Is Swampverse NFT (@SwampverseNFT) Worth It?
Swampverse is an Ethereum-based NFT project looking to create ongoing utility for its token holders through its current rollout as well as future metaverse plans.
The collection used to consist of 9600 nonfungible tokens (NFTs), which feature frog and toad characters with algorithmically generated clothing, expressions, and accessories. However, there are only 7,450 Swampers remaining; the rest have been sent to a burn address.
As stated earlier, Swampverse is an Ethereum-based NFT. However, do you know what NFT is all about? There are many NFT projects. So, it is recommended to learn more about NFTs.
What is a nonfungible token (NFT)?
First of all, it is a digital asset representing real-world objects like art, music, etc. NFTs are bought and sold online, frequently with cryptocurrency, and NFTs are generally encoded with the same underlying software as many cryptocurrencies.
Even though NFTs have been around since 2014, they are gaining popularity now because NFTs are becoming an increasingly popular way to buy as well as sell digital artwork. For example, the market for NFTs was worth a staggering $41 billion in 2021, an amount that is approaching the total value of the entire global fine art market.
What you need to know is that NFTs are also usually unique or at least one of a very limited run. They have unique identifying codes.
“Basically, NFTs create digital scarcity,” according to Arry Yu. She is the chair of the Washington Technology Industry Association and managing director of Yellow Umbrella Ventures.
This starkly contrasts with the vast majority of digital creations, which are almost always infinite in supply. Theoretically, cutting off the supply should raise the value of a given asset, assuming it is in demand.
Nevertheless, many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like famous video clips from NBA games.
As a reminder, famous digital artist Mike Winklemann, better known as “Beeple,” crafted a composite of 5,000 daily drawings in order to create perhaps the most famous NFT of 2021, “EVERYDAYS: The First 5000 Days”. It was sold at Christie’s for $69.3 million.
Interesting details about NFTs
Anyone has the ability to view the individual images-or even the entire collage of images online for free. So why are people willing to spend a lot of money on something most of them could comfortably download from the internet?
The answer is quite simple: An NFT allows the buyer to own the original item. Not only that, an NFT contains built-in authentication, which serves as proof of ownership. Moreover, collectors value those “digital bragging rights” almost more than the item itself.
Do you know what the difference is between an NFT and cryptocurrency?
As you already know, NFT stands for nonfungible token. You should remember that it is generally built using the same kind of programming as in the case of cryptocurrencies, like Bitcoin or Ethereum; however, that’s where the similarity ends.
Physical money, as well as cryptocurrencies, are “fungible,” meaning they can be traded or exchanged for one another. They are also equal in the value-one dollar is always worth another dollar; for example, one Bitcoin is always equal to another Bitcoin. Besides, crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.
Nonfungible tokens are quite different. For instance, each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (thus, nonfungible). One NBA Top Shot clip, for instance, is not equal to EVERYDAYS simply because they are both NFTs. Also, one NBA Top Shot Clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.
How does an NFT work? Let’s find out!
They (NFTs) exist on a blockchain, which is a distributed public ledger that records transactions.
Specifically, NFTs are usually held on the Ethereum blockchain, even though other blockchains also support them.
Don’t forget that an NFT is created or “minted” from digital objects that represent both tangible as well as items, including:
Videos and sports highlights
Virtual avatars and video game skins
Furthermore, Twitter’s co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.
Basically, NFTs are like physical collector’s items, only digital. Hence, instead of getting an actual oil painting to hang on the wall, the buyer receives a digital file instead.
Buyers also get exclusive ownership rights. Interestingly, NFTs can have only one owner at a time, and their use of blockchain technology makes it easy to check ownership and transfer tokens between owners.
The creator of an NFT can also store specific information in an NFTs metadata. For example, artists can sign their artwork by including their signature in the file.
We need to answer another important question which is: What are NFTs used for?
Blockchain technology, as well as NFTs, afford artists and content creators a unique opportunity to monetize their wares. For instance, artists no longer have to rely on galleries or auction houses to sell their art.
Instead, the artist has the opportunity to sell it directly to the client as an NFT, which also lets the artist keep more of the profits. Besides, artists can program in royalties, so they will receive a percentage of sales whenever their art is sold to a new owner. Undoubtedly, This is an attractive feature as artists typically don’t receive future proceeds after their art is first sold.
Art is not the only way to make money with NFTs. Brands like Taco Bell and Charmin auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (nonfungible toilet paper), and Taco Bell’s art sold out in a matter of minutes, with the highest bids coming in at 1.5 wrapped ether (WETH).
Celebrities like Lindsay Lohan and Snoop Dogg are jumping on the NFT bandwagon, releasing unique memories, artwork, and moments as securitized NFTs.
Swampverse NFT and its characteristics
Now, we can discuss Swampverse NFT and its characteristics. As opposed to other collections, there is considerable mythology behind Swampverse.
The story of the Toads’ origin is quite fascinating. It begins with what is referred to as the “Genesis Toads,” which found themselves in exodus, looking for a new home. After a difficult journey and “what felt like an eternity of roaming the universe,” the Genesis Toads located the perfect swamp, now known as the Swampverse.
Here, they united their DNA and ascended, leaving behind the toad NFTs we have in the collection.
There is no lack of NFT projects. Nevertheless, Swampverse NFT is quite interesting.
Behind the project is a trio of NFT veterans, SV_Ogre, NFT_Junkiee, as well as OxWart. It is worth mentioning that OxWart is the co-founder and was a contributor to a project similar to the Swampverse, CyberFrogz. Notably, between them, its team has ensured the project has had a smooth launch.
All tokens have now been minted, meaning your best bet to get hold of a toad is to use a marketplace. You can use OpenSea.
At the moment, there are 3,240 unique owners, and the seven-day average price is 0.15 ETH.
This project offer a number of benefits:
Unlock rare NFTs
Furthermore, the NFTs double up as your membership to the Swampverse with exclusive access to a tight-knit community, limited merchandise, etc.
Besides holding a digital asset that looks to appreciate in value, holders of a Swamper NFT can hold and stake their toad as well as generate $CROAK, the approximately named utility token for Swampverse.
It can be used to burn two toads in the same wallet to receive a mysterious swamp creature that is yet to be fully understood!
Another option is to use them in the “Swampville Store” to buy official merchandise such as hoodies and t-shirts. Notably, they will be used to unlock a 3D voxel representation of a held Swamper in The Sandbox metaverse.
While the above-mentioned project is still gaining traction, the team behind the Swampverse NFT continues to develop the project.
With the Swampverse NFT diving into the metaverse, utilizing The Sandbox platform, it is expected this will be an exclusive location. As in the case of regular Swamper NFTs, you will be able to unlock a fully 3D/voxel avatar of your toads in order to use in the metaverse. These will be used for virtual events, etc.
The question is whether you should join the Swamp or not? It depends on your priorities. However, it makes sense to gather more information about Swampverse NFT.
The biggest goal is to create a tight-knit and friendly community in order to generate utility, play games, as well as experience the metaverse together; the Swampverse NFT project is shaping up to be one of the most exciting collections out. You can invest successfully while having fun with Swampverse NFT.
As previously mentioned, people can choose from a wide variety of NFT projects. They should pay more attention to projects that have the potential to play an important role in the future. Swampverse NFT is an interesting project that was created by a trio of NFT veterans.
The post Is Swampverse NFT (@SwampverseNFT) Worth It? appeared first on FinanceBrokerage.