Is The Rapidly Rising Popularity of NFT’s Worth The HYPE?

A fresh concept took birth alongside the newfound interest of the world in the digital payment system called cryptocurrency in 2014. Non-fungible tokens, which are also known as NFTs are anything that is uniquely a cryptocurrency-based asset. Meaning, most NFT’s are created with the same underlying software as many cryptocurrencies. There are a few more characteristics that define this entity.

What essentially defines an NFT?

Powered by smart contracts such as on the Ethereum blockchain, these tokens are used to represent ownership of certain digital art. As technology progresses even further, these can even represent collectables and real estate from the virtual world. NFT enthusiasts and experts believe that this is a wonderful initiative to vest power in the hands of creators and artists concerning their art. 

The famous Bored Ape NFT bought by several celebrities

So, what’s the purpose of an NFT? As you might have gathered from above, these tokens are digital pieces of art that investors can buy or trade, they also serve a second purpose. NFTs act as data stored on a digital ledger, more well known as blockchain. The most distinguishing factor of an NFT is that it is “non-fungible”. This means that there is only one unique copy of the art on the internet, hence is not inter-changeable.

NFT- From its inception until now

Despite the potential that this idea harboured within itself, NFTs blew up only recently. To be more accurate, 2021 was the year when the world saw the explosion of the NFT market as it managed to surpass even the number of Google searches for topics such as Dogecoin, blockchain and Ethereum.

Although statistics shows that the popularity of NFTs is pushing the boundaries of virtual trading and payment platforms, most experts in the field might not entirely agree with it. While some think that the tokens are just an over-hyped fad, others predict the potential boom in the usage of NFTs in the coming times. On a positive note, most investors have also unanimously voted for the durability that NFTs hold. 

What do expert investors say?

Mixed opinions amongst experts suggest that with no strong motive or vision, NFTs might soon lose their influence and depart from the trends. Contrarily, it could also mean that NFT projects based on stronger fundamentals might manage to gather greater interest and money alike. There is no doubt that those with no actual foothold will soon perish.

Most of the hype around NFTs can be attributed to notable celebrity figures especially from America like Serena Williams and Paris Hilton. On one side, where most people believe that buying portraits and artworks on a digital space for millions of dollars might not be a worthy investment, there is much more to it than that! 

The NFT artist and CEO of NuPay brings to light a host of advantages that buyers receive on purchasing a certain NFT. In addition to that, it also enables streamlining art ownership. From in-game goods to passes to exclusive events, the possibilities are endless. 

The future of NFT

With Facebook rebranding as Meta, the world where virtual ownership of items becomes a real thing is already nigh. As major companies like Pepsi, Adidas and Nike jump on the trend and become a part of the metaverse revolution, the change only becomes more and more concrete while also adding to the hype around it.

Researchers say that Metaverse real estate was one of the highest trending topics of discussion among investors in 2021. The price of land in this virtual reality is expected to rise even higher in the year 2022. 

As you can see, NFT artworks have widened their horizons exponentially. While it does not remain exclusive to the categories of simple gifs and jpegs, gamification is the next step that many developers are working towards. 

Buying NFTs on Sandbox is a trend that is getting widely popular

Several game publishers have already entered the blockchain space where they have become a part of community-owned branding and tokenization of gaming facilities. The ‘play-to-earn’ model is currently the most popular category. 

Conclusion

Undoubtedly, there is a lot of work that remains to be done on NFTs. However, it is crystal clear that it is a nascent technology still in its early phase, preparing to change the internet as we know it for the better. The rapidity with which it is setting its foothold in the world, makes it apparent that 2022 is set to become another significant year for this upcoming technology. Experts believe that gaming NFTs are going to rule the industry as other niches slowly thrive.

In conclusion, NFTs make a very good example of targeting the human need to have ownership of something that is exclusively theirs. This makes it one of the most irresistible entities in the world of investments. Moreover, the remarkable changes that they have brought about already are indicative of how important a development it is in the field of internet commerce.  

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Company Name: Mysocialpulse
Contact Person: Divya Prashanth
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Country: United Kingdom
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