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Seals NFTs and The Market Comback By DailyCoin

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Seals NFTs and The Market Comback
  • Cartoon animal NFTs have been rampant in the NFT market.
  • Celebrities participate in NFT boom and support projects via Twitter (NYSE :).
  • NFT projects employ meme marketing strategies in order to rebrand Twitter and increase market awareness.

User trading habits are changing thanks to NFTs. NFT 2021 Summer created a new method of trading and interfacing with blockchain products. The new trend of digital ownership is the basis for the surge. It has become a 2021 trend. NFTs are a great alternative to meme coins and early 2020 DeFi projects. They add gamification to trading. Creature cartoons are a key trend.

The Kingdom of NFTs

Data from OpenSea, the largest NFT marketplace, depicts cartoonish animals as preferred exchangeable digital assets. Bored Apes and Cupcats make up five of the 10 largest NFTs in terms of trading volume. DailyCoin, which reported the same trend in August, indicated that apes, penguins, and Cupcats were responsible for most of the transactional volumes.

CryptoKitties were the first NFTs that clogged the network in 2017. In 2017, CryptoKitties were the first NFTs that blocked the network. Discord is also a place where culture can be shared and consumed. Bloomberg points out that NFTs are integrated into all aspects of digital life, including Twitter avatars and decentralized gaming.

The NFTs, digital images with proof of ownership are digital images. However, this new culture can be financially incentivized for investing in digital assets that may eventually rise. Interestingly, DeFi platforms such as Uniswap and Pancakeswap display cartoonish characteristics that eventually led to market dominance.

It is possible to argue that people who interact with Animal NFT Kingdom exhibit traits of fandom. However, Mark Duffett, author of Understanding Fandom, argues that “an individual’s personal fandom does not always last,” illustrating that NFT investors enter the digital culture seeking only financial gains rather than belonging.

Gary Vaynerchuk (social entrepreneur) stated that he is a supporter of artists and invests in NFTs during a Twitter discussion. To that end, trading and investor behavior change based on one’s social and financial capital.

On The Flipside

  • NFTs are highly speculative, and individuals invest similarly with meme stocks and other blockchain products.
  • Celebrities are known to inflate NFT projects’ values, giving the illusion of greater value.
  • The lack of liquidity in the market and the demand for it makes traders vulnerable to financial losses.

Value through Network

Twitter user and NFT investor, G.money, told DailyCoin that NFTs are the “ultimate flex,” conveying a new status for NFT participants. NFTs, such as Bored Ape Yachtclub, which is valued at 37.5ETH on average, have become a symbol for NFT membership. Celebrities have even changed their avatars to reflect their status. However, DappRadar notes that NFT collections do not “flash any immediate tangible utility,” suggesting users are only investing in the what-if.

Owning and showcasing one’s NFT through a different medium is a socially constructed mechanism of relating to the NFT culture. While avatars may not reflect the individual who bought them, they can help to promote the idea of belonging and exclusivity. NFTs, however, are only speculation. According to Andrés Guadamuz, a professor at the University of Sussex, changing one’s profile picture to an NFT lion or a seal is intended to create awareness and ultimately generate market FOMO.

By displaying a simple, familiar face, cartoon NFTs can bypass the complicated underlying technology and allow financial decisions flow more smoothly through the network. Single creature NFTs, or the NFT kingdom, have become ever popular in the crypto space, with The Verge stating that if it’s “cute enough, people might still be willing to spend a fortune to get one.”

Why You Should Care?

A NFT’s success isn’t determined by its market value or quality. NFTs are popular for being part of a particular culture. Creators may be able to foster this community and encourage others to invest in NFTs.

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