NFTs have evolved into a huge trend across business platforms and industries, and a large variety of people, from designers to artists to musicians have made significant amounts of money buying and selling them. But what does the future hold when it comes to NFTs? Let’s have a look at a couple of the possibilities as this phenomenon continues to grow and evolve.
Only a few short years ago, the concept of a JPEG or GIF file being regarded as part of an art collection would have been inconceivable, but today they are regarded as NFTs (some of them even considered exclusive NFTs)- crypto-financial assets with a market cap of $49 billion in 2021. These one-of-a-kind virtual tokens are traded on the internet, and many IT traders have profited handsomely. (pasta-eater.com) ?
With that being said, here are four scenarios that could occur when it comes to NFTs.
Possibility 1: In the digital space, NFTs become valuable assets
Some investors believe the NFT market will not just survive but will grow in size and importance. There is an expectation that our lives are going to become increasingly virtual in the next few years.?
We may soon be acquiring shares and real estate instead of just videos, digital photographs, and game components.?
This will effectively create a virtual world in which everything is converted into an NFT token that can be obtained with bitcoin or other cryptocurrencies. It’s unknown how technology will interact with our physical life in the “real world,” but it is safe to say that the change is already underway.
Possibility 2: The market gradually settles
Human beings in general are ready to dismiss new ideas as pure fantasy when they first appear.???
During the 1990s, many individuals predicted that the world wide web would fail to take off. Mainstream investors were as quick to condemn NFTs and cryptocurrencies when they first appeared, but the industry is now expanding.?
As a result, these virtual tokens and payment methods offer a decent possibility of becoming a well-known player in the investment industry. There are plenty of reputable websites you can visit to view collections, observe trading and have a look at the marketplaces.?
Possibility 3: Video games dominate the world
The video gaming community’s reaction to NFTs has been the subject of much discussion. Several businesses, such as Ember Sword, are already supplying virtual assets as part of blockchain games, but the trend has yet to catch on in the larger community of gaming.?
Some analysts are speculating on what would happen if it occurred. Gaming is a massive business, and digital assets like NFTs may fit right in by allowing users to purchase one-of-a-kind items for their gaming entertainment. However, for certain people, the distinction between gaming for pleasure and playing for gain may become blurred.
Possibility 4: The market crashes
Some analysts remain pessimistic about the future of NFT, believing that any boom, including crypto, will eventually dip. The existing furore around NFTs has resulted in JPEGs being sold for huge amounts of money, with new artists and buyers profiting.?
However, unlike tangible works of art, it is still relatively simple for someone else to render believable duplicates, which could decrease its value in the future, as it is much easier to make an exact duplicate of a digital image than it is to make an exact duplicate of a Picasso painting.?
Luckily, much appears to be pointing away from this eventuality, and despite the detractors’ claims, NFT continues to develop.
Selling Your Own NFTs
- Create an online wallet- there are platforms that let you use an Ethereum-based wallet or MetaMask to set this up.
- Set up your store – by navigating to the ?create store? section of the website, you can establish your own store.
- Depending on what you prefer, customize your store and put it on the marketplace- you can give it a name of your own choosing.?
- Mint and upload your NFT- decide on a name and price, give it a description and list it.
- Sell your NFT- your token is sent to the blockchain by means of something called a ?smart contract?. Pay your gas fee, and your creation is now available for anyone to buy.?