Why NFTs Will Survive No Matter: 5 Reasons
Date: 2023-07-06 Author: Karina Ziganova Categories: IN WORLD
1. NFT technology is more useful than it seems
NFTs, contrary to the opinion of many, are not only pictures that are sold for crazy money on marketplaces. The possibilities of non-fungible token technology are much wider. For example, NFTs can be used to confirm ownership of real estate or other objects. Also, the technology perfectly solves the problem of copyright protection.
It can be assumed that over time, hype NFT projects that "revolve" around pictures will leave the market, making room for the really useful properties of non-fungible tokens.
2. You can earn money on NFTs
Non-fungible tokens can be traded. Such properties open up a lot of opportunities for speculation for traders. Artists who create tokens can also earn NFTs.
It can be assumed that the prospect of earning income from NFTs will not allow non-fungible tokens to be covered in dust and retire - somewhere on the outskirts of the crypto industry.
3. NFT projects go beyond their boundaries
Many popular NFT projects show growth potential. A striking example is the Bored Ape Yacht Club from Yuga Labs. It all started with a collection of non-fungible tokens with pictures of "bored monkeys". Over time, the project acquired its own cryptocurrency, marketplace, high-profile partners, and also released a number of additional NFT collections.
Today, Bored Ape Yacht Club is not just digital pictures with monkeys, but a whole metaverse. It can be assumed that other projects will follow the example of their "big brother", thereby maintaining the viability of the non-fungible token market.
4. Large companies and celebrities are interested in NFTs
Many large companies have entered the NFT market - from the social network VKontakte to the world-famous manufacturers of sporting goods Adidas.
Celebrities are also interested in non-fungible tokens. For example, former US President Donald Trump has his own NFT collections. According to media reports, the politician earned about $1 million on tokens.
5. NFTs are already integrated into the marketplace
Non-fungible tokens have become part of the digital asset market and it will not be easy to "uproot" them from it. Many large companies recognize the value and legitimacy of NFTs by offering their clients alternative tools for working with assets. For example, on the largest crypto exchange, Binance, non-fungible tokens can be used as collateral for a loan.
