Are You an NFTs Seller or Buyer in a Choppy Crypto Market?
[TL; DR]
- Everydays: The First 5000 Days was sold for $69.3million in March 2021, and that’s when NFT projects were springing up.
- Non-fungible tokens, or NFTs, are unique digital certificate that functions as proof of ownership, or authenticity, of digital assets.
- The current NFT market has set the stage for an array of large enterprises in traditional sectors.
- Although the market appears to be volatile so far, a promising NFTs project is imperative for investors in pursuit of stable passive income.
- Earning passive income for holding MXBOX avatar NFTs despite the choppy market.
NFTs marketplace began to be explosive with wider attention from a growing number of people after the NFT artwork, Everydays: The First 5000 Days, created by Mike Winkelmann, known professionally as Beeple, was sold for $69.3million in March 2021, and that’s when NFT projects were springing up. Whether they are comprehensive platforms or projects focusing on art, music, sports or games, they can always be seen racing to the market and joining competitions.
However, investors’ sentiment is badly affected after the cryptocurrency market tumbled a lot since negative news like the Russia-Ukraine conflict, FED rate hike, Covid-19 resurgence, etc. Is NFTs investment still bankable under this circumstance? Let’s dive into this question.
First, let’s take a brief look at the development of NFT.
Non-fungible tokens, or NFTs, are unique digital certificate that functions as proof of ownership, or authenticity, of digital assets. They are valued differently based on their unique attributes and scarcity.
The NFT contract standard was proposed by Shirley, the founder of the CryptoKitties, in 2017, and the CryptoKitties NFTs rose rapidly in their prices with the increase in participants against the backdrop of the overall bull market at the time. The first NFT boom, however, was mainly driven by the CryptoKitties game, and the market share of NFT transactions outside of CryptoKitties was low. This suggested an immature NFT ecosystem.
In 2021, NFT saw a second explosion, and since then, NFT has gradually developed into a new model of social networking in the digital world. The current NFT market has set the stage for an array of large enterprises in traditional sectors, such as Sotheby’s, Christie’s and Twitter, etc. As a growing number of brands and celebrities are involved, popularity in NFT continues to ascend, which is different from the first NFT boom as mentioned above.
But what will you do with your NFT when your investment sentiment is badly affected by a negative market trend?
After acquiring NFTs, there’s unspoken fear over the possibility of not selling or recouping your costs. And the virality of floor prices suddenly going down may leave a sour taste in the mouth of holders. Do these fears suffice as enough reasons to abandon the chance NFT offers to investors? No. There are more ways you can earn passive income from NFTs other than selling. Now let’s dive into how to earn revenues for holding MXBOX avatar NFTs despite the volatile market.
To begin with it, we need to get across the correlation between MXBOX miner and the NFT game. The game is closely bound up with the mining efficiency of miner MXBOX. For one thing, due to the reasonable rewards mechanism in the game, users are able to earn many UNO tokens as rewards which can be used to level up NFT. For another thing, NFTs upgrade will push up the mining efficiency of miners and in-game win ratio. Additionally, there are four kinds of Avatar NFTs representing 4 races, each of which comes with 4 levels.
In a nutshell, the higher the NFT level, the more the amount of MXBOX mined. It seems like the butterfly effect, small changes in initial conditions can lead to large-scale changes in outcomes. Notably, there are only 210M $MXBOX in total, and every 2 years the amount is reduced by half of the total amount till it is fully mined, which is beneficial to its increasing value in terms of long-term holding. Even though the NFT market is seen in a correction, investors are able to earn more MXBOX from their miners by upgrading NFTs.
Conclusion:
NFT is increasingly accepted to show personality and identity. Although the market appears to be volatile so far, a promising NFTs project is imperative for investors in pursuit of stable passive income. Are the NFTs markets holding up in the coming weeks? Let’s stay tuned!
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