. It seems that digital art may be following the same path thanks to NFTs.

It becomes more astounding considering that some of the NFTs on sale can easily be copied and downloaded by other users, yet many are still willing to pay a premium for the original. Just like traditional art, having the original digital file comes with some form of pride or sense of achievement that contributes to the price of the art piece. With the rising popularity of NFTs, it would not come as a surprise if the digital art industry surpassed traditional art.

Find out more on SpiderDAO and their NFT on their Medium page.

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.

♂️ Hi, my name’s Sal.
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