Non-fungible tokens (NFT) virtually caught the minds of every blockchain enthusiast in the year 2021. Musicians, artists, and celebrities are clamoring to launch NFTs, or non-fungible tokens, which are unique digital assets with ownership rights verified and stored on a blockchain. It’s a way to have ownership over content that’s been historically easy to replicate online.
The ownership of an asset is represented by NFTs, and this ownership is recorded on a distributed ledger.
In 2021, investors, developers, institutions, central banks, and, most importantly, governments showed the strongest interest in the digital asset class. As the world prepares for Web 3.0, 2021 will be remembered as the year when cryptocurrency fully took off, earning widespread acceptance and upending everyone’s view of money.
Non-fungible tokens or NFTs have been the major use case of crypto that emerged in 2021 with millions of users gaining exposure to NFTs through digital art, sports, and gaming.
NFTs is becoming one of the top growing and booming new-age spaces in crypto, and this year we witness an increasing level of acceptance. In the year 2021, Non-Fungible Tokens (NFTs) were the dominant issue in the blockchain world. NFTs would focus on utility, gaming, and getting access to exceedingly exclusive and desirable communities. It’s also firmly established in the music industry, with several musicians releasing compositions in NFT format.
Now, with NFTs in gaming beginning to take off in a massive way, there would be a tremendous surge in 2022. Dolce & Gabbana and Nike, for example, have both designed clothes and footwear with their own NFTs. And the metaverse notion, which was championed this year by Facebook, Microsoft, and Nvidia, opens up plenty of new NFT application cases.
NFTs are booming and will be becoming an instrumental part of popular culture. NFTs are revolutionising the arts, music, and sports industries by enabling the commercialization of digital assets and providing digital artists with a variety of monetization alternatives. Fan engagement is the most important area for NFTs in the live entertainment sector. Many artists, for example, have started creating and selling NFT artwork to their admirers.
Undoubtedly, by facilitating the sale of digital assets and giving digital artists a range of monetization options, NFTs are revolutionising the arts, music, and sports industries. In 2022, NFT will continue to be a prominent topic and will continue to disrupt the gaming, art, and creative industries, among others. Top NFT tokens such as MANA, AXS, SAND, and others will continue to gain traction. And the metaverse concept, which was championed by Facebook, Microsoft, and Nvidia this year, opens up plenty of potential NFT application cases.
The author, Minal Thukral, is EVP- Growth & Strategy at CoinDCX. The views expressed are personal