By now, most of us have heard one thing or the other about non-fungible tokens, or NFTs as they are commonly called. NFTs allow for people to buy digital ownership of a physical item or piece of content. NFTs these days bring in a lot of money, with some being sold for millions of dollars. They are also being used to immortalize different pop culture moments like the first-ever tweet by Twitter CEO Jack Dorsey and iconic memes.
Despite all of this commercial success, some people still have a poor view of the NFT industry and see it as an empty cash grab. There are a number of innovative projects, however, that can change this view of the industry and showcase the true potential of NFTs. If you are unfamiliar with NFTs or are still forming your impression of them, these projects are the ones to watch:
Wicked Cranium: A lot of the NFT world centers around the trading of pop culture and art, and Wicked Cranium is no different. Wicked Cranium is Ethereum-based NFT project that represents the 10,762 Craniums that belong to the island of Osseous. When Wicked Cranium launched on June 20, 2021, all 10,762 pieces were sold out in less than 30 minutes, with $1.4 million sold. To date, the Craniums have generated over $8m in sales, including a $38k NFT (#1875) and purchase from Avenged Sevenfold's M Shadows.
Each cranium also gives its holder access to an exclusive, members-only social media platform called the Cradle that allows users to interact with other Cranium holders. The NFT sector is virtually unlimited and Wicked Cranium is evidence of this.
NFT Tech: Despite the sheer growth in the popularity of the NFT market, artists and collectors alike often find themselves unable to purchase and sell artwork due to liquidity challenges. P2P transactions remain the only possible means of interacting with this viral market, making it less efficient as opposed to standard token swaps. Furthermore, the industry lacks an all-inclusive ecosystem for displaying trading and engaging with artists.
NFT Tech is building a state-of-the-art liquid matching engine that leverages oracles, on-chain data, and price history to commit specific liquidity-backed price points for all NFTs deployed on the platform. Through its very own NFT Super Chain, users may seamlessly mint NFTs at no charge, opening the road to digital artwork inclusiveness.
Gate.io: Many people are curious about the NFT sector and want to get started with it but don’t know how. Gate.io tackles this issue by providing a dedicated platform for the creation and auctioning of NFTs. On Gate.io's NFT Magic Box , users can mint their own NFTs, sell them to others, and access a wealth of information regarding them. NFT Magic Box allows you to mint NFTs for free. This allows creators to focus on creativity instead of the costs involved in creating blockchain art. Gate.io is a low-fee platform and is actively working to reduce barriers to entry into the market. This way, NFTs can be democratized from the start and everyday people can cash in on it.
MD Films: MD Films, a film production company, founded by Maria Danke is speaking out against abuse with a series of nine “Unlock Secrets” NFT videos and unveiled weekly on Rarible. Showcasing its block of anti-abuse-related videos at the charity foundation for ‘Education in Emergencies,’ MD Films will donate 10% of the proceeds of “Unlock Secrets” sales to the UNICEF Child protection and the Dubai Cares charity programs. The inspiration to create this series of videos was to send a message that the way to free oneself from an abusive situation is to speak out and Unlock Secrets.
USEUM Collectibles: USEUM Collectibles is a research-driven platform that bridges the gap between the crypto art market and established artists and institutions. Driven by the research of its Founder, Foteini Valeonti, who is researching at UCL ways museums can monetize their artwork images, USEUM Collectibles facilitates world-class artists and institutions to reap the benefits of NFTs. USEUM Collectibles is part of the established art platform USEUM.org, a virtual art museum that receives thousands of visitors daily and is linked by big media sites such as the BBC and the New Yorker.
A lot of the narrative surrounding NFTs is about the commercial aspect but NFT projects are also being used for social good and raising awareness.
As the NFT market continues to grow, many new companies are expanding on the capabilities of the technology behind it and challenging stereotypes. From reducing barriers to entry to social good, the above are some of the most notable projects in the NFT space.
Image Sourced from Pixabay
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