NFTs are a very popular platform for web artists, but why? What does NFT trading have to offer?
Firstly, NFTs remove the gatekeepers, giving true ownership to creators and consumers. In Web2, creatives have the rules and economics regularly changed leaving them feeling manipulated and at a disadvantage. However, in Web3 ownership is clear and certain.
NFTs have also been a platform for 910 artists to sell over $100Ks worth of NFTs, proving that they can launch creators into fortunes. One of the most exciting elements of cryptocurrencies is their potential. Cryptocurrency has made people overnight millionaires, making it appealing and enticing.
NFT collections create their own digital nation-states. This means that when a community firmly believes in both its message and individuality, it is very likely to grow. This has most famously happened for the CryptoPunk collection on the Ethereum blockchain.
HachiFi (HACHI) is a new NFT-breeding cryptocurrency in the market. With HachiFi, users can hatch their NFT like a Tamagotchi. It has a Shiba Inu dog as its mascot and is hoping to tap creatively tap into the meme coin community whilst offering the benefits of NFT creation. As a result, HachiFi is looking to build a strong community, helping it grow like the CryptoPunk collection.
Most of the large, successful NFT collections have been launched on the Ethereum blockchain. CryptoPunk is considered one of the first NFT collections ever made, increasing its value exponentially. 1confirmation, a crypto firm invested in Coinbase, Opensea, and SuperRare, has just bought a CryptoPunk for $3.31m!
(Source: Contribune)
The famous Bored Ape Yacht Club collection is also on the Ethereum blockchain, with huge celebrities like Madonna, Snoop Dogg, Eminem, and Jimmy Fallon owning some of the NFTs. As of 2022, sales of the Bored Ape Yacht Club have totaled over $1 billion.
Cryptocurrency Solana has an NFT buying, trading, and swapping platform named Solanart to make NFT use easier than ever on the Solana blockchain. The Degenerate Ape Academy, SolPunks, and Okay Sloth Club are all huge collections trading on the Solanart platform. As Ethereum and Solana are both within the top ten cryptocurrencies, engaging in NFT trading is clearly a lucrative crypto move.
One of the most important elements of NFT collections is community. NFTs with a tight network and engaging brand image generally outperform collections that don't commit to community spirit. For example, the Rubber Duck Dance Party has a close-knit community of people who enjoy sending their NFT ducks to a two-day party and seeing how they come back afterward! This fosters engagement and entertainment, pulling users together in interest.
HachiFi (HACHI) has adopted the Shiba Inu dog of Dogecoin in hopes of fostering meme-coin community spirit. With few NFT eggs, this cryptocurrency enables creators to hatch their eggs and gain unique NFTs as a result.
The fun community-driven hatching and breeding aspect will hopefully pull users into the coin and maintain loyalty, while Hachi, the Shiba Inu dog, will draw initial attention to the coin. With these two key factors, there's a good chance that HachiFi is going to see a lot of success in the NFT world – we will have to wait and see!
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.