If asked to mention the latest ‘bubble’ in cryptocurrency; your quick answer would simply be NFTs. For a good reason, you are not any far from the fact. The rave couldn’t get any hotter. Contrary to most other similar ‘bubbles’ in blockchain technology, NFT has onboarded quite a tangible number of mainstream influential people. Artists, sports people, politicians; the list is inconclusive. For another time in the interesting history of blockchain technology; the world is paying attention in a positive way.
But is NFT a bubble? For a number of reasons, it will be hard to give a definite answer. If a greed index chart for NFTs is obtainable, indicators would be pointing at extreme greed. The rave, yeah…that’s right. For a concept with so many applications NFT’s scope is currently limited. This scope itself is argued to be ‘over sold’.
Lots of popular musicians have released their albums as an NFT; unique images and arts are also sold on NFT marketplaces at prices many consider expensive. Value system has never been rigid, variations are due to a lot of factors. Hypes are real anyways; if successful, the value system can be rigged badly by hypes built round a product or concept. Albeit manipulations, the market somehow finds a way to regulate values on its own.
Apart from a questionable value system, many other questions have been raised about NFTs. Mode of operation, sincerity and originality. But a look at the bigger picture will show you that a lot is yet to come for this space. If you think it’s a bubble currently, then when the bubble settles, we will see the real deal come to life. But it is not a full-blown bubble, at least not yet.
GameFi once took the space by the storm, with a combination of simulation technologies and NFTs, developers are able to create playable games that run on Web3 facilities. These games are able to reward players with valuable NFTs as well as tokens. According to many, the earnings were great! Just one of the numerous ways NFTs can influence life.
The scope is limited currently, but even at that there is still a lot of positives. Creatives are jumping into this space to contribute and as well get rewarded. The influx birthed the boom. NFTs in essence have been in existence for a while before it became a rave. Unlike cryptocurrencies, it is one product of blockchain technology that even the government can use without feeling their power being taken away. This feeling is soothing…at least.
About NFTs; it is an unwinding tale; filled with testimonies, regrets, ambitions, and…you name it. We hope to create a space for the niche we are associated with. The movement have been satisfying; even Satoshi would be proud. Investing in NFTs, just like any other investment should be a product of a well thought decision and a good understanding of the risks involved. Currently there are many!
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