Before 2021, very few people in the world knew anything about NFTs. Then at the beginning of the year, news outlets and the internet started reporting record sales in this little-known space. A 9-year-old tweet sold for $2.9M, and then a month later, a JPEG collage collected a whopping $69.3M.
Many people didn’t and still don’t understand how the NFT space works. Why would anyone pay that much money for a tweet you can screenshot is another question people ask. So, what are NFTs, and why are they so newsworthy?
A non-fungible token or NFT is a unique digital asset that cannot be reproduced. NFTs represent assets like art, music, in-game items, and other collectibles. NFTs are typically built on a blockchain and are traded with cryptocurrency. When you buy an NFT, you receive a digital certificate that proves ownership of the stored data in that token.
The uniqueness of NFTs presents benefits to both the creators and the purchasers. As a creator, you can create a scarcity for your art. Unlike in the past, when your work could be stolen and passed off as someone else’s without your knowledge, each NFT has a unique code. This makes each of them traceable. It also means you can control the price of your art directly.
For collectors, NFTs ensure you don’t buy a fake or stolen piece of art. It also makes it possible to own unique pieces from your favorite creators.
In the past few months, more developers have joined the NFT space and made entry for the masses easier. Power Pups is one developer collaborating with exciting and upcoming artists to create affordable NFT art.
Power Pups NFT is a unique collection of 10,000 pieces of digital art. Each Power Pup is unique and has over 250 varying and rare qualities that provide the buyer with a rare collectible. To mint 1 Power Pup NFT, a buyer will need 0.05 ETHER.
The Power Pups developer has created a unique project that will be valuable both within and outside the NFT space. The project is divided into stages, and each level will unlock a large giveaway. The first part of the roadmap is the whitelist.
The first 1,000 pups to be purchased via the whitelist will receive a unique, collectible item. The item will be sent to the original owner and will include free merchandise, rewards, and VIP status.
In future Power Pup projects, these whitelist owners will have early access before the rest of the buyers. Other giveaways include a Model 3 Tesla and a McLaren 570s to random Power Pup owners.
Once all the Power Pups are sold out, the minting will be closed, and the next phase of the roadmap will begin. This will be the development of a game on all platforms.
The game will be an MMORPG, meaning that it will be online and multiplayer. This will allow pup owners to play with or against each other. There will be weekly tournaments on the game platform, and payments will be made in Ethereum cryptocurrency.
In the future, the Power Pups team wants to build an even larger community where NFT owners and other crypto lovers can interact. It will also continue collaborating with more upcoming artists and developing new valuable NFTs. More MMORPG games that will allow NFT owners to engage more are also on the way.