May 12, 2022 04:30AM ET
By: AnalysisWatch
It can take hundreds of thousands and sometimes millions of dollars to own a CryptoPunk NFT or Bored Ape Yacht Club (BAYC). This shows that although NFT is a relatively new technology, it is on the rise. Gone are the days when critics argued that digital art and NFT was a passing fad.
On the contrary, the NFT market is estimated to be in the billions. By 2021, the cumulative NFT transaction volume will exceed $40 billion. By 2022, this figure could reach triple digits, given the maturity of the market and the constant evolution of the NFT and cryptocurrency market.
Cryptocurrencies and NFT are expected to become an integral part of the meta-universe. It is a high-octane market that analysts at Bank of America (NYSE:BAC) and JP Morgan believe will exceed $1 trillion in the coming years.
The beauty of NMT, like bitcoin's early adopters, lies in its value and the growing interconnectedness of NMT with gaming, social media, the meta-universe and, above all, DeFi as a value tool.
NFT is useful if the token provides additional benefits beyond ownership. Emerging scenarios like GameFi and SocialFi clearly demonstrate that NFT goes beyond art.
Because NFTs are nothing more than digital tokens that conform to a different standard without losing the inherited properties of the underlying blockchain, such as transparency, immutability and security, they can easily be integrated into billions of industries.
This is why utility NFTs have a great future and have the potential to become a multi-billion dollar business.
Monster Molecules from Monster Molecules Research Lab (MMRL) is a collection of NFTs with 5,555 unique molecules from the increasingly powerful and unstable Genesis race on a mission to improve the Metaworld.
Each specimen comes from an energetic glucose molecule. Just as glucose plays an important role for humanity, each monster molecule offers revolutionary functions and utility for the rapidly expanding world of the NFT and ultimately the Metaworld.
Trait rarity measures the frequency of occurrence of each trait. Asset rarity, on the other hand, describes the overall rarity value of a named asset. Using these metrics, molecules can be compared and ranked horizontally.