2021, The Year Of NFTs

2021, The Year Of NFTs 

2021 has been an extremely beneficial year for the NFT market. As they continue to take the digital assets market by storm, here’s a short recap of how the industry has evolved just in a year. Non-fungible tokens or more commonly known as NFTs are digital assets that represent the possession of rare virtual items such as artwork or rare souvenirs and collectibles from any sports team. NFTs just like traditional cryptocurrencies cannot be tampered with and are interchangeable. A lot of debate has been going on how NFTs could potentially modernize the finance and digital economy. 

NFTs have gained more mainstream exposure and adoption this year. Back in June, top-notch media companies like CNN and Fox announced that they would launch their very own line of NFTs. CNN’s NFT platform would commemorate a list of historical events. CNN’s NFT project was called – “Vault by CNN: Moments That Changed Us.” On the other hand, Fox has announced a fund of $100 million to bolster the exponential growth of NFTs. CNN and Fox aren’t the only media giants that have got along with the NFT sector. A few months before their announcement, Times Magazine had launched NFT based magazine covers. 

LCX announced a project called ‘Tiamonds‘ to educate investors regarding the revolutionary tokenization. LCX is a regulated Liechtenstein-based fintech company that facilitates buying, selling and storing of digital assets. LCX believes that tokenization is an emerging and proliferating sector in the blockchain industry. It aims to uplift traditional financial operations using the distributed ledger technology and smart contracts. Hence their project, Tiamonds is entirely based on this concept. At the very basic level, Tiamonds are non-fungible tokens that signify the ownership of real-world diamonds. LCX takes their project to an entirely new level by introducing diamonds as an asset class. 

Tiamonds NFTs are built upon the robust Ethereum blockchain. The ERC721 Non-Fungible Token standard enables diamond to function as a tradeable asset.  Each Tiamonds token represents a single diamond in the real world and can be redeemed anytime. LCX intends to embrace diamonds non-fungibility and turn them into a crypto asset that can be traded at ease. Clearly, the NFT marketplace will reach new heights with Tiamonds because of its uniqueness and a very distinguished motive. 

2020 was the year when the entire world came to halt due to the global pandemic. Consequently, artists, singers, content creators and similar professionals were hugely affected as their source of income minimized. However, the NFT metaverse came to their rescue. By December 2020, the NFT volumes tripled to around $250 million. The number of active wallet users also doubled signifying it’s massive growth. In February, somebody named ‘Flying Falcon’ purchased a digital land worth 888 ETH (valued at $1.5 million) from Axie Infinity. The deal claimed itself to be the largest virtual land to be sold in the history of blockchain.