NFTs are a billion dollar business today. The NFT industry grew up to 21000% in one single year, from $82 million in 2020 to $17 billion in 2021 and is expected to grow by $147.24 billion during 2022-2026. With celebrities and major industries warming up to this new integration of art and business, it is expected to reach new heights in the next few years. NFTs are obviously not a conventional form of making money hence many people still look at it like a quick get-rich scheme without actually knowing its potential in the Web 3.0 world.
What are NFTs?
Is it just a fad masquerading as culture or is it something with a huge potential which is still unknown to many? In our opinion, NFTs can take world by the storm! NFTs are unique tradable assets which can be sold/bought through blockchain. It can be a work of art, a digital avatar or anything but it’s “one of a kind”, just like Monalisa but digital.
The post covid era, what we believe is “digital”. With metaverse gaining popularity among the masses, the business of NFTs, games and of course the blockchain technology is expected to grow exponentially. Now the question is do we still have space for “tangible art pieces”? Well, with NFTs getting all the boom, we’re pretty sure that the concept will replace the traditional forms of art. The good thing is that it has a much wider scope, like who thought you’d be able to actually buy an avatar from one of your favourite games?
Coming to the ‘scope’ of NFTs, we’re assuming that eventually it would be accepted by everyone because if it wasn’t so, the major players would’ve kept their feet off the market. Also, NFTs are pretty much becoming a “status symbol” that’s why everyone wants to own at least one. While the younger generations (Gen Z and millennials) are accepting this ‘culture’, the older generations are still not fully convinced but wasn’t it the same with the ‘world wide web’ back in 1997?
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