A Bright Future of the NFT market
You must have heard of NFT once or twice lately, right? Since it has emerged as the perfect solution to help eliminate copyright concerns for content creators. The NFT market is seeing large investments coming from companies, funds, exchanges, and traditional VC firms from both the crypto and the tech sector. Consequently, famous newspapers around the world are constantly mentioning it.
You may not be familiar with the concept and technology of NFT yet. And if you look at digital works that are currently sold at unusual prices in most markets, you may think of them as scams.
However, as explained above, NFT has opened a new path to the digital world with a technology that can distinguish original and copy, and the potential of NFT is immense because it has greater value as a core element of the economy as well as the blockchain ecosystem.
Great opportunity to join in NFT market
According to a new report at NonFungible.com, more than $2 billion was spent on non-fungible tokens, or NFTs, during the first quarter of 2021 — representing an increase of about 2,100% from Q4 2020. In addition, The NFT market’s big Q1 comes after $93 million worth of NFTs were sold between October and December of last year. There were twice as many NFT buyers as sellers during the first three months of 2021. Therefore, you can see that this NFT market has great potential for content creators. And for NFT lovers and collectors worldwide, you may like to pay attention to NFTs because you know, when you’re buying NFT content you own that content. What you have is an authentication — a digital certificate — that makes it extraordinarily scarce or rare.
And don’t be worry about missing the boat because this is still the right time to enter this market. NFT marketplaces are still in their infancy, but with the massive number of people participating globally and many big investors like Binance coming into this field. And for this reason, the NFT market will grow faster than ever includes both transaction volume and Market capitalization.
According to NonFungible.com, there were 73,000 NFT buyers and 33,000 NFT sellers in Q1. This disparity helped drive prices higher. Furthermore, it is a signal of massive interest in newcomers and the desire of current owners to keep their assets, which creates a phenomenon of scarcity in the market.
In addition, according to Forbes, Year-to-date, within less than three months, the combined market cap of major NFT projects has increased by 1,785%.
https://www.forbes.com/sites/youngjoseph/2021/03/29/nft-market-rages-on-nfts-market-cap-grow-1785-in-2021-as-demand-explodes/?sh=72f85af17fdc
Consequently, major NFT marketplaces, like Rarible and Opensea, saw their sales rise by anywhere between 50-fold to 100-fold in the past three months.
The NFT market sees significant investments from companies, funds, exchanges, and traditional venture capital firms from both the crypto and tech sectors.
Based on these current growth rates, the NFT market will certainly account for a huge portion of the virtual goods economy worldwide.
Last but not least, Micheal Casey from Coindesk.com said that ‘NFT is the solution to the Web 3.0 era. The solution is to change the old business model completely. NFT can be a useful method; it may not be perfect. Still, it is the first technology that has the potential to solve one of the important problems of the Web 2.0 era, digital replicability’.
http://www.coindeskkorea.com/news/articleView.html?idxno=73683
[***This content is for information purposes only and is not financial advice. We will not take any responsibility for your losses when you invest in Crypto Currencies or assets related to Crypto Currencies.***]
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