Although there is still much doubt and a lot of skepticism about NFTs and their real value in the broader crypto ecosystem, the truth is that the market is booming and projections for their future appear to be inclined toward the positive scenario that sees further growth.
For many analysts, the whole NFTs thing is a bubble that is going to explode. Watching closely and monitoring how the entire market has developed, there are some clear signs of a ‘bubble’ which are undoubtedly going to shape the not-so-promising future, as they argue.
On the flip side, there are other people who see NFTs as a unique phenomenon that is paving the way toward a new era of ownership, authentication, and monetization of content in the digital world.
NFTs began to shape their development predominantly in the digital artwork space, but lately, we are witnessing tokenization becoming a thing beyond the mere framework of digital art. NFTs beyond the scope of enabling the monetization, authentication, and ownership of art digital assets are already taking place.
NFTs are touching other soils such as sports, online gambling, and sports betting to name a few. Crypto casinos and betting platforms, including the best betting site in Bangladesh, are increasingly embracing NFTs as prominent ways to provide a whole new experience for their customers and to increase customer loyalty. Gaming publishers have found a very promising application of NFTs, transforming in-game items from digital elements to extremely valuable assets, which gamers want to acquire, possess and even trade to get their hands on even more valuable ones.
And it is not only that. More and more sectors, besides the bookmakers or bkash betting sites in Bangladesh, are looking deeper to leverage the applications of NFTs and find innovative ways to get the most out of their unique features.
How have NFTs become such a huge thing in the web3 ecosystem and how have we come to consider them the future of the crypto world?
NFTs’ growth was first spotted in the early months of the COVID-19 pandemic. People around the globe were being locked down and appeared – at least as the data revealed- to develop a strong interest in investing, acquiring, trading and/or collecting NFTs. Their boom was largely fuelled by the surge in cryptocurrency adoption during the same time, which has been attributed to the fact that people stayed at home and spent enormous amounts of time online.
And just like that, NFTs took off and they started being regarded as crucial, image-making and status-upgrading assets that were to define who people are and their role within the greater crypto world. It was some kind of a status credential for many people who were involved in the web3. As soon as sports celebrities, big movie stars, and artists began to illustrate and communicate their dominance in the cryptocurrency community by their ownership of NFTs, they became the absolute thing to acquire for everyone who aspired to become a crypto-king or a crypto-expert. This created an entire wave of interest in NFTs, which manifested in the volume of NFTs’ trade on blockchain technology.
As cryptos went from being exclusive to the more tech-savvy and digitally literate individuals to a more mainstream thing for a great part of the population in many developed and emerging economies, NFTs grew in parallel. Combining the elements of the cryptocurrencies, offering unique chances of ownership of digital assets and monetization of these assets, while at the same time opening doors for blending with real-world assets and of course providing exclusivity and collectors’ value were all elements that made NFTs stand out and become the object of desire for a continuously growing segment of the global population.
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NFT marketplaces made the entire fertile ground even more positive for those interested in tokens. The growing number of such blockchain-based applications and platforms made it really easy to acquire, trade, sell, and invest in NFTs and this contributed to NFTs becoming more accessible by the mainstream. Eventually, NFTs’ growth recorded an impressive upward trend, even when some months ago the whole crypto market experienced a decline.
The future of NFTs looks bright according to many analysts who have tried to unlock their dynamics. Projections see a whopping market growth in the next three years, with revenues nearly doubling by 2027.
