News about NFTs has been circulating over popular crypto websites. The value is much more than its number, and it has proven to be the most consistent non-fungible digital token. As crypto becomes more mainstream, NFT may be the quiet currency that makes the biggest splash.
If you’ve been following bullpreneur, then it’s clear that licensed collectibles are a great way to get into NFTs. Tokenized collectibles already have a customer base built in with specific tastes. Collectors are after rarity and a completion of sets from similar brands. This is why sports cards are the biggest draw with collectibles, and continues to carry the flag as one of the most respected hobbies in the world. With the modernized version of sports cards collecting now going digital, it revives an old pastime that was dominated by only serious collectors. Official sports organizations like the NBA have already come aboard, so it won’t be long before other leagues join in.
When digital works of art became available, it created an interesting situation for new artists. Digital artwork is often separated from normal public works of art when it comes to financial gain. With NFT, the prices are more consistent with mainstream works of art. Although collectibles are in high demand, it is art that fetches the most money when paired with NFT. For reference, the world-renowned auction house Christie’s sold an NFT work of art for millions. Not the low millions, but for an incredible 69 million dollars. This is a big deal, especially for the art community that has a history of being traditionalists. NFT is a revolution for the art world, and this is only the beginning of something special.
Gamers are considered one of the pickiest types of consumers in the world. Introducing NFT technology to this group was a big risk, especially with the loud complaints about Denuvo security. But NFT-based video games have escaped the scrutiny of the community to become the new darling of gamers. No game has yet implemented NFT technology, but there are already plans in place to tap into a billion-dollar gaming market.
This is quite literally a game changer when you consider the actual value it can add to microtransactions. Consumers already spend an incredible amount of money on items that have nothing more than a visual value. Items are restricted for resale, and the ones that can be traded have their value stripped to pennies on the dollar. With NFT, consumers will have the option of selling their rare digital collectibles for an untold amount of money. This includes entire accounts that can be premade and leveled up for more value.
The options are endless once NFT fully comes to video games. Once the floodgates open, this will be the most volatile (and valuable) form of NFT available.
A lot of mainstream websites are now considering opening their doors for NFT. When drops happen, millions are there to buy up what’s available. Currently, NFT is the best way to get your hands on something unique without filling up valuable storage space.