After NFTs Transform the Creator Economy, Creators Will Issue Their Own Currencies — Here’s Why.
NFTs have become a $27 billion US dollar per year business. Eye-opening and jaw-dropping by any measure, considering that the market barely existed at a global scale just one year ago. In fact, for comparison purposes, NFT market sales totaled “just” $340 million USD one year ago, an impressive number still — but nothing compared to 2021 figures. The newly released data shows a $7,940% increase in sales in only 365 days. Difficult to find a faster growing industry or sub-industry — not just from this year, but ever.
Driven primarily by digital art and the growing cult around the popularity of Beeple’s art pieces and Cryptopunks, it may be even more shocking to the casual observer that this sub-market of the blockchain industry has significantly more room to grow.
While the exciting rise in the popularity of NFTs has been fueled by the speculation of how much today’s digital art pieces will be worth in the future, NFTs are destined for so much more than that. As I have covered in a previous piece, NFTs are on the fast-track to disrupting our lives in almost every imaginable industry. From video games to supply chains, these new class of digital assets will give rise to possibilities and use-cases which are simply unimaginable today.
