Non-fungible tokens (NFTs) seem to have exploded out of the ether since 2020. You may have heard about Grimes getting millions of dollars for NFTs or the founder of Twitter putting an autographed tweet up for sale as an NFT. But do you really understand NFT? What is an NFT? Are NFTs worth their prices, or is it merely a bubble poised to pop?
NFT stands for non-fungible token. “Non-fungible” is an economic term that is used to describe objects that are unique and cannot be replaced with something else. For example, a Bitcoin is fungible — trade one for another bitcoin, and you wouldn’t know the difference between the two. Because one Bicoin holds the same value as any other. However, NFTs are the exact opposite.
You can consider every NFT as a digital asset that represents real-world objects like music, videos, art and in-game items. Each NFT has unique attributes that set it apart from another. At this time, you might want to understand: why are people willing to spend millions on the kinds of things that can easily be downloaded or screenshot? The answer: NFTs contain built-in authentication that enables buyers to claim ownership of the items.
Being bought and sold online frequently alongside other digital assets, NFTs are now becoming an increasingly popular way to buy and sell digital artwork. As one the world’s leading digital asset exchanges, Huobi Global is constantly on the lookout for high-quality NFT assets that will be well-received by collectors. NFT tokens that have been listed on the Huobi platform include: AXS, MANA, GALA, MATIC, LUNA, THETA, SAND, FLOW, CHZ, APE, etc. Now let’s take a closer look at three popular NFT tokens listed under Huobi Global.
ApeCoin (APE) is the native token of ApeCoin DAO, a decentralized autonomous organization (DAO). An ERC-20 governance and utility token used in the APE ecosystem, APE serves as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.
ApeCoin is an Ethereum-based token based on the Bored Ape Yacht Club NFT project and designed for utility and governance. If you think it was created by Yuga Labs—the team behind the Bored Apes, you’d be wrong. Instead, it’s officially the creation of ApeCoin DAO, which was created to govern the token and its roadmap.
The total supply of ApeCoin stands at 1 billion. According to the data released by CoinmarketCap, about 28% of APEs are currently in circulation. As of 15:00 on March 24, 2022, a total of 131.23 million tokens have already been claimed by NFT holders since its launch on March 17.
ApeCoin DAO has recruited some prominent folks from the crypto industry to steer community decisions, including Alexis Ohanian (co-founder of Reddit; general partner and founder of Seven Seven Six), Amy Wu (head of ventures and gaming at FTX), Maaria Bajwa (principal at Sound Ventures), Yat Siu (co-founder and chairman of Animoca Brands), and Dean Steinbeck (president and general counsel at Horizen Labs).
The APE coin has performed well on Huobi Global since going live. According to the real-time data published by CoinMarketCap, Huobi Global ranked second in the 24-hour transaction volume for the APE/USDT spot trading pair, standing at *US$153.16 million.
*Data calculated from 7:40 on March 23 to 7:40 on March 24 (UTC).
Gala Games (GALA)
The GALA token is the digital utility token of the Gala Games ecosystem. Gala Games aims to take the gaming industry in a different direction by giving players control over their games.
The existing game market has an interesting phenomenon: players spend hundreds of dollars on in-game assets, and countless hours playing the game; however, all of these could be taken away from them with a simple click of a button. In order to address this issue, Gala Games plans to reintroduce creative thinking into games by giving players control of the games and in-game assets with the help of blockchain technology.
Through decentralization, players not only own their in-game items but have a voice in how the Gala Games roadmap develops. Players and node owners will be enlisted, via distributed voting mechanisms, to help determine what should be funded by the decentralized Gala Games ecosystem or which games should be added to the platform.
Gala Games has grown to 1.3 million monthly active users since launching in 2019. 26,000 NFTs have been sold, with the most expensive piece valued at US$3 million. Huobi Global ranked among the top 3 in the 24-hour transaction volume of the GALA spot trading pair, reaching US$42.5 million.
*Data calculated from 7:40 on March 23 to 7:40 on March 24 (UTC)
Decentraland (MANA) is an Ethereum token that powers Decentraland, a virtual reality platform powered by the Ethereum blockchain. Decentraland enables users to create, experience, and monetize content and applications on the platform.
People are increasingly spending time in virtual worlds. However, these virtual games are dominated by centralized organizations, where content creators are paid little, if at all. To address this issue, Decentraland provides a decentralized infrastructure where users can gather and share content in games while content creators can derive full value and recognition for their efforts.
Land in Decentraland is a non-fungible, transferrable, scarce digital asset stored in an Ethereum smart contract. It can be acquired by MANA, which can also be used to pay for in-world goods and services.
The virtual world Decentraland launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of experiences on their parcels of virtual land, including sprawling 3D scenes, interactive games and a variety of other interactive experiences.
Huobi Global has long been known for its excellent liquidity and robust risk control system. Huobi launched a Primelist program last year which aims at listing high-quality projects that have mature enterprise managements, high-quality neighborhoods, and long-term development plans. Users can win access to an allocation of new tokens at their listing price by either holding USDT or Huobi Tokens (HTs) for a certain period. Huobi will launch more cutting-edge projects to engage its community in the near future. Stay tuned.