NFTs Have Become Mainstream
Christie’s, the famed auction house, sold an artwork for US$69 million a year ago. It wasn’t a long-lost Matisse or a seldom-seen Van Gogh. Instead, it was a mash-up of digital art by Beeple, a largely unknown artist at the time.
Through the Bored Ape Yacht Club profile image collection, celebrities like Eminem and Jimmy Fallon have helped elevate the awareness of NFTs. These collections have grown in popularity to the point where users can now use their NFTs as their profile image on Twitter.
Despite their expanding popularity, NFTs continue to perplex the majority of people. This is due to our lack of familiarity with the concept of digital art ownership. Isn’t it true that I can just right-click an image and save it to my own computer? Naturally, I could, but it would be missing the point (see NFTs — Just Copy It? by NFT World News).
Popular attention isn’t always a good thing. As the popularity of NFTs grows, so does the number of cash grabs and scams, particularly from social media influencers and face websites.
In our view, NFTs will become more and more important in the long term and will be accepted by a broader mass of people. However, in order to invest in the right NFT project, the business model of each project must be considered carefully. If the NFT project is only built on hype, it will collapse in the long run. This happens in every market that is based on hype, which is also called a ‘bubble’.
If you want to know how to recognize such projects, feel free to read our article A Long-Term NFT Business Model. NFTs With Real Added Value.
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