The NFT (non-fungible token) scene continues to boom, with new projects and soaring sales. While Axie Infinity, CryptoPunks, and Art Blocks continue to rank high on NFT collection charts, upstart Crypto Hobos is beginning to make waves. Crypto Hobos' rarity is a big reason behind the project’s growing popularity.
Since an NFT artwork by Beeple fetched a whopping $69 million in an auction, interest in NFTs has only continued to increase. Public figures in business and sports, as well as some big corporations, have helped popularize NFTs.
Billionaire Twitter and Square CEO Jack Dorsey auctioned an NFT version of his first-ever tweet for almost $3 million, and Argentine soccer star Lionel Messi also joined the NFT bandwagon. On the corporate side, credit card company Visa made headlines with its $150,000 purchase of a CryptoPunks NFT.
NFT boom spurs blockchain competition
Ethereum dominates the DeFi and NFT sectors—even the Crypto Hobos NFT is based on the Ethereum blockchain. But competition is heating up among blockchains, with Solana and Cardano trying hard to cut into Ethereum’s market share. The Degenerate Ape Academy, one of the recent hit NFT projects, runs on the Solana platform. Meanwhile, Cardano hosts the Clay Nation NFT project.
Speed and fees are defining blockchain competition. While Ethereum has been around for a long time and won the trust of many developers, its success has brought problems. The network is congested, boosting fees and diminishing profits for projects operating there.
By promising faster transaction speeds and lower fees, Solana is winning many DeFi and NFT projects, including those that started on Ethereum. In turn, investors have been rushing to accumulate Solana’s SOL token.
Crypto Hobos' NFT rarity
As the NFT scene gets crowded, many investors are seeking outstanding artworks. Crypto Hobos is among the collections drawing people seeking unique NFTs. The Crypto Hobos NFTs' rarity stems from the fact that each is handmade.
The collection features 8,000 images built from combining more than 200 traits. The images, hand-drawn using a specific technique, are divided into 15 families, or clans. The items' uniqueness is driving sales for the Crypto Hobos project, which has risen rapidly in Opensea rankings.
Why Crypto Hobos has a bright future
Many people appreciate hard work, and Crypto Hobos has shown that through the demand and premium prices for its diligently produced NFTs. According to Rarity Tools, rarity may be the most important factor in determining the value of an NFT product.
If NFT competition comes down to rarity, then Crypto Hobos looks to have a great advantage. It also appeals to charitable investors, in that the project has made donations to Refugee International to help people forced to leave their homes.