NFT’s: Why are they [still] relevant?
nft (noun) abbr. non-fungible token: unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent digital or real-world items like artwork and real estate.
2021: NFT market was worth over $41 billion
2022: NFT market was worth over $27 billion
Many believe NFT’s are dead due to the clear decline. Some even believe NFTs are irrelevant. A few have no faith in companies that sell NFTs.
But are they right to think so?
It’s no secret that there’s trading and speculation within the NFT space, just as there is with any sort of collectibles. It can be a volatile market, no doubt.
But let’s not forget the technology itself; the vast amount of use cases nft’s have: Ticketing, music, real estate, supply chain verification, DeFi loans, fashion,…and so on. Collectibles are simply one of the many use cases. NFTs can also be proof of belonging to a certain community or organization, they can give you access to different perks, products and offers.
NFTs take the relationship between brands and customers to the next level. They allow customers to become a part of the community, a part of the brand, a part of the company. They bring us closer together.
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