Using the Ethereum blockchain, Decentraland is basically a 3D virtual reality world. This is the world where user can create their own environment and space with virtual structures and buildings. Starting in February 2020, users are able to interact and socialize with others through games and activities. There are houses, concert halls, event areas and galleries, among others. In Decentraland, LAND is the NFT used which can be purchased and traded using MANA which can also be used to buy items like clothing for their avatars. MANA is also used as the currency to buy other things like voting rights. The announcement by Facebook to change its name to Meta prompted the price of MANA to jump which shows the significance and the growing importance of virtual worlds.
Said to be the original NFTs, CryptoPunks is the brainchild of 2 software developers who was addressing the possibility of whether some lines of code could effectively be translated to ownership that is meaningful and of value. This would be the start and ongoing CryptoArt movement. CryptoPunk NFTs have since been reselling for millions of dollars while some of its original collections have already made it to international auctions like Christie’s. Matt Hall and John Watkinson started Larva Labs in 2017 which designed the CryptoPunks, 24×24, 8-bit-style pixel art images with unique personalities and characters. Who would have thought that an anti-establishment movement could stem into a multi-million dollar craze?
Through Art Blocks, users are able to mint NFTs but they usually are not aware of what they are receiving prior to that. Art Blocks runs on the Ethereum blockchain where it provides generative NFT art to the users on-demand. The Art Blocks NFT platform focuses mainly on generative art in which collectors are able to access the script used to generate the artwork. In other words, they are able to receive a piece of art that is unique and randomized. Generally, they create a token on the Ethereum blockchain that comes with a seed that can be used to determine the output competed through factors like color and shape. This means that the artist creates a customized artwork for the collector who then provides certain inputs to complete the piece (which will be randomized).
The Bored Ape Yacht Club collection stems across 10,000 NFTs. They are used as avatars that give the owner entered into the club which is online. Among the renowned collectors of the Bored Ape Yacht Club include DJ Khaled, Post Malone, Stephen Curry and Jimmy Fallon. Each Bored Ape is known to be at least 45 Ether. The hype with Bored Apes is that they have grown to become highly contentious among its owners so much that it has sparked a lot of competition among them.
When The Sandbox raised more than US$90 million, it raised a lot of eyebrows as many wondered why the Hong Kong-based gaming platform would do to continue supporting its virtual world using NFTs. Softbank saw the potential of The Sandbox reporting more than US$144 million in transaction volume. Owned and developed by Animoca Brands, users are able to build and monetize their virtual gaming activities. The Sandbox runs on the Ethereum blockchain, similar to the other players where owners can create and keep NFTs on the platform.