NFTs Are Booming: Where Will They Go In The Future?

2/5/2022

Non-fungible tokens (NFTs) are the hottest topic in the crypto space today.

There has been news of groundbreaking sales trending all over. More importantly, numerous other small and medium sales have taken place behind closed doors, bringing to light the increasing popularity and adoptions of NFTs.

But what is the future of these digital collectibles?

The Biggest Sales

To understand the future of NFTs, it is important that we highlight some of the high-profile sales. This will give us some ideas on how NFTs are used to help evaluate whether the uses are sustainable.

The Mars House became the first NFT digital home to be created and later sold for $500,000. A thoughtfully designed crypto art home, the Mars House creates a kind of zen and therapeutic atmosphere. The buyer received 3D files to upload to his metaverse.

Billionaire Twitter co-founder Jack Dorsey sold his first-ever tweet to a Malaysia-based businessman at a fee of $2.9 million. The tweet, first published on March 21, 2006, read: “just setting up my twttr.” Dorsey donated the money received to a charity.

Popular music producer 3LAU auctioned his latest album for a whopping $11.6 million through auction. The top bidder received a custom song created by 3LAU, an NFT for each track on the album, unreleased music, and a physical copy on vinyl.

In sports, ‘NBA Top Shot’, a blockchain-based trading card system, has taken it a notch higher as they sell NBA player highlights, trading cards, digital artwork, and more. It is estimated that the company has generated over $330 million as of early 2021, with LeBron James highlights ranking close to $200,000 so far.

In gaming, NFTs have come up with fantasy football games where users collect cards of football players and create a team to challenge other users. The most recent auction saw the Sorare digital card of Paris Saint-Germain’s Kylian M’Bappe being sold at $65,000.

These are just but a few examples of the NFTs are giving opportunities to creators of unique digital assets can earn.

More importantly, there are emerging platforms that give users unique services, and buyers of unique items get the opportunity to buy what they desire.

For example, ForkChain allows users to create their own NFTs, create a dedicated store to allow other NFT holders to acquire goods, and join its community to market their rare digital assets.

As a user, each item owned can have a unique identity that will be pegged to your account based on your ownership claim, hence allowing you to securely store your assets without fear of losing them through theft. You also get the chance to monetize your NFT assets, give them value based on their scarcity, and trade them in multiple blockchain marketplaces in exchange for crypto or fiat.

Final Thoughts

Digital collectibles are now driving crypto retail to another level, mainly because they are cool, and (or) the market has come to the consensus that provable ownership of digital items can generate real value. With real value, there is money, hence the rise of NFTs. With the expanded use cases, NFTs are just beginning to make a greater impact in the larger economic setup.