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NFTs Revolutionizing Industries and Reshaping The Future Of The Economy

by danieljacobc
NFT Marketplace

NFTs stand for Non-Fungible Tokens denoting digital assets that are securely stored on the blockchain. These cannot be replicated and replaced, nor interchangeable. It holds a unique identification code, which is distinctive from each other. This is the reason for its scarcity and hence has become popular among everyone around us. 

Though NFTs have been prevalent since 2014, their prominence soared high in 2021, that is, after the sale of expensive art NFT. Yes, it is all about Beeple’s NFTs worth USD 69 million. To considerably say, the NFT market witnessed such huge popularity & prominence amidst the pandemic times. 

According to Grand View Research, the global NFT (Non-Fungible Token) market size was valued at USD 15.54 million in 2021, which will soar at a compound annual growth rate of 33.9% between 2022 and 2030. 

NFT And Its Types

As mentioned earlier, NFTs are stored on the blockchain, a distributed ledger that will have a transaction record. Most probably, NFTs operate on the Ethereum blockchain network. A few of the Ethereum standards include ERC-20, ERC-721, and ERC-1155. It could even be created on other blockchains. 

Much prettier, NFTs could be anything out there in the real world. The following are a few of the available NFTs out there in the town which have revolutionized various industries. Catch a glimpse of it.

  • Art NFTs

NFT primarily gives the opportunity for artists to showcase and sell their art NFTs. One of the most expensive art NFTs sold was Pak’s The Merge, which was rolled out in December 2021. It was sold out to 28,983 buyers, worth USD 91.8 million.   

  • Music NFTs

Independent musicians found more benefits with the inception of NFTs as they could tokenize their music works and sell them to their counterparties to make monetizations. This is where there will be no intermediaries or middlemen playing a role by trading music NFTs on the NFT music marketplace. 

  • In-Game Assets

Traditional gaming has witnessed a huge transformation with the introduction of NFTs. Through this, the gamers or players could play games and earn rewards when they won. Significantly, they can buy in-game items on the NFT gaming platform. For instance, Axie Infinity is an NFT gaming platform where gamers or players, or users have to purchase Axies which are subjected to trade, breed, and battle. 

  • Memes

One of the most significant NFTs which has gained attention from internet users is meme NFTs. Some of the popular meme NFTs are Nyan Cat NFT, Trollface NFT, Bad Luck Brian NFT, Keyboard Cat NFT, Success Kid NFT, etc. 

And the list goes on,

Regardless of the mentioned ones in this article, there are so many types of NFTs that are just existing, and there are so many to be added in the future. Some notable ones include the following.

  • Virtual Fashion
  • Domain Names
  • Event Tickets
  • Big Sports Moments, etc.

NFTs Exploded In The Digital World

NFTs hype is soaring, and it stays still and will continue in the forthcoming years. Noticing so many types of NFTs, it is obviously evident that the buzzing NFT has revolutionized various verticals and paved the way for reshaping the future economy. Here’s a list of sectors that have transformed after the emergence of NFTs.

  • Sports
  • Gaming
  • Art
  • Music
  • Real estate
  • Fashion & entertainment, etc.

Final Thought

Witnessing such a tremendous growth of NFTs and impacting various sectors in the world, it is undeniably a great opportunity to dive into the NFT wave. Have you thought about doing so? Take your initial baby step by approaching the company or agency for NFT marketplace development that suits your niche. Launch the NFT marketplace equipped with significant & unique features and have the edge over others in the NFT market.

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