The exaggerated hype about crypto art and virtual assets may be over, but the basic idea is still relevant.
The promising future project NFT suffered a bitter setback after the massive bladder formation. Digital art on blockchain has currently proven to be what critics feared from the start: a bladder without a substance.
The prices for blockchain tokens have fallen 90 percent. But the basic idea remains valuable for investors. Anne Schwedt recently summed up in the Pioneer Investment Briefing .
Because the technology behind the NFTs still offers countless options. The idea of selling and owning unique digital objects via the blockchain has the potential to revolutionize many industries.
Works of art, music, virtual properties - the areas of application are almost endless. Even if the market may have been temporarily saturated and brought back to the bottom of the facts, NFT technology continues to show its innovative strength and future viability.
Despite the current setback, experts therefore remain optimistic about the future of NFTS. ”
While the prices have fallen together, the underlying principles and applications of blockchain-based token technology are becoming increasingly clear. Creative minds and companies continue to recognize the potential to create and act unique digital goods through NFTs.
Despite turbulent times, the NFT technology remains firmly on the radar of investors and creative people alike.
Krypto, Bitcoin, NFT-what is behind these blockchain trends?
For those who have not followed the cryptohype: we row back a little and explain the basic terms and functional of these concepts.
Cryptocurrencies such as Bitcoin and digital assets such as NFT are now extensive terms that are often misunderstood. They all have their basis in blockchain technology, a decentralized database that consists of different information blocks.
These data blocks are connected by cryptographic procedures. Digital currencies that build on this innovative technology have been on the market since 2009 and were able to achieve a total value of over $ 2 trillion for the first time in April 2021.
The Bitcoin is undoubtedly the best known and most widespread cryptocurrency.
In contrast to conventional physical currencies such as paper money or coins, cryptocurrencies exist purely digitally and regardless of institutions and governments. The basic idea behind cryptocurrencies is a decentralized control in which everyone can participate in the production and management of coins.
The value of cryptocurrencies such as Bitcoin is increasingly compared to that of gold, since both are considered more reserve systems than direct currencies. Their value is based on its rarity, since both the promotion of gold and the number of bitcoins are limited. “mined” in a blockchain , which is considered to be the creation of new bitcoins.
Simple currency transactions with Bitcoin are saved in the blockchain, which thus serves as a public financial transaction database. Bitcoins can be traded without any problems because their value remains stable. In contrast to Bitcoin, other cryptocurrencies such as Ethereum, Neo, Wax or Tron can also be integrated into the blockchain. These enable the creation of entries that are unchangeable.
An example of unique assets are NFTs ("non -funnable tokens") . These digital assets or crypto art (Crypto Art) are unique and therefore have an individual value. NFTS are currently achieving high prices on the market. For example, in March 2021, Christie's a digital collage by the artist Mike "Beeple" Winkelmann was auctioned for $ 69 million.
NFTS can be included and traded drawings, digital works of art, video clips, gifs or even tweets.
Expert assessments of BTC-Echo and NFT Floor Price
Despite the downward trend of the past two years, investors are still investing considerable amounts of money in pixel art.
The most valuable Ethereum NFT collections
By far the NFT art collections based on Ethereum are the highest rated crypto art. The top 3 alone has still had a market capitalization of over 1 billion USD .
If you look at the charts on NFT Price Floor, then something like soil formation can be seen in the value developments . This could make crypto art interesting for investors.
1st place: cryptopunks
Cryptopunks are digital works of art in the form of NFTS, which were launched by Larva Labs and presented in June 2017. These virtual objects include 10,000 copies that exist on the Ethereum Blockchain. As a pioneering PFP/avatar project, the cryptopunks are part of the total collection of Yuga Labs.
The price limit of cryptopunks is 21.80 ETH (approx. 56,000 USD), with a 24-hour trading volume of 120.49 ETH and 5 sales.The project leads the ranking with an NFT price limit of 218,000 ETH (market capitalization: approx. $ 577 million) and a maximum offer of 10,000 units.
2nd place: Bored Ape Yacht Club
The Bored Ape Yacht Club was launched by Yuga Labs and released in April 2021. It is an exclusive collection of 10,000 unique NFTS that exist on the Ethereum Blockchain. This PFP/Avatar collection blends harmoniously into the overall portfolio of Yuga Labs.
The current price limit of the Bored Ape Yacht Club is 9.83 ETH (approx. 25,000 USD), the 24-hour trading volume is 107.55 ETH with 11 sales. The project occupies second place in the NFT price limits with a lower limit of 98.3 ETH (market capitalization: approx. 254 million USD) . There is a maximum offer of 10,000 copies.
3rd place: Pudgy Penguins
The Pudgy Penguins are a unique series of NFT works of art created by The Igloo Company and unveiled in July 2021. Each of the 8,888 digital objects exists on the Ethereum Blockchain. This PFP/Avatar project enriches the extensive collection of The Igloo Company.
The current price limit for Pudgy Penguins is 8.37 ETH (approx. 21,500 USD), with a 24-hour trading volume of 115.63 ETH and 14 sales. The project currently occupies third place in the NFT price limits with a lower limit of 74.4 ETH (market capitalization: approx. 192 million USD) . The maximum offer is 8,888 pieces.
The most valuable Bitcoin NFT collections
With the runes and ordinal protocol, non-fungable tokens (NFTS) can be represented on Bitcoin for the first time. The three most important NFT collections on Bitcoin currently have a market capitalization of over $ 180 million.
BTC-Echo had a conversation with the creator of the NFT platform NFT Floor Price about the value of Bitcoin NFTS, the importance of Ethereum and upcoming NFT trends.
1st place: nodemonkes
Nodemonkes collection , consisting of 10,000 unique NFTs, achieves prices of up to $ 0.13 BTC (approx. $ 8,000) each. With a current market value of 1,340 BTC ($ 80.1 million), Nodemonkes is the most valuable ordinal project on the market and is one of the oldest of its kind since February 2023.
The data from NFT Price Floor underline the importance and popularity of this NTF collection.
2nd place: Runestone
Runestone has a trading volume of 1.62 BTC, which is higher than with Nodemonkes. The market capitalization is 896 BTC and is therefore lower than that of the first place. The 112,384 BTC NFTS from Runestone are impressively detailed: these are 3D models of black gemstones that can be viewed on platforms such as Ord.io.
The mining of this NFTS is expensive-the most expensive runstone comprises 3.968 MB and the price for the mining is $ 1.09 ($ 75,000).
3rd place: Quantum Cats
Quantum Cats is a digital work of art that was presented to the public on January 8, 2024. It consists of 3,333 unique elements that exist on the Bitcoin blockchain. This creation is categorized as a PFP/avatar project and addresses art lovers and crypto enthusiasts alike.
Despite the low artistic value, the cats achieve stately prices, with a current value of 0.26 BTC (approx. $ 15,800) for the collection.
NFT prices, diagrams and data of the top20 collections after market capitalization (enlarge by clicking) Data and image source:NFT Price Floor
What does Nico Lallement from NFT Floor Price see the future of NFT art?
The cryptocurrency market , like other assets, depends heavily on market cycles, which are determined by macroeconomic and internal events within the market.
The NFT market does not remain unaffected by these cycles, according to Lallement.
Ethereum currently receives a lot of attention due to the approval of Ethereum ETFs in the United States. As soon as this hype walks down, more capital is expected to flow into Bitcoin projects again, as the entrepreneur emphasized against BTC echo.
The future of Bitcoin NFTS will probably be determined by the increasing interest in high-quality collections, in particular generative art collections and AI art. In addition, other uses such as games and autonomous worlds could also find a place on Bitcoin. ”
So Nico Lallement by NFT Floor Price compared to BTC-Echo.
What about Bitcoin, Ethereum & Co.?
Since most NFT collections are either based on Ethereum on Bitcoin, their performance naturally also depends on the value of the cryptocurrencies.
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After a strong downward trend in the past week, the courses of cryptocurrencies were able to start speed again at the beginning of this week. Despite this relaxation, the Bitcoin is still clearly removed from its previous record high. The analysis of the chart technology also gives little reason to euphoria and could rather unsettle investors.
On Tuesday night, the courses of cryptocurrencies recovered after a sale on the stock exchanges. The Bitcoin rose by $ 55,500, while Ether increased by 6.3 percent and Solana by 15.5 percent. Investors use the sunken courses as an entry option, although the courses on a week's perspective were still in the minus.
Today the Bitcoin course reached its weekly high at $ 58,500 thanks to good unemployment in the United States.
Influence of global political uncertainty
The increasing political uncertainty, especially in connection with the upcoming elections in the USA, creates conditions for speculative investments in cryptocurrencies as "safe ports".
The mood on the cryptocurrency market traditionally reacts to political changes, which makes this sector particularly susceptible to international news and political statements of influential personalities.
These factors together could continue to increase the Bitcoin price and underline the connection between political events and the cryptocurrency markets. The importance of a careful analysis of political news must not be underestimated because they play a key role in the design of trends on the global financial market.
The influence of politics on cryptocurrencies
Political events in the United States have a long history of influence on the financial markets, including cryptocurrencies. The connection between political instability and fluctuations in the market for digital assets becomes clear, particularly in key moments of the political calendar. This can be illustrated in detail based on the following aspects:
Direct reaction to events
An example is the reaction to the attack to former President Donald Trump, which led to an immediate increase in activity on the cryptocurrency market.
The labor market numbers, the reporting season of the large corporations and the increasing tensions in the Middle East also have an impact on the courses of cryptocurrencies.
Such events lead to increased volatility, since investors and dealers try to predict possible changes in economic policy.
Long -term effects on market tendencies
Analysts indicate that political events can have long -term effects on the cryptoma markets, especially in times before the elections.
Political uncertainty often leads to an increased interest in cryptocurrencies as an alternative investments, which can support or even increase their prices over longer periods.
The role of political uncertainty
In times of political crises or significant election campaigns, interest in cryptocurrencies is increasing because investors are looking for opportunities to secure risks.
Uncertainty about political events and possible changes in legislation can promote the active use of cryptocurrencies as "safe ports".
These aspects underline the complex relationships between politics and business, especially in the context of a globalized financial market, on which cryptocurrencies play an increasingly important role.
Forecasts for the future of Bitcoin
Forecasts regarding the outgoing of the impending elections, in particular a victory of Donald Trump, play a major role in changing market dynamics. Many platforms showed that after the attack, the probability of a Trump victory had increased significantly.
Since the nomination of Kamala Harris, the paper has turned again. A victory of the democrat now seems more and more likely.
The sudden increase in the Bitcoin price after the assassination attempt on Donald Trump and his crash last Monday after poor economic reports underlines the sensitivity and volatility of the cryptom market.
The prospects for a further increase in Bitcoin outweigh. systems in crypto values remain
Owner and managing director of Kunstplaza. Publicist, editor and passionate blogger in the field of art, design and creativity since 2011. Successful conclusion in web design as part of a university degree (2008). Further development of creativity techniques through courses in free drawing, expression painting and theatre/acting. Profound knowledge of the art market through many years of journalistic research and numerous collaborations with actors/institutions from art and culture.
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