NFTs (Non-Fungible Tokens) became one of the most popular terms of 2021 after beating blockchain, Dogecoin, and also Ethereum in Google search results. But it has yet not been decided if NFT is actually a nascent technology with a wider scope or merely some over-hyped fad that has taken over the Internet.
While experts agree unanimously in favour of NFT’s durability, they aren’t as sure about its use cases. They say that without a doubt, only the projects with strong fundamentals can survive and last longer, others will naturally lose the fizz.
CEO and founder of SportZchain, Siddharth Jaiswal pointed out that NFTs are becoming a huge part of the popular culture as they are booming. He also said that the biggest NFT trend this year had been the joining of the metaverse revolution by brands like Adidas, Nike, and Pepsi.
Experts have said that NFTs are a great opportunity for business and people can make decent money here as the concept aligns well with human needs of authenticity and ownership.
Itsblockchain‘s founder Hitesh Malviya said that one of the biggest trends to jump the NFT bandwagon in 2021 had been Metaverse real estate.
He pointed out how there have been recorded billion-dollar sales of metaverse lands within a month of Facebook’s announcement of its new name, Meta. He said that Metaverse land prices are expected to move higher and we are currently at an early stage of this revolution.
Not just that, NFTs are also transforming the space of arts, sports, and music. They are making it easier for digital creators to monetize their artwork through several options.
Rario Co-founder and CEO, Ankit Wadhwa said that this was a move towards community-owned branding, tokenization, and gaming. This is where game-publishers entered the blockchain space to bring more value to the players using models like gamification and ‘play-to-earn’.