What makes NFT elements so desirable and special? Blockchain is a revolutionary technology that changes almost everything it touches. Title records cannot be tampered with, and NFTs cannot be copied and pasted. Thanks to distributed ledger technology, such tokens are non-reproducible and non-replaceable because they only have one owner at a time. Thanks to their interchangeable features and interchangeability, despite being referred to as “non-fungible,” NFTs are liquid and can be bought or sold in Ethereum-based markets.
Related: Chicken or Egg: Why NFTs can be interchangeable
CryptoPunks are some of the first NFTs launched back in 2017 on the Ethereum blockchain. These tokens use the ERC-721 protocol standard, which means that they are unique and cannot be replaced by another, therefore, they are not fungible.
Why some tokens cost a penny, and some increase in price to tens thousand dollars, and others still cost millions? The price is estimated based on an analysis of the rarity of specific attributes respected by the crypto art and the community. However, while CryptoPunks were pioneers in this area, there are other examples that could overshadow their success. As with any additional, highly lucrative opportunity, this field has become overrun with sharks looking to capitalize on the moment by defrauding consumers and collectors. When you consider that the total value of NFT transactions quadrupled last year to $ 250 million, this trend is no surprise.
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