The Expanding Reach of NFTs
Once just a niche part of crypto in their earliest days, NFTs have grown into an industry all their own. Many are highly creative and entertaining, but there are others which feel uninspired and forced. As with any other art, beauty and meaning (and subsequently value) is in the eye of the beholder. Spotting it early can be quite lucrative indeed.
Big businesses have recently joined the fray and they’re quickly becoming a useful marketing tool for them. We’re still in the early stages though and just now testing out some of their capabilities. Expect to see some real-world use cases built into them which should expand their reach much further.
If the traditional collectibles market is any indicator though, we can expect to see supply far outweigh demand as time goes on. It will require a careful eye and a great deal of knowledge on the subject in order to stay ahead of this nascent industry. Already there are many NFTs which are falling flat.
Collectors should exercise caution and patience as there are rapidly increasing numbers of artists and talent is growing quickly. It will be very interesting to see what the future holds for this creative industry.
Correctly weighing the variables of scarcity, function, creativeness, and beauty, is the heart of the NFT puzzle.