What You should know before Buying an NFT
Non-Fungible Tokens (NFTs) exploded onto the crypto market last year turning the term NFT into a household name. Since then, countless projects have been in the spotlight for their 15 minutes of fame before fading away. In this article, we discuss three projects that stood or will be able to stand the test of time; DogeMiyagi (MIYAGI), ApeCoin’s Bored Apes Yacht Club, and BNB’s NFT marketplace.
- Dogemiyagi: Wisdom In Crypto
- Bored Apes Yacht Club: ApeCoin’s NFT Collection
- BNB To Start Supporting Bitcoin NFTs
Dogemiyagi: Wisdom In Crypto
DogeMyiagi (MIYAGI) is a nascent crypto project that has been gaining momentum lately. It takes inspiration from two aspects of popular culture; internet memes and the Karate Kid film series, particularly the wise and noble character of Mr. Myiagi.
The project is still in its early stages, with a live presale and an NFT collection under construction. The NFT collection will act as an exclusive owners’ club by granting access to reserved events and content.
We can only speculate on the impact DogeMiyagi NFTs will have on the NFT market, but nonetheless, we imagine that it will perform well with young and mature audiences due to its double influence from modern and retro popular culture.
Bored Apes Yacht Club: ApeCoin’s NFT Collection
The BAYC collection has gained significant attention from celebrities and influencers, further driving its perceived value, and its prices have experienced significant fluctuations, with floor prices reaching high values but also declining in recent months.
In April, while overall blue-chip NFT sales declined by 12.2%, the Bored Ape Yacht Club (BAYC) saw an increase in sales count, according to data from The Block Pro. However, the general interest in profile picture NFTs declined in Q2, leading to a drop in sales volume and market capitalization across the NFT market.
BAYC’s sales volume in Q2 has decreased by 26% so far, and its market capitalization has also reduced by 28%. Similarly, the Mutant Ape Yacht Club (MAYC), an offshoot collection of BAYC, experienced a decline in sales volume, market capitalization, and floor price during Q2.
BNB To Start Supporting Bitcoin NFTs
Binance has announced its support for Ordinals inscriptions on its NFT marketplace. This move marks Binance’s entry into the Bitcoin-based NFT market, and users will soon be able to purchase and trade Ordinals inscriptions through their Binance accounts. Binance’s NFT marketplace previously expanded its supported networks by including certain NFT collections from Polygon.
It is worth noting that the current version of Binance’s Bitcoin NFT marketplace does not support BRC-20 tokens, which are text-based inscriptions built on top of Bitcoin. Recently, there has been a surge in text-based inscriptions and Bitcoin-based tokens, overshadowing image-based inscriptions in popularity. The demand for BRC-20 tokens has led to a significant increase in Bitcoin transaction fees and the number of daily transactions related to these tokens.
NFTs are developing beyond being simple pieces of digital art, they are evolving to become signifiers of wealth, status, and taste. They are an especially popular and sought-after feature among meme coins and meme coin enthusiasts since the community is a central aspect of such projects and NFTs can signify belonging to the community. DogeMiyagi’s presale is live now, and since its NFTs will be exchangeable for $MIYAGI, it’s best to invest now to maximize your profits after launch.
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