NFTs – WHAT’S THE BIG DEAL?

NFTs are becoming hugely popular and how! In 2021 alone, NFTs (or Non-Fungible Tokens) clocked more than $23 billion in trading. In January 2022, we have seen at least 3 big NFT sales of over $5 million each.

The prediction is clear: NFTs are popular and here to stay.

More companies are jumping the NFT bandwagon and more people prefer to virtually own visual art, music, and fashion. Unlike cryptocurrencies, NFTs cannot be traded or exchanged at equivalency, but can represent the ownership or possession of artwork, people’s identities, a collection, property rights, or anything unique.

Key Takeaways:

• NFTs (Non-Fungible Tokens) can be bought in 2 stages. The mint phase where the NFTs are generated, and then there is the secondary marketplace (OpenSea, Rarible, etc).
• Decentraland – A 3D virtual space built on the Ethereum blockchain and deployed on the Polygon. This could be a 2nd life to humans, and collectors can buy pieces of land in Decentraland that act as an NFT.
• The future of NFTs will ideally focus more on the utility aspect of it rather than being a collectible.
• NFTs will take shape and act like anything we want them to be. For instance, if there is a concert happening on Metaverse in the future, NFTs can account for tickets and keepsakes from the event.
• NFTs in the future will be time-bound and have an expiration date. This can be defined in a Smart Contract.