Last week the big news dominating the crypto world was the NFT of Jack Dorsey’s first tweet on Twitter, which was sold for $2.9 million in March 2021 where Tron founder Justin Sun lost out to Sina Estavi, an entrepreneur who after an arrest last May, has since faced economic ruin as his various crypto enterprises collapsed following his arrest in May. Now, with the NFT up for auction and bidding around the $16,000 mark, people are asking if the NFT bubble has well and truly burst?
The answer? Yes, and No, the NFT bubble has burst but a) it needed to and b) NFTs are simply not going to go away.
Since the NFT world exploded into the public conscience after the sale of a Beeple NFT at Christie’s for $69 million at the start of 2021, there has been a lot of experimentation with the NFT sphere. A rush of NFT projects and filled NFT marketplaces overshadowed the fact that an NFT (non-fungible token) – essentially digital ownership – will only become more and more mainstream with the adoption of the Metaverse.
The usefulness of the NFT is apparent for all to see, despite the gimmicky bubble bursting sales of NFT tweets and Ape images. Increasingly, NFTs are being used in games, the metaverse, fashion and global economic transactions to name but a few, thus proving this NFTs are not just the latest art fad.
Alongside reputable marketplaces where NFTs are traded daily by people of all walks of life from all around the world, a number of trusted online publications such as Blockster, have emerged as reliable sources of information from the NFT, metaverse and crypto world.
NFTs enable artists, independent artists in particular to market their work without the need of a big publicity and marketing machine behind them. This also means that the profit potential for Artists is at a level that will always make NFTs an attractive and viable sales route.
Now, with marketplaces for NFTs becoming more and more diversified and massive industries such as the fashion one, immersing themselves further into the NFT world, it looks as though there are no reasons why NFTs will not just be around for a long time to come but will flourish as the world moves more online and more into the metaverse.
The times are a-changing and now the initial hoo-haw of NFTs are the get rich schemes involving NFTs have dissipated, it’s time for NFT and digital ownership to slowly cement their place into everyday life.
