Does anyone agree with this article?
There is no denying that non-fungible tokens (NFT) are becoming a craze in various walks of life. This phenomenon is reminiscent of the situation of the crypto market, especially Bitcoin (BTC) which became the focus in mid-2020 due to the COVID-19 outbreak.
The crypto market saw a change of various trends: from the altcoins season, moving to the DeFi season, and finally NFT.
We personally recorded the first NFT -related article on October 8, 2020 - ‘Block 21’, a symbolic of Satoshi Nakamoto’s vision containing 322,048 digits of Bitcoin’s original code. It sold at a price tag of $ 131,250 (RM549,084).
While people are still struggling with the question - “Is this NFT legit?”, What if we take a look at why investing in NFT is so much more worthwhile than Bitcoin.
Bitcoin vs NFT
These NFTs are broad, have a variety of types and have advantages that are not possessed by most cryptocurrencies, such as being able to maintain the ownership and authenticity of the NFT.
The most notable between these two types of assets is of course the price!
Bitcoin price timeline:
2009 - 2010
During the period 2009 to June 2010, the price of Bitcoin was only $ 0.
July 2010: Bitcoin recorded a trading value of $ 0.08 from a low of $ 0.0008 per unit.
December 2010: Bitcoin price rises to $ 0.50.
2011 - 2014
April 26, 2011: A BTC unit is worth $ 1.
December 11, 2014: BTC hits the price of $ 346.90.
2015-2018
October 2015: A BTC unit is worth $ 271.82.
May 2018: Bitcoin rises to $ 9,752.
2019-2022
April 2019: $ 5,117.
October 2020: $ 13,355.
November 2021 Bitcoin finally hit a value of $ 69,013.
January 2022 its value dropped to $ 47,991.
If viewed on the Bitcoin price timeline, this asset took at least three years to hit $ 1 and 13 years to hit nearly $ 70,000.
But NFT took a short time to reach the Bitcoin equivalent value in November 2021.
For the record, the floor price (floor price/lowest price/minimum) for an NFT is 0.00095 Ethereum (ETH), equivalent to $ 3.10 (RM12.96) and the maximum price can reach 1200 ETH or $ 3,910,717.88 (RM16,372,989.19).
The closest example can be seen in the CryptoPunk collection #9998 which recorded a price increase of up to 225,000 ETH, equivalent to $ 776.35 million (RM 3,225,714,245.22) at the time this article was written.
This crazy price spike happened in just three months and to date no latest bid value is offered, making NFT CryptoPunk the most expensive in the world.
Presumably, why can the price of NFT reach such a high of value?
The secret lies in its limited demand and production.
Most NFTs that record the lowest prices around 0.05-0.5 ETH have a limited collection.
CryptoPunk, PhantaBear, and Bored Ape Yatch Club are among the NFT collections that have only 10,000 units. While Meebits has a limited collection of up to 20,000 only!
So it is not surprising that the price is increasing as the demand for NFT is growing.
Probably due to this factor as well, many fans are willing to spend millions of dollars just to get a unit of NFT.
The presence of utilities that lie in NFT ownership is also one of the reasons why people are chasing this trend.
PhantaBear for example, offers its owners with special access to the Ezek Club, including virtual concerts and special venues, along with a 10% discount at any PHANTACi branch.
It’s still not an exaggeration to say it’s still not too late for you to get NFT because when compared to buying a BTC unit, it’s much more expensive and harder to own unless you’re a whale.
As for getting NFT, you just need to be good at finding a collection that still has the lowest price with a very high rarity!
What do you think? Is owning NFT more attractive than Bitcoin?
