What are Habbo NFTs and why are Habbo Avatars trending?

June 17, 2022 05:11 PM AEST | By Ankit Sethi

What are Habbo NFTs?

Habbo is a game where players can form communities. Users can also create characters, often used to interact with other players and participate in quests. In 2021, Habbo rolled out NFTs, which can be bought using the ETH token. The project was titled ‘Habbo Avatars’, and it is a collection of 11,600 characters with unique traits.

Habbo has used the services of Ethereum’s blockchain network to register the ownership of its NFTs. The NFTs were promoted by saying that their holders can “possibly” use the underlying avatar skin for their in-game avatar.

Habbo Avatars are listed on a popular NFT marketplace, OpenSea. According to OpenSea, Habbo NFTs have so far found nearly 4,300 owners, and the floor price is mentioned as 0.18 ETH.

Also read: Fake heiress Anna Sorokin to launch her NFTs: What you should know

What’s the latest on Habbo NFT?

Habbo has recently tweeted about a giveaway. Here, #430 avatar can be availed by the winner. The winner is likely to be picked on June 17. Ahead of this giveaway, Habbo NFT confirmed its partnership with a popular NFT project CyberKongz.

Are NFTs safe?

There can be contrasting views about how safe it is to invest in NFTs. Some view NFTs as a natural progression of the world of collectibles toward the emerging blockchain technology. Blockchain also underpins cryptocurrencies like Bitcoin. Some others, however, feel that NFTs are overpriced and do not represent real utility. Bill Gates has recently commented that these digital assets are a product of the greater fool theory, which means a seller always finds a greater fool, who is ready to buy the assets at an inflated price.

Beeple is a popular NFT artwork creator, and some other widely known projects include CryptoPunk, and BAYC. A few of Beeple’s assets have sold for very high prices, however, his collaboration with Madonna in May this year did not do that well.

Selling price of Beeple’s NFTs

Also read: Bill Gates' crypto remark: What is greater fool theory?

Bottom line

Habbo is a popular game, which took a plunge in blockchain-based digital assets last year. Data on the marketplace OpenSea confirms that Habbo NFTs do not currently command a high price. In a giveaway, the Habbo Avatar project can soon pick a winning candidate for avatar #430.

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