The Year of the NFT Monkey
If you have been anywhere near the internet or have watched the news in the past few months, you no doubt have heard about Monkey NFTs. 2022 is the year of the Tiger, but it may also very well be the year of the NFT Monkey. To understand the Monkey NFT phenomenon, we will start with the basics. An NFT is a digital asset that is easily transferrable. The ownership of an NFT is verifiable, and sales and transfers are easy. The technology is changing the way we think of art and value.
Some of the most lucrative NFT purchases have come from the Monkey NFT marketplace. NFT Monkey Art is really cool. Celebrities and sports star are collecting Monkey NFT art. They’re using it in their profile pictures. Some NFT Monkey owners are creating their own clothes. Others are making their own restaurants. Let’s take a closer look at the NFT Monkey Space.
Why are NFT Monkeys in such high demand? The Bored Ape Yacht Club and other NFT projects have exploded in popularity. Bored Ape NFTs cost $270.00 to mint in April of 2021. As of April 2022, it cost over $400,000.00 to buy one Bored Ape NFT. Monkey NFTs continue to gain in popularity and in community. There are many factors causing a boom in NFT sales. Cryptocurrency has become more mainstream. Since 2012, Bitcoin has gained more in popularity and use. Ethereum and Solana have added to the NFT boom.
More than Just Cool NFT Monkey Art
NFT Monkey Art is more than just cool art. NFTs have utility and benefit that goes beyond the cool art. In fact, it is often the case that the Monkey NFTs are more like tickets than art. The NFT owners may get access to valuable content and to valuable information. This information may be about future NFT projects or a new cryptocurrency. NFT owners may also be given access to physical world events, such as clubs or concerts.
To own an NFT Monkey is to also own the utility and the benefit that goes along with it. NFTs are changing the world. They are changing the way we think about value. NFTs are also changing the way people “contain” value. Indeed, because of the creation of NFTs, digital assets are now easily transferrable from one party to the next. This is revolutionary.
Value Containers that are Easily Transferrable
Indeed, an NFT Monkey and other non-fungible tokens found in the NFT Community are changing the way people think about value. Monkey NFTs are great instruments for containing value. Storing value in a way that your grandfather never could have imagined. NFTs also make it very easy to transfer value from one person to another. Indeed, because of the blockchain technology, the transfer of NFTs is secure and encrypted.
An individual can have 10 NFT Monkeys all ranging in value from $100.00 to $10,000.00. The NFT owner can spread these NFT assets into different cryptocurrency wallets. The owner can stake some of these NFTs to obtain interest. She may then store these NFTs in autonomous and secured wallets. Those wallets can be spread throughout the internet. Wallets can be accessed from anywhere and at any time.
The technology that is at the heart of non-fungible tokens is ground-breaking. The blockchain technology allows for digital assets to be immutable, encrypted and easily transferrable. One person can send an NFT to another person. There is no need for a bank. An art gallery is not needed. Further, because of the encrypting technology, the transfer of the NFT is fast and secure.
All NFTs are built with this same technology. This makes NFT Art encrypted, immutable and secured. However, there is some NFT art that is much more valuable than others, as the technology is just one factor in the value of NFTs. The NFT project’s artwork, utility, and brand are other important factors. As we have seen in the NFT market, some NFTs with no utility, are worth hundreds of thousands of dollars.
One of the other factors is the art itself. Some of the NFT art is really cool. Anything that can be made digital can be made into NFT art.
The NFT Monkey Brand
There is a word in business that is not used often enough. In many respects, it is the most important word in the Monkey NFT, NFT monkey, and NFT game. That word is: BRAND. Brand is defined by Investopedia as:
“The term brand refers to a business and marketing concept that helps people identify a particular company, product, or individual. Brands are intangible, which means you cannot actually touch or see them.”
A solid brand is important in business. Brand is also very important in the NFT Monkey business. Indeed, it is fair to say that the brand in the Monkey NFT, NFT Monkeys, and NFT business, is more important than is some other businesses. The NFT Monkey business is more analogous to fashion and clothing lines than it is to traditional art galleries or large art houses, such as Christie’s and Sotheby’s.
NFT Monkey Art and Branding
Here, we look at why brand is so important in the NFT Monkey business, and what interested consumers should look for. (Remember, this association not only comes with the benefits of having the status of owning a particular NFT Monkey, it also comes with the appreciation of the asset – this is monkey business, and it is amazing.)
NFT Monkey and Monkey NFT and brands have added enormous growth and value to the entire NFT community. Blockchain technology add value to NFTs, but it is also basic business principles that make NFTs so valuable. These principles such as supply, demand, and brand management are adding extreme value to Monkey NFT, the NFT Monkey, and NFT business.
It is the Brand That Matters
As we have discussed, the technology is the foundation of the Monkey NFTs, but it is not just the technology that makes the NFT Monkeys so valuable or sought after, as compared to other NFTs with the same technology. Simply put, some NFT projects do not have the same allure as some of the Monkey NFT projects that have taken the NFT community by storm.
In part, the explosion in the Monkey NFT marketplace is because the branding of the NFT Monkeys has been so on point. It is not just the blockchain technology that has added this amount of value to NFTs.
Due Your Own Due Diligence
In choosing an NFT, a consumer should choose a brand that has established itself within the NFT Community. An NFT Monkey Project that has committed itself to longevity and to building a brand. Also, NFT projects should have a roadmap to that guides the way to success. The NFT Monkeys are the cornerstone of a flourishing NFT marketplace, and it still is not too late to enter into the NFT community. As we start to understand what an NFT Monkey is and what an NFT Monkey is not, we must now consider what a non-fungible token is.