NFTs and their permanent stand in the crypto market!

Posted by osamudazai on August 23rd, 2022

The non-fungible token is not an unknown jargon anymore. The concept of owning digital files has made every nook and corner of the world know about Non-Fungible Tokens. Digital files are something that is valuable today, and they are assets now with NFTs. People today buy and sell NFTs or even mint them from Top NFT marketplaces. Though there were a lot of controversies criticizing NFTs, they are still having a strong demand even during the crypto winter. This fact has been proved by the report given by Dapp Radar with respect to the number of active wallets during this time.

A strong tech with strong stats

The world is getting digital, and so are the people. We used to read paperback books, and it is now replaced by Kindle today. At this rate of evolution, artists felt the need to get digital, and this was the start of the NFT revolution. Though NFTs came around back in 2015, it reached the masses on in mid-2021. They were massively adopted by digital artists, content creators, and games, as in NFT gaming platforms where gaming items are in the form of NFTs.

This gave a breakthrough and resulted in the NFT boom. The NFT sales volume increased tremendously, with a whopping 24 billion USD in 2021. People who believed in the digital world, as well as blockchain technology, believed in the worth of Non-Fungible Tokens. Even Governments and Universities started adopting NFTs for Birth certificates and documentation. The sales volume will rise to 40 billion in 2027, and people expect the technology to come with many advancements in the near future.

There are proposals and whitepapers of many updates on Non-Fungible Tokens. They include Soul Bound Tokens or SBTs, giving fungibility to Non-Fungible Tokens, and many more. 

Outlook

The world is not just getting digital; it will soon be able to be digital. With metaverse, we can start exploring everything in the real world in the digital world as well. Meanwhile, everything we own will be NFTs here. The applications of NFTs are already vast, and with technological advancement coming this way, NFTs will get big and bigger in the future.