• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
NFT

The Inevitable Rise of NFTs Has Only Just Begun

Mark Hampton by Mark Hampton
2 years ago
in Company News
Reading Time: 3 mins read
Advertisement

NFTs have enjoyed considerable press and attention this year, overtaking DeFi as the hottest trend in crypto. However, with the explosive levels of growth within the sector, NFTs naturally invited skepticism from within crypto and from outside. When a single piece of digital artwork sells for $69 million via Christie’s, it’s easy to see why mainstream publications brand the market ‘crazy’. In regards to the wholly speculative side of the market, they may even be right.

Although, it may be that much of the criticism of non-fungible tokens comes from people whose minds are steeped in the old-fashioned paradigm of centralization and inability to comprehend true digital ownership. When you really start to think about decentralization and how decentralized technology works, NFTs make a lot more sense.

Decentralization is concerned with ways to accomplish what was previously handled by intermediaries — everything from Bitcoin, to smart contracts, to DeFi, attests to this. NFTs make possible with decentralization what was once only possible with centralization, and so, like all technological innovations before them, the rise of NFTs becomes easy to predict in hindsight.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Why Art?

Art and its collectibility is the original MVP of NFTs. The two emerged almost in tandem and coalesced in such a way that separating them is difficult. The headline-grabbing aspects of NFTs have often been connected to artwork, from the Christie’s auction to the rise of CryptoPunks. Such is the demand for NFT artwork, that specialist galleries such as NFTrade.com have sprung up to service this growing market of creators, buyers, sellers, and traders.

Moving beyond the hype cycle, there are good reasons for art to pair up with NFT technology. One particular use case that may bear fruit for the art world is that of provenance, confirming the origin and authenticity of art. In the physical art world, some estimate that over 50% of the art in circulation is fake. NFTs can demonstrate proof of ownership, making convincing forgeries impossible, although no amount of digital protection can help buyers who don’t bother checking before purchasing.

Even as the market expands, NFTs and art/collectibles will continue to move hand in hand; it is hard to separate the two. As one technology correspondent explained, “the simplest way to think about NFTs is as collectibles”, and while it is the simplest, the truth of this idea will continue to expand over time. Recent research from Protos has demonstrated that the demand for NFT collectibles is now being outstripped by other market segments.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

As Protos explains: “NFTs linked to the so-called “metaverse” — like digital real estate and other virtual artifacts — are actually outselling tokens linked to crypto-art.”

Further Use Cases

For some time, NFTs have been extending their reach beyond the art world. NFTs are now moving digital and decentralized tokens beyond cryptocurrencies, demonstrating a wide variety of potential applications. Provenance is one, proof of ownership — and proof of identity is another. The uniqueness and non-fungibility of NFTs can be used in multiple sectors, from real estate to finance to logistics, and many more.

The music industry is another early mover in the world of non-fungible tokens. A number of artists have now released music as NFTs, and have enjoyed considerable success doing so. 3LAU is one of the early pioneers of music and non-fungible tokens. In February, the music producer sold $11.7 million of music NFTs, kicking off a trend that would then witness Grimes and other artists follow in his footsteps.

One of the great things about NFTs is that artists can design them in such a way so that resales on the secondary market can also generate profits for themselves, introducing the concept of perpetual royalties. An NFT can be coded so that each time the NFT changes hands in a transaction, the original creator receives a percentage of the sale.

There are many ways in which NFTs can be used and applied with great utility within the decentralized world and elsewhere, and with this in mind, they are the next logical stage of blockchain development. What has come so far is merely a prologue, the book of NFTs has just begun to be written.

 

Image by Gerd Altmann from Pixabay

 

 

Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Mark Hampton

Mark Hampton

Related Posts

Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

2 days ago
Industry Briefing: CoinEx & ViaBTC Capital Co-publish the 2022 CRYPTO ANNUAL REPORT to Review Crypto Categories

Industry Briefing: CoinEx & ViaBTC Capital Co-publish the 2022 CRYPTO ANNUAL REPORT to Review Crypto Categories

3 days ago
The Hidden Danger of Stablecoins

The Hidden Danger of Stablecoins

4 days ago
Venom Ventures Fund Invests $5 Million In Everscale To Catalyze Web3 Efforts

Venom Ventures Fund Invests $5 Million In Everscale To Catalyze Web3 Efforts

5 days ago
As Bitcoin Prepares for Bull Run, Could Projects Like Meta Masters Guild Shape the Crypto Market?

As Bitcoin Prepares for Bull Run, Could Projects Like Meta Masters Guild Shape the Crypto Market?

5 days ago
Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

Aptos Records 415.80% Jump in 30 Days: OP, AUDIO, MEMAG & FGHT to Follow Suit

6 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Big Eyes Coin Presale Crosses $22 Million Mark, Indonesia Plans Launch of Crypto Exchange in June

February 5, 2023

Presenting LYOPAY Pro – An Innovative Payment App Connecting Traditional Finance with Digital Currency

February 5, 2023

Dogecoin (DOGE) And Fantom (FTM) Make Appreciable Profits As Orbeon Protocol (ORBN) Moves Closer To 700%

February 5, 2023

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.