Non-fungible tokens(NFTs) in the crypto industry are becoming more popular. Ownership of anything may be conveyed using an NFT. NFTs are digital entities made up of computer code and data.
Alternatively, the property might be virtual, such as virtual real estate in a digital realm or a unique video game wardrobe. As a result of NFTs, there are new business models that were previously unavailable.
Investor, Marketing Pro, and NFT expert Jurgen Cautreels is one of the people that believe NFTs are the future. Speaking with him, he shared with us why he believes that NFTs are not going away anytime soon.
Are NFTs overhyped?
Even though the NFT market seems to have sprung up recently, it has been in existence for thousands of years.
NFT sales have surged this year, totaling billions of dollars, although most of these revenues came from digital art sales. With an increase of 4%, online art sales totaled $4.8 billion in 2019. Globally, the online art industry is expected to reach a total value of $9.32 billion by 2024.
Additionally, new sectors based on digital creation might produce billions of dollars a year in less than a decade, making NFTs an important part of the art world’s future.
Jurgen, you spoke majorly about art. Are all NFTs art-related?
NFTs are not only art-related. NFTs can apply to every single industry ever. GIFs, pictures, videos, legal documents, signatures, unique coupons, antiques, etc., can be tokenized.
Only time will tell how vast the potential market for prospective NFTs is, but it is apparent that NFTs on the blockchain will profoundly impact practically every sector.
Are NFTs mainstream now?
NFTs may be unfamiliar to many people, but huge companies and celebrities like Marvel and Wayne Gretzky have launched their own NFTs, which seem to be intended towards conventional collectors rather than crypto-enthusiasts. Regardless I believe NFTs are popular.
The buzz around NFTs has not even reached its peak yet. More people and companies will keep incorporating NFTs and blockchain technology to their businesses.
Are NFTs Worth The Investment?
Investing in NFTs is worthwhile as long as the token you buy has inherent value. The NFT’s underlying worth is based on the value of the firm or person who minted the NFT.
Thus, both physical and intangible assets linked with the NFT have an impact on its value.
Will NFTs change the future?
As I always mention on the Jurgen Cautreel’s blog, the future is digital and the transformation is happening now. By establishing and maintaining scarcity, NFTs may help Digital Content gain actual value.
Digital content, particularly on open platforms, is significantly simpler to copy than physical stuff. As a result, digital copies are almost indistinguishable from the original.
It is possible to identify a digital source object, produce a limited number of duplicates, and uniquely monitor each copy via NFTs. Furthermore, there are not any restrictions to the number of copies made by referencing the blockchain transaction that documented their creation.
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