Will the NFT craze last beyond 2021?
Posted: Sep 12, 2022
Till a few years ago, the very least fraction of investors saw benefits in NFT. But in 2021, the industry is open to enormous NFT pitches globally. This will be a passing fad or the growth will continue?
Most of them in the Western world learned to swipe a screen before they learned to talk. They have seen their parents get ruined by inversing in the stock market many times, as they do not believe in any other traditional way.
By 2026, there will be several people globally than a cohort. So it's the right time to focus on what Generation Z values, respects and cares about.
Broadly described as those who were born in-between 1997 and 2012, Gen Z is simply classified older generation as "tech-addicted". This is more meaningful like defining fish as "water addicted"-- What we ought to recognize instead is that this group has grown up fully engaged in an always-on, personally unrestricted digital life, over which they have unusual control and choice.
It is just the way they live, study, and work - taking the digital world with them in their pocket as they move.
The research into Gen Z says that they are ultra-focused, woke, whimsical, sensitive, and yet unreliable. They overlook the environment, correlate wealth and piling up of physical stuff with desire, and with a shortage of choice and flexibility.
Undoubtedly, their idea of valuable assets is completely different from what older generation people consider to be important.
A decade ago, you have mocked the idea of a wedding in virtual space. Not anymore. In Asia, Recently, a couple in Chennai celebrates their wedding on the metaverse. Where people communicated through their avatars. Even the late father of the bride attended!.
That's not all. Furthermore, the couple also established NFTs featuring them and wedding invitations. The groom Dinesh Kshatriyan, project associate at IIT Madras says " we have launched 10 special NFTs of worth $25 to $150 which were resold in the range of $1,000 to $2,000". The response was huge.
Previously, NFTs were only used by celebrities. Whereas now NFTs is becoming part of our day-to-day life. NFTs are not only great business opportunities but also they provide a new path for people to enjoy themselves while making money. This is the reason that Toshendra Sharma, founder & CEO, Polgon-backed NFT marketplace says "NFTs are here to stay".
As the world adopts the metaverse, NFTs will evolve the thing to own. " Holding an NFT will offer people to access specific exclusive things in the metaverse. Collectors can access credible and unique artwork in form of NFTs globally. As the NFT market is growling, some collectors see NFTs as a long-term investment choice.
The concept of NFTs plays a key role in human needs of authenticity and ownership. Specialists regard the NFT space as a great business opportunity, where people can make a decent profit.
Echoing Jaiswal's views, Hitesh Malviya, founder, of Itsblockchain says that Metaverse real estate was the most buzzed trend on the NFT bandwagon by 2021. Metaverse lands registered for billion dollar sales within a month once Facebook revealed to rebrand itself as Meta. We are in the initial stage of Metaverse adoption and it's expected that the Metaverse land price move higher in 2022.
The sandbox, the top decentralized metaverse project, experienced a comeback of more than 1,200 percent after the announcement given by Facebook.
Ramkumar Subramaniam, Co-Founder & CEO, GuardianLink.io. believes the EdTech space is also quickly driving its way into the NFT world.
Talking about "school certificates and degree certificates all will be in printed form or digital badge. The big challenge with this method is verification is a tedious process.
Specialists feel that the certificates offered by schools, universities, and other educational institutions can be in the form of NFTs. This simplifies the verification process and makes the student gain ownership of the certificate easily.
NFTs transforms sports, music, and art, enable money-making from digital assets, and also suggests digital creators with various choice to make up their artwork.
Ankit Wadhwa, CEO & Co-Founder, Rario said that the NFT space grew beyond digital artwork in 2021.
This action was towards gaming, community-owned branding, and tokenization where game publishers step into the blockchain space to bring up more value for the players with play-to-earn models and gamification.
Absolutely, NFTs are in the earlier phase but NFTs are here to stay, specialist believes that in the upcoming year, adding NFTs is going to attract more audience.
The recent web model or internet is about sharing information whereas Web 3.0 will move towards a new internet, which would be led by the community in the future and NFTs would be key for it.
NFT gained vogue among Indian and global icons. Celebrities use NFT-backed technologies to develop digital content for their fans and a suitable community.
Shakib Al Hassan, Faf du Plessis, Tom Brady, Usain Bolt, Tiger Woods, Snoop Dogg, Melania Trump, Lindsey Lohan, Paris Hilton, and many more global icons established their NFT collections. NFT’s can be acquired with the help of NFT Marketplace available in markets. NFT Marketplace is also a booming business among young entrepreneurs. One can start their NFT platforms with the help of NFT marketplace development service providers.
From all specialist opinions, it's clear that the blockchain industry is going to change the world, given the gait with which the industry shaped itself in the last two years; Undoubtedly 2023 is going to be an ever-big year for NFTs.
I am a blogger, eager to learn upcoming technologies for business enhancements.