Blockchain technology became popular due to the rise of cryptocurrencies, but NFTs were also an undeniable influence contributing to its sudden jump into the mainstream.
The appeal of NFTs is just how convenient and accessible they are to people. Non-fungible tokens don’t discriminate or limit your creative expression. In the same way, traditional art institutions and narratives around what has ‘artistic merit’ used to. Whether an artist, businessman, celebrity, or average person, everybody can create their unique digital asset.
The value of each NFT tends to fluctuate, sometimes wildly, based on the current condition of the marketplace and the prevailing market trends. Currently, OpenSea, the largest marketplace for NFTs, has a value of more than $13 billion, and some NFT pieces, such as Beeple’s masterpieces, have sold for nearly $70 million.
NFTs have exceeded the expectations of experts and even the wildest dreams of crypto enthusiasts, but can they retain their value in the long term?
NFTs are not just digital assets that exist in a vacuum. They are often connected to physical assets and other types of assets such as art collections, music albums, and as part of blockchain systems used by companies.
NFTs are also used as membership cards that give you rights and privileges in exclusive communities in the digital world and real life. Some people have gone as far as to use NFTs collaterals in the real estate market.
One of the signs is that NFTs are here to stay in the massive investment towards long-term projects built around NFTs. Take Goku, for example, the anime crypto project, which aims to build a fun and safe community for manga and anime enthusiasts.
NFTs will be used to create digital avatars and as an opportunity for artists and fans to directly interact in discussions and the buying and selling of NFTs related to anime projects. Goku is currently releasing its NFT collection as a teaser for the upcoming marketplace.
Another sign that NFTs are here to stay is that everybody in society is getting into the trend. Even celebrities such as Paris Hilton, Eminem, Drake, Snoop Dog have joined the hype around NFTs.
The price of an asset comes down to the subjective value that people are willing to ascribe to it, and there is no sign that people will suddenly stop liking NFTs.
