Non-fungible tokens or NFTs have emerged as the biggest trend in the blockchain industry due to their remarkable applications in different fields. For example, NFTs have had a transformative effect on digital art and gaming, enabling creators to tokenize their works and gamers to earn while gaming.
Since NFTs create value due to their rarity, there’s a massive demand for these digital assets providing collectors with an opportunity to flip them for profits in the secondary market.
This growing popularity has had its effect on the market. The average monthly trading volumes of NFTs spiked from $65 million in the first half of 2021 to over $700 million in the second half. Moreover, the boom shows no signs of slowing down.
The NFT sector is primarily community-driven and currently lacks many platforms that allow projects to interact with community members closely for mutual benefits. However, Meme Cake, an innovative blockchain-based project, is set to solve the problems uniquely.
Building a social NFT ecosystem
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