When we wake up one morning, we are all met with a concept that opens the door to realities other than the real world, just like Alice’s journey to the wonderland: “Metaverse” (virtual universe). So what was this virtual universe concept? The virtual universe was a system that carried this world from reality to another plane, just like the “parallel universe theory” pioneered by Albert Einstein. This innovative “metaverse” world was the footsteps of a new existence created on digital platforms. Metaverse has opened different doors to people in the virtual universe, apart from the reality of this world. This new digital world, which does not look like science fiction novels, has turned into a popular concept that is consumed rapidly with the effect of post-modernism in a short time. Do you mean those who buy million-dollar plots, or contemporary artworks that have been turned into NFTs and collectors compete for?
While technology enthusiasts left they’re real-world aside, they tried to find a place for themselves in this virtual platform from the future. Metaverse, which was widely known in the game world when it first appeared, has now become a concept that everyone has heard of and is curious about. Among the promises of this digital world was the ability to live like a real person with an avatar created according to one’s own wishes. Those who played The Sims game remember it well, living in the Metaverse order is just like life in this game, this world promised brand new realities and unlimited freedom in many aspects to those who managed to exist in this new digital universe.
The concept of NFT is one of the concepts that enters the lives of individuals in the Metaverse world. So much so that almost everything imaginable is made NFT and easily sold on digital platforms. Non-Fungible Tokens, namely NFTs, which can exist in the digital environment, are offered to the market as a reward for a unique value. The concept of uniqueness here does not mean invaluable, but rather one-of-a-kind and unmatched. NFTs produced in ERC-721 token standards prepared by Ethereum blockchain developers meet with their buyers on digital platforms. In particular, it can be said that the art community has sold its most valuable assets as NFT to astonishing figures.
At the beginning of 2021, the NFT of Beeple’s every day: The First 5000 Days artwork sold by Christie’s auction house for $69 million was a turning point in the world of NFT. Immediately after this sale, topics such as crypto, NFT avatars, buying real estate in the metaverse universe and GameFi started to become increasingly popular. Mainstream media, newspapers, or the most visited social media platforms have always been written and drawn about NFTs. The Collins English Dictionary even chose the acronym NFT as its word of the year. NFT, which has become the subject of everyone’s curiosity, has also turned into a profitable investment tool where investors allocate more and more budgets.
CryptoPunk #7523 NFT, also known as “Covid Alien”, sold for $11.8 million by Sotheby’s auction house in June 2021 by CryptoPunks, which offers avatar drawings, also made quite a splash in the art industry at the time it was sold. Then Digital artist Beeple’s Crossroads NFT set a new record with $6.66 million. While everything imaginable, from a virtual parcel of land to Jack Dorsey’s tweet, is sold as NFT, according to some investors, NFTs are considered a good investment tool, while for others, they are seen as a temporary concept created by popular culture.
In Turkey, it was a turning point when Tarık Tolunay’s “Fractal Pandemic” NFT was sold for 36 thousand dollars in 2021 for the first time. Then, the new media artist Refik Anadol’s work titled “Casa Batllo: Living Architecture”, which was sold for 21 million TL, found a buyer for 1 million 380 thousand dollars. NFTs of well-known names such as Cem Yılmaz and Selçuk Erdem was also among the works sold to high numbers. The NFT trend was not only limited to the art market but also entered the radar of well-known world brands. Prada recently announced that it will launch 100 Ethereum-based NFTs. The famous Italian brand will collaborate with Cassius Hirst, son of artist Damien Hirst, in this collection. Adidas, on the other hand, has been one of the brands that have followed the technological developments in the field of games, AR, and NFT the most.
How Does the Downturn in the Cryptocurrency Market Affect NFT Sales?
NFT Sales, which were at $22 billion in transaction volume at the beginning of 2022, had risen to $50 billion in the first quarter of the year. While the effects of the bear market continue in the crypto world, NFT sales along with Bitcoin are also seriously affected by this situation. CoinMarketCap data on Thursday, July 7, 2022, shows the total market capitalization of the unique token (non-fungible token, NFT) ecosystem at $1,769,897,328. According to CryptoSlam data, the total amount of sales made during the month in NFT protocols is at the level of $ 7,719,829.
NFTs react very quickly to changes in the crypto market. The NFT market is also directly affected by the bear market, as prices tend to fall continuously due to the effect of the Terra-induced crash on May 9 at the same time. Despite these negative effects, transaction volume continues to increase in some NFT collections. Trading volume on many popular NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherdeed, CryptoPunks, CloneX, and Sorare more than doubled in the process. The biggest increase was seen in Bored Ape Yacht Club with 262.79%. Mutant Ape Yacht Club followed this collection with 173.49%. As of Thursday, July 7, 2022, the most appreciated NFT in the last 24 hours was VIDT Datalink (VIDT) with 151.3 percent. The total market value of the protocol is 22,365.
Explore with Bybit NFT Market
NFT is one of the most important issues of Bybit, one of the most important global crypto exchanges in the world. Collectors who want to explore the NFTs of digital content producers on Metaverse, learn more about these issues, and make their own investments can visit Bybit’s NFT platform. The Bybit NFT platform is designed to promise digital art collections, GameFi, and the best the digital world has to offer. Bybit Spot Account with ETH, BIT, XTZ, or USDT balance can be traded on Bybit NFT Market. Since each NFT on Bybit is priced with only one token, other tokens such as USDT or ETH cannot be used if BIT (BitDAO) is used as the price unit when trading a single NFT.
For NFT sales on the platform, click on the “List Now” option for the NFT to be sold on the profile page, then go to the NFT Listing page. To list NFT, follow these steps: 1. Select a token (USDT, BIT, XTZ, or ETH) for pricing. 2. The amount is entered. 3. Select the listing expiration time 4. Click on the “Submit” option. NFTs purchased from Bybit NFT Marketplace are easily listed.
Bybit, which leads the industry in this regard as in many other issues, supports knowledge production in the crypto community by publishing the Bybit Learn page, which is an open-source guide so that everyone can learn the concept of NFT by self-discovery. Bybit NFT Platform is not only limited to these opportunities, but also they have the opportunity to easily meet NFT enthusiasts around the world, communicate through the community and make investments and ventures among themselves.