- Recently, Non-Fungible Token (NFT) minting and purchasing have become popular.
- Reports say that currently, many NFTs are sold in auctions in NFT marketplaces.
- Momento, one of the rising NFT platforms, also shows a promising future ahead of it.
With the explosive growth of cryptocurrency, enthusiasts have continually looked for new and creative ways to invest and grow their portfolios. Recently, it has become increasingly popular to mint or purchase an NFT (non-fungible tokens registered on the blockchain). NFTs have seen an increase in popularity due to the ability of the owner to show proof of ownership, as well as the uniqueness of the NFTs and their consistently growing value. Many investors have also felt that NFTs are “relatable” — making it easier for non-crypto users.
A great example of how NFTs have been assigned to various digital assets is visible through artwork, collectibles, music compositions, and so much more. The biggest difference between NFTs and real-world art is that it has the ability to have immutable information such as copyright, attached to it. Moreover, a good illustration of this is art. The value of a piece of art or NFT is assigned by the creator and increases as its rarity also increases — much like a painting. The more collectible and rare the item is, the higher the price. The price can also increase depending on the artist’s popularity, exclusivity, and the time and effort put into it – NFTs are no different.
Many NFTs are sold in auctions, in dedicated NFT marketplaces, where investors and collectors can bid to get rare collectibles. Once purchased, the NFT is stored either in a digital wallet or sent as a physical item according to the nature of the NFT and the predetermined conditions by the creator.
The NFT industry has now propelled — moving towards becoming an even more lucrative investment through the play-to-earn economy and finally giving a use-case to the digital art that was thought to be dying. This new model holds the idea of a decentralized gaming ecosystem that rewards every user that plays the game and spends time within the economy. This has changed the gaming industry completely, moving the ideology behind it from leisure, into a means to earn. Projects such as Axie Infinity have been pioneers in the rapidly growing space, setting the bar for future gamers and gamefi companies alike.
As the NFT industry strives to build a decentralized ecosystem, one game-changing company has been brought to everyone’s attention as new and innovative.
Momento is a combination of decentralized finance (DeFi) and NFT platform that aims to exhibit the most interesting and captivating moments in history through its collectible series. Their current collection consists of two main types of NFTs — one covers iconic moments in the last decade, and the other covers the journeys of famous cryptocurrency projects.
Aiming to go the extra mile in the evolving NFT space, Momento, along with their NFT collectible series, will be launching a play-to-earn ecosystem of their own, in which users will be able to leverage various NFTs and cryptocurrencies across their various planned games.