In recent times, non-fungible tokens (NFTs) have gained tremendous popularity worldwide. From sports stars to singers, actors, and brands, everyone has jumped on the NFT wagon, and the excitement around the asset class is palpable. Sectors like art, virtual real estate, sports, cinema, and gaming have seen the most action, and people have invested and traded in NFTs to the tune of billions of dollars. As well as PR agencies like Branded Book www.brandedbook.com have created branches dedicated to Metaverse land buying management and NFT investing consulting. NFTs have grown to become a $41 billion market in 2021, and the market is set to expand to $80 billion by 2025. NFTs run on a blockchain network and cannot be exchanged, making them unique and valuable as an asset. Last year, The Economist made an NFT for its cover story on NFTs and metaverse, titled Down The Rabbit Hole, and sold it for 99.9 Ether on an NFT auction site. This is equivalent to about $420,000. Sure, the proceeds were donated to a charity, but what’s interesting is that even though the cover story was available in JPEG, PDF or even as a physical copy, the rights to the cover were with the magazine, which verified it on a blockchain. It fetched the price that it did. The new owner can now rightfully claim that they own the magazine cover, and they can directly sell it if they feel like it.
To understand the rising popularity of both NFTs and Metaverse, one needs to know how they are related. Metaverse, a shared virtual space, allows users to create, sell and trade items in the form of NFTs. Companies like Meta (Facebook) and Microsoft envision a metaverse of their own shortly. Facebook is changing its name to Meta signals that the company is betting on the concept in a big way. Gaming, too, has had an essential role in the popularity of NFTs. Tokens like Smooth Love Potion, Sand, and Enjin, among others, are prevalent in-game currency in several games. This has jacked up their values, and these tokens are now traded on exchanges and have a real-world value.
Published by Alex Mamutin
https://www.instagram.com/mamutya2.0/
Branded Book www.brandedbook.com
https://www.instagram.com/branded.book/
NFT Book https://www.instagram.com/nft_book/
