The non-fungible tokens (NFT) have been a huge hit which apparently faced quite a few downfalls here and there. Yet, the market at present is brimming to the tip. Various forecasts suggest hellish contradiction upon both yin and yan on the future of NFTs.
The NFT at Present
The non-fungible tokens (NFT), have been into play ever since the introduction of blockchain technology. The very first NFT dates back to the year 2012. Although being around for nearly a decade, they became erratically famous between 2013 to 2014. Thus, since then the whole world focuses on creating new NFTs and trading them, all next to Bitcoin (BTC) itself.
Now, the year 2021, and still the spikes and hypes are high and on the rise for the NFT market. The recent NFT news being, Tom Brady, the Superbowl champion builds his own NFT including a company for it. Besides, the latest CryptoPunks, the Saturday Night Live stagger upon NFTs, enthusiasts like Mark Cuban are running behind cases on NFTs. Famous movie stars like Linsay Lohan, prominent automotive industry tycoons like Ford, McLaren, etc, are all into the production of NFTs, with a future seek. In addition, the latest NFT trending news of prominent production houses like Fox Entertainment and Bento Box Entertainment have now entered into the NFT market with an investment of a whopping $100 million.
All seems extravagant for the NFT market, but it has faced its fair share of bears too. Basically, depending and entirely based upon blockchain and its algorithms. In addition, as these blockchains get revamped quite often, new technologies etc,with its development growth , so does the NFT together.
Difference Between NFT and BTC
The NFTs are for sure revolutionary and game changing prospects for the digital market. NFTs and cryptos like Bitcoin (BTC) are not the same.
Bitcoin (BTC) and other cryptocurrencies are of a stored value subjected to either rise or fall upon market trends and trade volumes. They are entirely on the blockchain networks like Ethereum, Ethereum 2.0, Polkadot, and Cardano, etc.
On the other hand, the non-fungible tokens (NFT) are usually tokens of value on the Ethereum blockchain network. These NFTs are nothing but digital representations of an asset , place or thing, or any subject , depicting complete ownership over the time.
The Future of NFTs
Skeptics reveal that the whole world is into the NFT craze. Each and every personality backing up and coming up with their own NFTs. Indeed, this comprehends a growing bubble with the same craze. Once this craze calms down or the bubble bursts out, the NFT market will become a question mark upon survivability.
Furthermore, once the craze settles, people will start taking the digital certificates ownerships as nothing but for granted. Also, with value lost, there’s no use in investing millions for an image which could be saved instantly just by click of the right mouse button.
Yet, taking the brightside, there are higher possibilities for the NFTs to play a major role upon daily use than cryptocurrencies. Just imagine, real estate works and paper works done in a second by just transferring the NFT on ERC721 from the landlord to the customer.
In addition, think about the role it could play in license records and vehicle papers, making everything transparent , eays , safe and secure. Also promoting easy transfer of name, being verified completely.
Yet, let’s wait though and witness the furthermore future of NFT, will it last forever or will it vanish!
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