The cryptocurrency market has evolved from internet degens and technophiles trading bitcoin through online forums back in 2009, to a $3 trillion global industry, with some of the world's biggest players getting into the action.
One of the biggest reasons that crypto has taken so long to go mainstream is that there hasn't been an effective onramp for new users. Crypto is complicated and isn't always the most user-friendly.
But the NFT industry is changing that. NFTs are digital assets living on the blockchain, just like cryptocurrency. And non-fungible tokens make much more sense to the average person than cryptocurrency.
People worldwide, who don't have any desire to invest in cryptocurrency, are drawn to the NFT world, as they want to get their hands on these one-of-a-kind digital collectibles that come with unique ownership benefits.
But the question remains; will NFTs last, or are they a passing fad? Below we've outlined seven reasons why we are bullish on the fact that NFTs are here for good.
There's no getting around the fact that money flowing into the NFT space is huge. In 2021, sales of NFTs have skyrocketed. NFT sales volume has surpassed $10 billion.
The NFT space is just one segment of the much larger cryptocurrency industry. Many people consider crypto to be the future of money and the native currency of the internet.
Entire nations, like El Salvador, are actively investing in crypto. And many of the largest corporations and financial experts are acknowledging that crypto is here to stay. NFTs act as the onramp to the crypto world for the general public.
Regular consumers aren't the only people buying NFTs. Plenty of celebrities, entrepreneurs, professional athletes, and other high-profile individuals are buying in alongside the average consumer.
Cryptopunks is one of the original and one of the most popular NFT projects to date. Owners include people like Jay-Z, Snoop Dog, Serena Williams, and Gary Vee.
Bored Ape Yacht Club (BAYC) is another huge project with owners like Jimmy Fallon, Post Malone, Steph Curry, and Mark Cuban.
We're also seeing big names starting to produce and sell their own NFTs. Budweiser, the NBA, and Adidas have already released NFT collections.
And brands like Disney, Nike, Coca-Cola, and many others will soon be following suit, acknowledging that NFTs are the new way of generating revenue and building a community.
Many of the original NFT collections that we have come to know and love were made for collectors and investors. Aside from bragging rights and speculative returns, lots of NFT projects lack real-world value.
But more and more companies, artists, and brands are creating NFTs with a purpose. NFTs are becoming much more valuable because they represent something bigger than a JPG image file.
You can find Defi platforms online, where you can stake your NFTs, retaining ownership while earning crypto and other NFTs simultaneously.
Many projects are also using NFTs to build real-world communities. Buying into an NFT project might mean getting an invite to a real-world event or getting access to exclusive merchandise, either physical or metaphysical.
On the surface level, NFTs are fun to talk about, with vibrant imagery, insane profit potential, and celebrity hype. But below the surface, there is something much bigger going on.
NFTs represent major technological innovation when it comes to property rights. They transform what it means to own an asset. There aren't layers of middlemen required to oversee transactions regarding NFTs, meaning no one to pay for this service.
There isn't a centralized authority required to authenticate ownership and custody of the assets on your behalf. This decentralization leads to true ownership that benefits the owners and the creators, not the banks.
NFTs are the way to tokenize assets and put them on the blockchain. Transactions are recorded and verified on the open, decentralized ledger.
Ownership and authenticity are easily verified. This technology has the power to transform outdated industries, like the real estate industry, the automobile industry, the legal industry, and many others.
Instead of paper titles, the ownership of physical assets like land or cars can be tokenized and stored on the blockchain. Many experts expect to see this start taking place in the next few years.
Also, our culture currently relies on the contributions of artists, musicians, influencers, photographers, filmmakers, and other types of creators. However, centralized content distribution methods limit the profit potential of creators.
Musicians, for example, are forced into listing their music on Spotify. While they can gain big exposure on the platform, their royalties can be paltry.
The NFT space changes how artists approach their work and how they are compensated for their work. Programming NFTs via smart contracts can include automatic royalty payments on secondary sales.
So if a creator launches a collection of NFTs, and they are sold many times in the future to new owners, the original creator can earn a royalty on all of those sales automatically.
The metaverse will be one of the biggest drivers of growth in the NFT industry. It will be the new way that people interact online, transforming the current landscape of social media.
And NFTs will be at the heart of these virtual worlds, as they can represent land, clothing, collectibles, and much more. Users will also be able to showcase their NFT collections in virtual showrooms.
And plenty of NFTs can become their own virtual avatars, as well. Just like social media exploded with MySpace, and eventually Facebook and Instagram, so too will the metaverse take over the culture at large, with the help of NFTs.
More than one-third of the global population plays video games. And many gamers are transitioning from free or pay-to-play video games to play-to-earn gaming, with games like Axie Infinity and Decentraland.
Users can progress through the game, earning NFTs that can be used in-game or sold on the open marketplace.
Countless NFT-based games are in the works. Games with real-world value are going to become the future of the gaming industry.
Digital assets, in the form of NFTs, are the future of art, music, and entertainment. But deeper than that, NFTs are the future of property rights and asset ownership.
NFTs represent something much bigger than the latest investing trend or get-rich-quick scheme. They will transform the future. And you can help build the future by getting a job in the NFT industry.
Do you want to help build the future of digital assets and property rights? Countless NFT companies, and non-NFT companies looking to get into the space, are hiring all the time. Check out the latest job postings on niftyjobs to see how you can build your career in the exciting, here-to-stay NFT industry.