Can NFTs Be Considered As Future Store of Value

Key points

  • Global Craze of NFT
  • Celebrities & NFTs
  • Limitations to Mass Adoption of NFTs

The most creative use case of crypto is NFTs. With an increase in the craze of NFTs, there is a very high chance that it will be the technology that would be unstoppable in the future. There has been a significant surge in the sales of NFT every year. 

Many influential people, like Elon Musk and Jack Dorsey, have also jumped into the world of NFTs. NFT has attracted various artists, musicians, digital creators, movie stars, and various other famous personalities. 

Global Craze of NFT

When talking about NFT in the global market, the number of buyers or collectors has outnumbered the number of sellers on the Ethereum blockchain. Till now, the most expensive NFT sale has been of ‘The Merge’ by artist Pak, sold for $91.8 million. Even memes are now being sold as NFTs. 

During the pandemic period, NFT came in like a blessing. The global marketplace is allowing artists to showcase their talent and monetize their creativity, allowing collectors to gain possession of unique valuables. 

Celebrities & NFTs

Several celebrities are associated with NFTs. Celebrities such as Logan Paul, Katy Perry, Bruce Lee, and many more are associated with NFTs. 

Various brands and corporations, like NBA and Taco Bell, have also joined the world of NFTs and created a lot of media buzz. The South American Soccer Cup “Copa America Trophy” is also being planned to be minted as NFT, by partnering with Ethernity Chain.     

Ellen DeGeneres, the famous TV Host, also joined the NFT world through her first NFT which was sold at $33,000. 

Most of the celebrities are using the money from NFTs to support noble causes like COVID relief, LGBTQIA+, racism, and many more.        

Even Twitter, gave away 140 NFTs, having different images and a Twitter logo. 

NFTs are soon going to host the all-time famous animated series, Rick and Morty. Even, the next movie of Anthony Hopkins, the famous award-winning Hollywood Actor, will be premiered on NFT. 

The Israeli government has also realized the potential and benefits of NFT, as they welcomed their 11th president with the oath as an NFT. 

Limitations to Mass Adoption of NFTs

Some limitations related to the mass adoption of NFTs are:

Gas fees are a growing concern among creators and collectors. Efforts are being made to make NFTs more accessible and attainable to the masses.   

Crypto wallets are a must for buying and selling NFTs. As per recent data, around 1% of the total population of the world owns a crypto wallet. Creating awareness among people is a must. 

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

Photo by – TheDigitalArtist on Pixabay