With blockchain technology, anything is possible. What started out as a framework to create an alternative solution to the hassles of traditional centralized financial systems, has now found use in more ways than anyone could have imagined. These days, non-fungible tokens, known as NFTs for short, are the real deal.
For the first time in our history as a race, anyone can now create, buy or sell unique digital assets. These assets could be artwork, games, memes, domains, photos, special characters, music, or even someone’s tweet, etc. But then, it is irreplaceable as there’s just one of it in existence. Imagine owning the Mona Lisa in digital form. Now you probably have an idea of what an NFT is. But then, what does the trajectory of this industry look like?
1. NFT Marketplaces are Already Experimenting Varieties
From OpenSea, which is perhaps the world’s largest NFT marketplace at the moment, to Artemis Vision, the first-ever social media NFT marketplace to be built on a cross-chain ecosystem (ETH and BSC), there is a lot to observe. For instance, Artemis Vision seeks to unite the world of NFT e-commerce and social media in one ecosystem.
This arrangement is made possible through their platform called Artemis Media. Almost set to launch, the team says they plan to give their users the ability to create and flip videos, music, art, etc. This brings Refinable to mind.
Talking about variety, simple research shows that most NFT marketplaces bring at least one new thing to this relatively nascent sector of the blockchain economy. To illustrate, Refinable claims it is the first marketplace to serve users the delight of having an all-encompassing marketplace on one platform.
On the other hand, Artemis Vision seems to be particularly keen on decentralization and monetization; allowing users to create NFTs on several blockchain networks of choice while effectively socializing and earning income in the process.
#2. NFT Sales Are Growing Exponentially!
The reason for this is obvious. First of all, several types of NFTs can be created as the technology gives room for literally all forms of content and assets: text, audio, photo, and video. As can be observed, there is room for all types of content creators. But there is more to this.
NFTs are typically created on the local ecosystem chosen by the project. In recent times, we are beginning to see a paradigm shift. Artemis Vision appears to have designed its ecosystem in such a way that it allows for the creation of NFTs using several blockchain networks. Put in perspective, this is similar to an online e-commerce platform like Alibaba deciding to allow buyers to pay for products through several payment options.
This trend, notwithstanding, platforms like SuperRare welcome only a handful of creators who have been vetted and selected. Again, the platform uses only ether as means of transaction. But then, NFT creators have a lot of options as Artemis Vision, and platforms like it welcome all types of talent any time, anywhere.
#3. The Niche is Not Yet Completely Exploited
While there are thousands of coins on the world’s cryptocurrency exchanges today and even tens of thousands more in the making, NFT marketplaces are still very few. But this is just common sense. A dozen years ago, we had just one cryptocurrency: Bitcoin. Today we have thousands of cryptocurrencies, thanks to a boom the blockchain industry experienced between 2013 and 2016.
In a world of 8 billion people, no worthy trend or idea stays very long without getting noticed. Analysts already speculate that the NFT market, collections, and collectors might triple over the next year. This boom will come with advantages as Maria Britto beautifully reports in this Entrepreneur article. Now this goes without saying that the NFT frenzy is going to create a whole new wave of jobs as well as affiliated businesses in the coming years.
Think NFT podcasters, collectors, sellers, resellers, marketers, appraisers and many more. Weird as it’s exciting, people are even buying virtual plots of land through this invention. Is it safe to say we might soon have brokers, realtors and real estate developers working in the NFT space at some point? Well, with blockchain technology, not many things are impossible!
In a Nutshell
The NFT space is still very young. The ease of success in this niche either as an investor, developer, entrepreneur or content creator is probably at its highest this moment. You definitely need to study the industry a lot more before taking the leap. However, one thing is certain: we are in the NFT rush and the time to be a part of it, if you want to be a part of it, is now.