The term Non-Fungible tokens are not new anymore. They are now part and parcel of people’s lives. It is not out of trend yet, and it is also not in a positive spotlight as well. There are many instances that denoted that NFTs were dead. Yet, the demand for NFTs in NFT trading platforms remained strong. The NFT boom in 2021 made people aware of this technology and also made governments consider blockchain technology for documentation and records. The first few months of 2022 were also good with a satisfying demand. But the last quarter says otherwise. What is happening around NFTs, and what is the future that it holds? Here is a short blog to tell you everything about it.
Non-Fungible Tokens and Future!
In the recent report by Dapp Rader, Opensea has come down around 99 percent of its trading value from May to august 2022. This is in comparison with the last quarter, which was the peak of crypto winter. It has also been said that there was a constant demand for NFTs in NFT gaming marketplaces and other NFT trading platforms during the cold winds of the crypto winter. The winter is striking a bit late, and people are skeptical about the future of NFTs they hold in their wallets.
Despite this situation, brands are trying hard to revive the fame of NFTs again. Brands like Nike, Gucci, D&G, Adidas, Pepsi, Tiffany & Co, and more are getting into NFTs. They are releasing their NFTs with a utility that the holder will enjoy for a period of time. This has kept the NFT sales volume at bay.
Outlook
There are very recent instances like Starbucks announcing their coffee NFTs with exclusive perks. KFC announced BucETH NFTs, where the owner receives Bucket Chicken for 1 year. There are also NFT gaming Platforms that are getting popular among gamers and grabbing the attention of Non-Fungible Tokens. Metaverse technology which solely depends on NFTs for its economy will also make NFT’s future a well anticipated one.
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