Metaverse Currency Value_NFT Market

NFT(Non-Fungible Token) has brought a tsunami to the whole blockchain industry. NFT is different from each existing token that has the same value. NFT represents specific assets on the blockchain. Each project has its own address that can prove its authenticity and ownership. As a result, NFT is a tokenization project for scarce products on the blockchain. This is because scarcity affects the value of assets as much as economic activity in Metaverse does in reality.

The use of NFT as a currency value in the Metaverse economy will expand in the future and the most important thing is compatibility. This is because if you use utility tokens in the game, you can increase the utility of the participants without going through a central administrator. Decentraland, The Sandbox and other blockchain-based Metavalse games hit NFTs, which caused some responses from users.

The global NFT transaction volume was only 250 million dollars last year, but in February 2021, it was 340 million dollars. For example, Christie's and Sotheby's, the world's largest art auction companies, have entered the NFT auction market, and Christie's digital artist Beeple's works have been sold for $70 million (about 80 billion won), which has become famous.

According to the statistics, the percentage of NFT works traded in various fields is 35% for art and collectibles, 25% for Metavers, and 23% for games. Besides, in addition to digital art transactions, Metaverse real estate and game props transactions are on the rise, and the transaction amount is expected to reach $5 billion this year.