Today, non-fungible token, commonly known as NFT is not just an idea or concept. It has now grown into a multi-billion industry. A recent report by Statista shows that the share of US adults interested in buying or selling NFTs in 2021 has shown a consistent rise.
These individuals include sports fans, gamers, physical collectors, esports fans, and all adults. Among them, esports fans come on top of all with 23% who are very interested and 35% who are somewhat interested.
It is pretty obvious that the future of non-fungible tokens or NFTs is strong. At the same time, one cannot deny that NFTs have already started to reshape the way everyone thinks about this innovative and lucrative industry. Statista also reports that the market cap of NFT shows great progress by growing around ten-folds between a couple of years from 2018 to 2020.
It is also evident that NFTs are increasingly becoming the most in-demand form of wealth in developed nations. Be it baseball cards or computer gaming avatars, there is a whole new set of possibilities for beginners.
NFTs have a very broad scope and impact on many segments. From music, videos, and games to collectibles, fashion, sports, and many other types of intangible pieces of artistic work, NFTs cover various things.
These units of data that are stored on a digital ledger are backed by blockchain technology. The core element that makes NFTs highly distinguished from everything else is that they are absolutely unique in nature and cannot be interchanged.
Robert Frank who is an award-winning journalist at CNBC mentioned in one of his blogs, “Sales of nonfungible tokens soared to more than $2 billion in the first quarter — more than 20 times the volume of the previous quarter.”
Although there are countless examples that show the growing importance, demand, and adoption trend of NFTs, but the following ones will surely amaze you: Musician “Grimes” sold Digital Art Token on Nifty Gateway worth around $6 million. Electronic Dance Musician “3LAU” sold around 33 NFTs collection for $11.7 mn. A meme animation titled “Nyan Cat” was sold on the internet for around $600,000.
The band “Kings of Leon” sold their album When You See Yourself for $2 mn. Twitter founder Jack Dorsey sold his first tweet as NFT for $2.5 mn. A US digital artist Beeple’s sold his work “Everyday: The First 5000 Days” for $69.3 mn.
Not only these but there are tons of NFT sales since the beginning that have made it pretty much clear to everyone about the growing popularity and demand for this digital commodity that can always remain unique.
It is true that the rapidly increasing trend attracted countless investors to deal in greater volumes and increased rates which eventually gave an unmatched boost to the overall industry. Many industry experts called this buying surge an economic bubble but today everyone can witness that NFTs are not only changing people’s perception but the entire world.
Along with the aforementioned noticeable NFT sales, there are many famous celebrities who have started to promote non-fungible tokens. Some of these include Logan Paul, Vignesh Sundaresan, and many others. So, it doesn’t mean that technologies are only in demand when there is hype, sometimes things appear differently and continue to impact in the long run even when there is no hype at all.
The entire science behind the rise and fall of hype in different scenarios is comprehensively explained in Gartner’s Hype Cycle. It was also observed that there was a huge price drop of 70% since February but the majority of people have continued to buy NFTs. In order to better understand the hype cycle explained by Gartner, you can refer to the Austrian economist Joseph Schumpeter. He believed that capitalism was successful because it used to churn old into new which is also known as creative destruction.
Yes, the industry is unquestionably tough to work and sometimes risks are also high but still, there is nothing else for those who understand this technology and consider it as an exceptional way to invest in creative works.
NFT is not just a technology but a whole new opportunity and a distinguished business model. Today artists can easily attach some stipulations to the work and keep on earning a limited amount whenever their work gets resold.
One of the most common and rapidly becoming famous examples in this regard is Oshii Brownie who is a well-acclaimed and distinguished NFT artist from Pakistan. From costumes and avatars to many other types of projects, it is an all-one destination for those who want to buy NFTs. You can visit their website any time and browse through the available options that might interest you.
You will come across several known characters and noticeable projects of her, namely Cosmic Fusion, Plutchick, Eucharistic Headgears, Butterfly effect. So, don’t waste your time anymore, all you need is to learn a bit more about NFTs and then you can also step into the new world where everyone now wants to enter.
For those who have no idea about what NFTs are and why they are needed, this post should be quite enough to read. Now it is pretty easier to find helpful and knowledgeable study material due to the vast number of people who keep on discussing this state-of-the-art technology. If you are a digital artist and want to become a famous and wealthier person in no time, then look no further and start exploring the field of NFTs.