2021- The year of NFTs

The Non Fungible Tokens or NFTs for short, have been one of the biggest and most successful parts of the tech industry in the past few years and has allowed people across the world to use different pieces of data as a ledger which is known as the blockchain and is certified as an asset. Due to this, the NFTs have seen tremendous and continuous growth which only is proof of its growth in profit and opportunities in the future as well. This leads us to the real question, which is whether NFTs are beneficial in the long run and whether the year 2021 holds the same fate as before. Well, Monkhub is a Non Fungible Token Development Company that is here to help guide you and help you learn a lot more about the blockchain and NFT universe. The continuous growth of the NFT universe is descriptive enough for the opportunities it holds. Let us tell you why!

Even after such fast-paced growth, the market surrounding NFTs is not stagnating and is also gaining popularity by every passing day. Research suggests that in 2021 alone, thanks to capitalization, the market’s combined product values have increased drastically. Most NFTs are sold instantaneously once up for auction in a marketplace, even at costs as high as 70 million USD. Several public figures are also joining the bandwagon of NFTs as time has progressed, leading to them converting something as simple as their social media posts into digitally proclaimed assets that have high prospective value as NFTs. This specifically is a great signal for the future of NFTs in the world.

There are several trends that are also popping up that have had an impact on the market values as they get more popular in the financial and business world. These trends are responsible for the rapid increase in the number of marketplaces and also what’s shooting the sales through the roof. Although, there are also a few other speculations being made that might return some favorable outcomes for NFTs. These prospects have been measured quite carefully and over a long period of time and have had a definite impact on the markets in 2021 as well. 

In the previous year, there was a steep incline in the popularity of NFTs which has aided its impact on the market this year as well, which is actually another major growth factor for NFTs in 2021. The year 2020 witnessed profound growth in popularity around NFT. This broad-spectrum property allows the internet community to spread with ease as it is much easier to reach users from different backgrounds and understandings. Further, statistical research suggests that about 40% of cryptocurrency customers have not had the right exposure or experience with NFTs and the majority of these, about 53% consider it an unnecessary risk. This is quite untrue as NFTs are just as safe as any other financial investments. How you decide to make a profit out of them is in your hands. 

Several parts of the marketing community are still unaware of the various benefiting aspects of the NFTs. Many do not even have any idea about how to go about interacting with such assets and their market values. Hence,  if this community prospers, so will the financial market. Therefore, if more industries start joining and start creating and investing in NFTs, there will be huge scope for expansion. 

Two such industries that are prospering are the gaming industry and the art industry. The gaming industry is significantly one of the largest industries in the tech world currently and this has a huge impact on the future of digital assets. Various game purchases and assets can now be auctioned as NFTs and can even appreciate in value over time. The same protocol works for the Art Industry as well. Here, things are a lot more clear, as art pieces are actual assets that have high financial value as is. This only shows that in 2021, NFTs will face tremendous growth, making it the biggest year for it yet.

If you are looking for a Non-Fungible Token Development Company, Monkhub provides NFT Token Development services to support you on your journey to create your own valuable digital asset at this opportunistic time.