A token is fungible if it can be replaced or interchanged with an identical token without losing its value. Non-fungible tokens (NFTs) are special kinds of tokens deployed on a Blockchain that are unique and can’t be replaced by an identical one. No two NFTs on a Blockchain are the same no matter how identical they look because each and every NFT has an ID that makes it unique; this has therefore made it easy to be used as proof of ownership of different items or properties.
Brief History of NFTs
There are varying records of the very first NFT ever deployed but generally, the concept of NFTs came around in 2012 starting with Colored Coins. Colored Coins introduced the idea of using Blockchain tokens as proof of ownership for different properties using fractions of a Bitcoin known as Satoshi.
Bitcoin as we know it doesn’t allow for the deployment of smart contracts and tokens. This led to the founding of Counterparty in 2014 by Robert Dermody, Adam Krellenstein, and Evan Wagner. Counterparty allowed for asset creation (including NFTs) and decentralized exchange on top of the Bitcoin Blockchain.
Developers utilized the Counterparty platform to deploy several NFTs until 2017 when Ethereum became a thing. Developers began shifting to Ethereum. Ethereum soon became the largest decentralized network, home to the biggest decentralized apps, and also has (to date) the largest liquidity.
NFTs went mainstream in 2020/21 when DeFi exploded and since then, NFTs continue evolving and more possibilities are unlocked daily. Today, NFTs have been merged with Virtual Reality and the MetaVerse to create more possibilities. Some also believe that NFTs are the next big thing in the crypto space. However, here are some prospects and problems of NFTs.
Ethereum NFTs Vs Solana NFTs Vs BSC NFTs
Ethereum NFTs
The Ethereum Blockchain has held the record for leading by virtually all metrics as far as DeFi is concerned. This fact still holds in the NFT space too.
The Ethereum Blockchain at the time of this writing has an all-time trading volume of $29,541,258,967. Below is a breakdown of the top three Ethereum NFTs:
- All-time sales volume: 988,190.67 ETH.
- Total assets: 9,999
- Owners: 3,583
2. Bored Ape Yacht Club (BAYC)
- All-time sales volume: 656,851.61 ETH.
- Total assets: 10,000
- Owners: 6,450
3. Mutant Ape Yacht Club (MAYC)
- All-time sales volume: 446,167.49 ETH.
- Total assets: 19,425
- Owners: 12,964
Solana NFTs
According to CryptoSlam, Solana is the third leading Blockchain by all-time NFT sales (following Ronin) with a volume of $2,553,873,855. Below is a breakdown of the top three Solana NFTs:
1. ABC + Virtual Exhibition
- All-time sales volume: 2,275,458.12 SOL
- Total assets: 10,000
- Owners: 2,747
2. I’M AIKO
- All-time sales volume: 17,655.26 SOL
- Total assets: 954
- Owners: 422
3. Meerkat Millionaires Country Club
- All-time sales volume: 7,513.51 SOL
- Total assets: 10,000
- Owners: 4,312
Binance Smart Chain (BSC) NFTs
The Binance Smart Chain isn’t topping the list in terms of NFTs as it is currently no. 9 on CryptoSlam with an all-time NFT trading volume of $111,040,793. Below is a breakdown of the top three BSC NFTs:
1. STEPN x ASICS NFT Sneakers
- All-time sales volume: 19,504,630.84 BUSD
- Total assets: 16,322
- Owners: 283
2. WonderfulDay Tiger NFT
- All-time sales volume: 14,793,815.75 BUSD
- Total assets: 5,429
- Owners: 472
3. SYN CITY: Limited Blueprint
- All-time sales volume: 14,050,870.57 BUSD
- Total assets: 8,000
- Owners: 2,805
Conclusion
The NFT wave hasn’t died since it began in 2020 and it even seems to get stronger every day. Since its inception, we have witnessed some massive single NFT sales that left everyone astonished.
Read – The Top 7 NFT Sales by All-time Volume.
