When the economic downturn started in February, it impacted everyone. Whether you invest in stocks, crypto, or NFTs, we were all watching our portfolios shrink day by day. However, the NFT marketplace on the Internet Computer has been going through a sudden boom over the past month while other markets are still recovering. Why are people coming to invest in NFTs on the IC blockchain, the Internet Computer? Here are five reasons I can think of for the upturn during a bear market.
#1 Reverse Gas Model
The biggest complaint about NFTs on the Ethereum blockchain (by far the most popular chain for NFTs) is that the gas prices fluctuate so much. One hour you may pay $25 in gas to mint an NFT (on top of the mint price), and the next hour you may pay $300!
On the Internet Computer, it is very simple. Due to the reverse gas model, developers pay the fees, which are very small. A collector simply pays a 0.0001 ICP transaction fee, and that’s it. It’s fractions of a penny every single time! So it makes sense that this is what draws many people to invest in NFTs on ICP’s blockchain.
#2 On-Chain Storage
You’ve heard the phrase “not your keys, not your crypto,” right? Well, for NFTs, if the collectible is not hosted 100% on the blockchain, it’s not really your NFT. Unfortunately, it’s just too expensive to host gigabytes of data on most chains (think millions per year). On the Internet Computer, it costs about $5 per year to host a gig of data. So you can be confident that there is no AWS or other centralized company that can take away your access to your NFT.
The Internet Computer is a tight-knit community from all over the globe. It’s a place where you can make lifelong friends. Are there going to be some bad seeds in the bunch? Of course, that’s just the way things are. However, the overwhelming feeling you get from the Internet Computer community is one of mutual support. We don’t just say WAGMI – we genuinely want each other to make it (and that includes our friends from other blockchains who just haven’t discovered ICP yet).
#4 Innovative Projects
Another reason to invest in NFTs on the ICP blockchain is that there are so many talented developers flocking to the Internet Computer. The ongoing Supernova hackathon has brought thousands of devs to the space, vying for a cut of the six million in prize money. Plus, there are already existing projects making waves in the world of blockchain. Whether you are here for NFTs related to GameFi, staking, and DAOs, or you are just in it for the art, there is something for everyone, and more projects are dropping every day!
#5 Get in at the Ground Level
This is arguably the best of the reasons to invest in NFTs on ICP. Don’t you wish you could have gotten in on ETH NFTs in 2017 or SOL NFTs early last year? The Internet Computer ecosystem is still very young. Everyone here and buying NFTs is early. That’s not a guarantee that every project is going to be like Curio Cards or CryptoPunks, but it does mean you have the opportunity to find the next big thing before it becomes the next big thing. And that in itself is exciting enough for many people who invest in NFTs on ICP.