Buying and selling virtual land is hot! NFTs are gradually gaining popularity, with weekly trading volume surpassing $1 million.

Trading of digital assets based on blockchain technology seems to be gaining popularity. According to last week's volume statistics, cryptocurrency gamers traded up to $1 million in the NFT market, involving investments in virtual assets, virtual real estate, land, and more.

• Decentraland Leads NFTs to Reach $1 Million in Trading Volume
• Binance Launches Official NFT Collectibles Series, OpenSea Lists NFT Tokens Backed by Wine

NFT stands for Non-Fungible Token, which is issued on Ethereum using the ERC-721 protocol. Due to its unique characteristics like indivisibility, non-substitutability, and uniqueness, NFTs are suitable for virtual treasures, collectibles in games, or even in conjunction with tangible assets like art and real estate.

Previously, it was reported that NBA teams collaborated with "CryptoKitties" to launch a digital collectibles platform, while the Sacramento Kings introduced physical crypto collectibles (NFT toys) in 2019, demonstrating the potential of NFTs in the future with real-world products.

According to the NFT market monitoring platform Nonfungible, mainstream games like Decentraland, Cryptovoxels, and The Sandbox surpassed $1 million in trading volume last week, with Decentraland having the highest trading volume, around $600,000 in the past 7 days.

Binance Enters the NFT Market

In December last year, Binance announced the launch of its official NFT collectibles series "HO HO HODL," allowing users to acquire the NFT tokens through participation in activities, and users can trade them on the largest crypto collectibles market OpenSea.

Subsequently, Binance also launched a series of NFT tokens based on the Enjin Coin (ENJ) ERC-1155 standard and introduced limited edition NFT tokens before the Lunar New Year.

It is reported that Binance's NFT tokens caused a sensation upon release, dominating the January trading volume on OpenSea. At that time, two of the most expensive NFT tokens even reached as high as 29.8 ETH ($5,400).

Moving towards Reality, NFTs Linked to Wine

OpenSea recently announced a partnership with the wine tokenization platform WiV Technology, marking the first tokenization of real assets and their trading on OpenSea. Tommy Nordam Jensen, CEO of WiV Technology, stated:

When I founded WiV, we wanted to open up the market for quality wines to new audiences, and this partnership is the perfect example. The NFTs showcased on OpenSea bring wine to a new generation of collectors, allowing for quick, efficient, transparent asset trading and opening up new doors for collectors.

Overall, since the launch of CryptoKitties in 2017, NFTs have found wider applications. Leading the way in the crypto industry, Binance has proven the value of NFTs, making it easier for collectors to trade and avoid issues like counterfeits. NFTs are suitable for scenarios requiring uniqueness, such as tickets, intellectual property, etc. If NFTs can avoid excessive speculation in the future and focus more on interfacing with the real world, they may pave their own path forward.