NFT Growth — Where Is This Industry Going?
NFTs are all around us. Look around you and you will notice how everything has a unique trait. In one of the most digitally advanced eras of our time, we refer to these assets as cryptographic tokens. Whether it is your favourite photo, pet, car, or song, it all boils down to the same. Non-fungible tokens simply stand for items that are essentially irreplaceable. Once we turn these elements into digital code, we call them NFTs. Many developers, celebrities, and commoners have embraced these trail-blazing crypto collectables. The community craze has led to some of the greatest internet sales of all time. Let’s see how this creative initiative came to life.
How it all began in 2014
A New York-based artist, Kevin McCoy was the first to mint an NFT. Eight years ago, he created a pixelated image of an octagon and named it Quantum. There might not be anything special about the pulsing circles, but their value is quite impressive. You can buy this unique piece of art for a hefty price of seven million dollars.
Digital creator McCoy explained how the circles represent an endless vortex of birth and death. He used colours and movements to tell a story that never grows old.
What used to be a small, personal project, took the world by storm. McCoy started a powerful movement and made the art go viral. Designers from all over the globe now found their place under the sun. They were able to create, sell and track their art without intermediaries.
NFT growth — 2022 predictions
It seems that the NFT craze on the Ethereum blockchain in 2021 was just the beginning. Many believed that most collectables would turn into dust quicker than they rose to fame. But Cryptopunks, CryptoKitties, and Axie Infinity are proving them all wrong.
Virtual games and easy profit keep on attracting millions of users. Game platforms like Enjin, Decentraland, and Gala Games are still very new in the field. It is safe to say that the Metaverse has now gone mainstream. Not only can users trade tokens, but they also have a chance to build, shop, and earn while playing games. As metaverses continue to grow in popularity, we can expect to see more businesses and organisations move into these digital spaces. This will provide a boost to the economy of metaverses as well as make NFTs even more widespread.
We rest assured that NFTs have a bright future ahead. Like the internet in the 90s, blockchain technology is shaping the new age. Even though NFTs are associated with digital art, they are starting to feature all forms of digital content. There’s a lot of room for growth, innovation and creativity in the NFT space. NFTs are not only about ownership either. They’re also removing the middleman between the artists and those who enjoy their art. By owning an NFT, you are storing your name in the database. That means that even your kids will know that you decided to support your favourite artists. These digital assets are paving the path for a more open and transparent world.