Debate continues about whether it's all commodities or assets, and mainstream finance leaders are not in accord for now.
In recent years, the digital world has introduced a new class of assets that have taken the world by storm - Non-Fungible Tokens or NFTs. These tokens have revolutionized the digital art and finance market, allowing artists to monetize their work and for collectors to acquire exclusive digital assets. As NFTs continue to gain popularity, they are becoming a hot topic in the blockchain community. This blog post will delve into the rise of NFTs and how they are becoming a blue-chip asset jockeying for the high-end lane, like a court of Kings.
The Rise of NFTs: A Blue Chip Asset Jockeying for the High-EndFast Lanee
NFTs are unique digital assets that cannot be replicated, making them different from other cryptocurrencies such as Bitcoin or Ethereum. They are created on a blockchain network, usually Ethereum, and represent ownership of digital art, music, videos, and other collectibles. NFTs allow artists to monetize their work in a new way by creating a limited edition or one-of-a-kind digital asset that collectors can own. This makes a new market for creators and collectors and has given rise to digital art marketplaces such as Nifty Gateway, SuperRare, and the esoteric-inspired MBF-Lifestyle on OpenSea.
According to Galaxy Digital data, the NFTs market has exploded, with Ethereum-based NFT creators earning more than $1.8 billion in royalties. This shows that the potential for NFTs is significant, and many believe that they have the potential to become a new class of high-end assets. As NFTs continue to gain traction, it's essential to understand the impact they will have on the art and finance industry.
The rise of NFTs has also led to an increase in monthly active developers working on blockchain technology. Since the total market cap of the crypto space is back to January 2018, the growth of more than 297% in developers shows that NFTs have captured the interest of many tech enthusiasts. This is good news for the blockchain industry as it shows that the demand for blockchain technology is increasing beyond the traditional cryptocurrency market, creating more opportunities for innovation.
In conclusion, NFTs have become a new and exciting way for artists to monetize their work and for collectors to acquire unique digital assets. As the market for NFTs grows, it's essential to recognize its potential impact on the art and Fintech finance industry.
From Print-on-demand to 3D motion graphics, it is all in a state of significant change.
With the increase in monthly active developers, NFTs are becoming a blue-chip asset jockeying for the high-end lane, like a court of Kings. The rise of NFTs is a significant milestone in the blockchain industry and will open new opportunities for artists and collectors.
Contemporary artists are moving from 2D Print on Demand to new decentralized 3D motion graphics to reflect the current social change.