Are NFTs Dead?

are nft dead

Non-Fungible Tokens (NFTs) are very much in trend, and their popularity is constantly growing in the digital world. Many gamers, artists, musicians, etc., created their collections and sold them to investors. NFTs have given different places to modern art in the digital world. 

Creators invested a lot in creating NFTs and selling them through Blockchain. Some news shocked the NFTs lovers very hard, which brought NFTs to a downfall. The minting of One NFT will need equal energy as a house in the EU uses for one month. 

There are speculations in the market that NFTs are now dead. There is no doubt that NFTs have seen a downfall but is it the end? Let’s read and know.  

What are NFTs?

NFTs or Non-Fungible Tokens are virtual assets in Blockchain that are unique in their way. We can say that NFTs are people’s digital tokens that they create and sell to investors at a fair price.

NFTs come with authenticity and protection. Companies create collectable digital assets, and their ownership can be traced on the Blockchain. 

Are NFTs dead?

We cannot say that NFTs are dead, but we are also not declining the fact that they have been in the declining phase for some time. But there is new hope in 2022.

Due to the pandemic, the digital world has gained more popularity and importance all around the world. People are mostly active on social media platforms, and the power of social media is very effective. 

Many people are still creating NFTs that are trying to sell on social media platforms. However, it is difficult for creators to sell their NFTs without promotion on social media platforms. 

Points to Prove that NFTs Are Not Dead

There is a misbelief in people’s minds that NFTs are dead, but this is not the reality. NFTs were down till 2020, but it took a turning point in 2021. We can say it was declining, but we cannot declare it dead.

Some points that can prove that NFTs are not dead are as follows:

1. NFTs Ensure Transparency in Transactions and Ownership

NFTs can be regarded as permanent since they are completely stored on the blockchain. Now, the ownership of any physical or virtual asset can be proved at any time.

With non-fungible tokens, it has become possible to keep track of all transactions and ownership of assets. Now, you can know who purchased what, what price he paid for it, and what was the date and time of purchase.

NFTs can prove to be very helpful for many businesses as all the transactions are carried out in a trustworthy manner on the blockchain without compromising the transparency of the terms of the contract.

NFTs offer a frictionless foundation not only for businesses but also for consumers. Whether you are attending an event, building a house, or buying a car, non-fungible tokens lead to the advancement of these businesses as well as the consumers.

2. NFTs Are Becoming Popular Among Celebrities and Leading Influencers

Nowadays, NFTs are not only popular among technologically inclined people, but many celebrities and prominent influencers are also buying and trading their assets.

Popular names like Metakovan, Logan Paul, Stephen Curry, Jay-Z, and Gary Vee are some examples of people who are showing interest in NFTs.

Celebrities on Twitter are often found looking for cryptocurrency-related advice. You can also find trending NFT avatars as the profile pics of many celebrities and influencers.

All of them are showing this much interest in NFTs because somewhere, they have realised what a huge potential NFTs have.

3. Big Brands are Investing in NFTs

Eminent Companies like Visa, Mastercard, Square, Paypal, etc. have accepted blockchain technology-powered cryptocurrency as the future of business transactions. They have realized that customer relations can be handled at the best with crypto.

According to Visa’s crypto head, Cuy Sheffield, the role of NFTs in the future of commerce, entertainment, social media, and retail is important.

All the renowned brands are racing to be the first ones to build upon and invest more and more in the future of NFTs.

4. NFTs Are a brand-building Concept

Undoubtedly, the non-fungible tokens are a proven form of marketing for businesses as well as personal brands.

NFTs facilitate healthier customer relations by providing additional value for the customers. Therefore, Brands would not like to miss the chance to maintain a trustworthy consumer relationship with the help of NFTs.

The huge potential that NFTs offer is already proven with the launch of Gary Vee’s NFT project – VeeFriends. This project is constructed around influential intellectual property and helped Gary create a 150k membered discord community in the first six months only.

Therefore, building a reputable brand has now become easier with NFTs that encourage trust and reduce friction in the way of brand-building.

5. Established Brands Are Exploring the Vast Possibilities of NFTs

Non-fungible goods are beneficial not only for the new businesses but also for the popular brands. Popular brands like Nike, Taco Bell, and Funko Pop have created their digital collectables to take advantage of their creative capacities.

Nike has created its NFT of Sneakers connected with physical sneakers. With the sale of their sneakers, their NFT also goes with it digitally. The crypto kicks patent influenced the sneakers culture greatly.

Funko Pop released their WAX blockchain wallet to be used for digitally purchasing collectable toys all around the world.

Taco Bell launched digital tacos, which the consumers admired and purchased. Taco Bell, with the help of its NFT, raised extra funds for donation purposes.

The possibilities that the non-fungible tokens possess are limitless. These just need to be explored.

6. NFTs Marketplace OpenSea is Reaching New Heights

Trading NFTs is a little bit similar to trading stocks in terms of risk. Non-fungible tokens hold a strong potential to help businesses set new records.

It is evident from the $3 billion monthly Open Sea trading volume in 2021 how well the NFTs are growing and how many people all over the world are interested in joining the NFT communities.

7. A Renowned Brand in the NFT Community Signed a Deal With UTA

CryptoPunks is the most attractive and renowned brand in the NFT community. It is created by Larva Labs. CryptoPunks has further solidified its position in the crypto world with the signing of a deal with Hollywood’s United Talent Agency. 

With this, we can hope to see the brands of several intellectual property owners being developed in various forms in Hollywood. 

We can see the NFT project VeeFriends on bus benches and billboards, as well as CryptoPunks on digital displays all-over New York.

8. NFTs Restaurant Concept

VCR Group is initiating the restaurant concept of Non-fungible tokens for the first time in the world.

All the guests will need to have the NFTs as a token of membership to dine in the restaurant. With these NFTs, guests can enjoy services like special culinary experiences and cocktail lounges. They can also sell or transfer these tokens to anyone across the world.

This example shows the collection and use of non-fungible tokens after the exhaustion of the initial utility.

9. Introduction of NFTs in Gaming

NFTs carry the potential to revolutionise the gaming industry. With NFTs, it has become possible to earn money or game assets while playing video games. This could be taken as a game-changer for NFTs.

Expert gamers can now earn a full-time income in the form of non-fungible tokens. This can transform the gaming industry.

NFTs in the gaming industry will attract new players, and therefore the game creators will also get hugely profited from the growing demand for their games.

10. Scammers Have Proved that NFTs are Not Dead

The block-chain based non-fungible tokens are used widely, and therefore scammers are showing great interest in them, proving the growing significance of NFTs.

Scammers are generally found in those famous industries which are profitable and where the user base is large. Scamming industry, too, has realised the scope of NFTs and therefore is continuously targeting it.

Conclusion

It is only a misconception that NFTs are dead. Non-Fungible Tokens are alive and powerful, and it is still growing. NFTs are emerging as a reliable, beneficial, and convenient way to market businesses.

Pandemic has changed the game of digital assets. The value of NFTs is high because of their authenticity and safety. Non-Fungible Tokens (NFTs) are not dead and can never be dead, as their enormous potential is still in the discovery phase.