Where is the NFT marketplace heading?

Can you recall the days when you were so eager to get an autographed photo of your favorite star or a book exclusively signed by the famous author you have long admired?  Well possessing such valuable physical assets are easier compared to the digital ones. In the case of copying or multiplying one digital asset, the process seems easy but the ownership gets threatened in due process. But with the advent of NFTs, there seems to be some solution to this problem. NFT establishes irrefutable proof of ownership and digital certificates. Any form of original digital assets and collectibles like art, meme, music, videos, GIFs, etc can be shielded by NFT. The pieces can be from the same digital art but entirely unique from one another. To date, back in history, one can certainly remember the colored coins of 2012-13 which were used to represent multiple assets like property, coupons, digital collectibles, etc. But unfortunately, the coin lacked integrity so definitely was a failure. Taking the example of colored coins, Counterparty, Cryptopunks, Cryptokitties, etc gradually came into existence. Apart from these, the era of NFT opened doors to the advent of NFT Development Companies in order to create one’s NFT marketplace seamlessly.

Features of NFT marketplace

• NFT platform offers a bug-free smooth transaction.
• Digital signatures along with smart contracts prevent fraud activities.
• It is easier to copy data and send it across multiple blockchain networks through the method of decentralization.
• The transaction loss is prevented by private keys along with in-built security.
• Offers low traffic congestion.

Why such an inclination towards NFT?

With the advent of NFT, the market saw a new era of business models that never existed before. NFT gave a breather to the Artist community. One NFT user is assured enough that he/she would get a percentage in the profit whenever the NFT gets resold. Talking of musicians, NFTs enable artists to provide digital mementos or keepsakes to their fan community. Apart from these, unreleased tracks or original scripts, or even posters can be shielded by NFT.  NFTs also provide a sense of security and eradicate the concept of middlemen in the business contrary to the conventional system. An Example of NFT’s rising popularity can be observed in the fact that an online user under the alias, ‘Flying Falcon’ purchased 9 plots of land with $ 1.5 million through ether crypto in the game called ‘Axie Infinity’, making it the largest digital land sale on the blockchain. The first autograph of Tiger Woods too got sold on NFT after getting digitally signed by the owner. Joel F. Kuck, CEO of Famous Token says, “Investing in the art world is unique because art is something you can barely measure in currency. The same investor concept has been transferred to digital artworks and many of these artworks have been sold for hundreds of thousands or even million,”

Somebody aiming to build money in such a market must dig deep in the art market to understand things better. Today, NFTs are a thing of bewilderment even to those investors who never had any interest in any art form or collectibles. The world saw the rise of Bitcoin from $ 5000 in March 2020 to over $50,000 towards the end of the same year. It is expected to cross the threshold of $ 100,000. The price of NFT depends on utility, ownership background, and future value speculation.

Future of NFT marketplace

NFT is a big game for sure. Lame digital objects with no actual purpose other than being tradable or scarce, get high value on NFT. People are spending tens and thousands of dollars on NFT pet rocks, a PNG file of grey rock. Big brands like the Marvel studios are already planning to launch their own NFTs. NFTs are gradually stored on NFT compatible wallets. There are several marketplaces and NFT marketplace development companies that have popped up around NFTs. Some popular marketplaces are Opensea, Rarible, and Nifty Gateway, etc. Next-generation TV shows, characters, or even a show ticket have a high chance of using NFTs in the main system. For example, the show named’ Stoner Cats’ has issued NFT tokens called ‘Stoner Cat NFT’ as tickets; or let’s talk about another show called ‘Dominion X’  which will launch its series on the blockchain.  NFTs are undoubtedly safe in the wallets but to talk of long-term usage, there can be some possibility of data degradation, deterioration of image quality or appearance of some glitches in the website or, even chances of forgetfulness regarding wallet passwords.

The development of NFTs happened not in a single day but many years. Irrespective of the years spent behind the creation of NFT, the platform is still young and has a great future of improvements and developments. The ecosystem of NFTs will flourish as more NFT development companies come into existence to understand the impact. The recent crypto art hype might look unnecessary to many but it certainly heralds a new era where artists from emerging economies and underrated groups can get the privilege to access the world art market like never before. NFTs are currently sailing in the period of hype but NFTs have got the full potential to rise as something more revolutionary and much bigger than this. 

As an emerging crypto entrepreneur, one can easily learn from the mistakes from the past and can surely make a change.  With cryptocurrencies, the NFT marketplace too is going to stay and thrive for a long period of time. If ambitious businesses pick the NFT exchange platform development service, a new tomorrow with the benefits of cost savings and decentralization with the desired outcome is on the cards. So join hands with Monkhub if you want to be a part of this boom by contacting us, a well-known NFT exchange building company in the business.