NFTs are no longer a niche market with select people interested in them. Celebrities across the world have embraced the NFT technology and launched their own collections. Even leading soccer clubs like FC Barcelona recently launched their exclusive NFT collections. Crypto Blockchain Industries, a fintech company from France, recently raised over $250,000 from sales of NFTs linked to DJ and global music icon David Guetta. Guetta is also a co-owner of United At Home – which is a charitable trust.
David Guetta is one of the biggest names in the global pop music market. He has worked with major singers like Rihanna and Justin Bieber. Since an NFT collection linked to his name earned more than a quarter of a million dollars in sales, it shows the potential and demand for NFTs in the global market.
Unlike other digital assets, NFTs are not a direct investment instrument. Instead, it is akin to the Victorian trend for portrait and painting collections. Some of these original paintings are worth millions of dollars, but there isn’t a global market regulating their prices. Similarly, NFTs are sold at an arbitrary price, which can sometimes be a huge amount. Being an instrument of cultural preservation and art, there can not be a fixed parameter to determine their price. Many experts, including Gary Vaynerchuck, predict a crash in the NFT market very soon. However, a crash would not mean the death of NFTs, rather a reshuffling after which only a select few will retain their value. Whether an NFT crash comes or not, they are already a force to reckon with in our present society