NFTs have changed the way we interact with art and culture. While it is still a very niche sector considering the population of the world, the rate of growth has been very impressive.
The use cases of NFTs are still at an undeveloped stage. As of now, the main use of NFTs is in promotions, selling digital art, and blockchain-based games. With the holiday season arriving, a new use case of NFTs has come up: sending NFTs as holiday gifts. In the past, surveys showed that cryptocurrencies are becoming a popular gift option for many people in the United States and Australia. Recent trends suggest that NFTs are not far behind, and might soon be at par with cryptocurrencies as digital gifts.
When seen from a traditional perspective, NFTs qualify as a great gifting option. From time immemorial, people have gifted artworks for various occasions, be it the holidays or weddings. NFTs fulfill the criteria of being works of art and offer true ownership on top of that. The value of NFT also has a resemblance to that of great artworks. It is also being used as a gift to financially support loved ones, especially high-demand NFTs, which fetch a good value.
NFTs have grown in popularity over the last few years, and 2021 saw its biggest boom to date. While many entrepreneurs have predicted a crash in the NFT market, the sector shows no sign of slowing down. In 2022, we can expect bigger and better developments for the NFT market and technology.