Non-fungible token (NFT) mania continues to rule the cryptocurrency market and bring it to the masses. There is no stopping this trend. After all, the lure of the NFT space is attracting even the who’s who of the corporate world, including mainstream companies like Visa, which entered the market after buying a CryptoPunk.
Not only big brands like Visa, celebrities like Snoop Dog, Shaq, John Cena, too, have jumped on this NFT train.
So far, the NFT market has surpassed $10 billion in secondary sales combined across a variety of categories including gaming, PFPs (profile pics), sports, and collectibles.
The craze for NFTs can be ascertained from multi-million dollar sales making headlines regularly. For instance, the ‘Pepe the Frog’ NFT genesis was sold for 1000 ETH, and 2 NFT art by Dmitri Cherniak were combinedly sold for 1300 ETH, worth $3.53 million and $4.1 million respectively.
All is Well in NFT Space?
There is no doubt that people are putting in tons of money to become a part of this revolution. But the NFT market is plagued by issues like counterfeiting and copying, and not to mention the Right Click Savers, which needs to be resolved.
With so much money involved in the sector and NFTs avatars becoming “the new blue checkmarks,” it makes sense that social media giant Twitter is introducing NFT profile verification.
Recently, Twitter’s head of consumer marketing, Justin Taylor, also shared a sneak peek into its NFT profile verification process.
The usage of NFTs as avatars on Twitter has simply exploded this year making a system for verifying their NFTs a valuable feature for the company.
But such an app is already available in the market for free.
MyNFT.fyi – The Name Every NFT Enthusiast Should Know
While Bitcoiner Jack Dorsey’s Twitter has yet to introduce the service, MyNFT.fyi has already launched an easy way for everyone to verify the on-chain ownership of their PFP NFT. You just have to open your OpenSea NFT and sign with your wallet.
The project is backed by DeFi Accelerator, which has been launched by leading crypto exchange Binance and blockchain platform Orbs Network to bootstrap new projects.
The Accelerator offers grants of “tens of thousands of dollars” to exciting and innovative ideas and looks for projects following principles of fair distribution, community ownership, sustainable economics, and composability with the broader ecosystem.
MyNFT.fyi app also gives the user a certificate showing that they actually own the NFT profile picture. The owner can then add the certificate to their Twitter bio to showcase the proof. The completely free website allows you to do this within just a few seconds.
While NFTs are the hot topic right now with the number of people and the money involved substantial and continuing to rise, this is just the beginning.
To put it simply, “However bullish you are on NFTs… You are insufficiently bullish.” NFTs have just started with art but they will soon be “eating brands, they will start eating culture, they will start creating decentralized alternatives to centralized orgs.”