The Non-Fungible Token or NFT market has experienced abundant growth and has offered investors the perfect intersection between Digital ownership, traditional assets, and cryptocurrencies. There is an expectation of the international NFT market growing from $3 billion (2022) to $13.6 billion (2027).
NFTs are digital assets that are held by investors on a blockchain. They give physical asset holders the chance to offer ownership in the digital space. Such ownership includes collectibles – art, fashion, physical objects, or sports items. There is an increase in the hype over ownership of such assets digitally. This has attracted art collectors, and the gap that lies between digital and traditional art is exploited. It also has attracted a broad audience – gamers, crypto enthusiasts, and celebrities!
NFTs – New IP franchises and Brands
NFTs are not just collectibles in the form of images. Some of the top NFT collections, such as Azuki, Loaded Lions, etc., are mainstream brands as well as IP franchises. They are owned by creators and owners of every NFT unit. Quite similar to Marvel/Transformer characters and toys, NFTs are also appearing on various branded merchandise. They also feature in virtual/physical events.
DAOs & NFTs – What is next?
DAOs will continue seeing some very unique-use cases such as art, spanning music, buying assets of high value, etc. A lot of case studies will emerge on a partnership between the two to understand more about the structure and how new avenues open for creators. NFTs, offer people ownership in addition to real benefits, whereas DAOs offer the latest on-ramps. This ensures that innovation will be constant!
