Bitcoin and other cryptos are replacing traditional finance, and now the media and collectible industries are being shaken up thanks to non-fungible tokens (NFTs).
Non-fungible tokens serve as digital certificates of authenticity to show something is unique.
NFTs can be used to represent anything, but media and collectibles account for the majority of their current use.
This is one of the newest ways that cryptos are fueling a massive digital transformation and disrupting industries along the way.
NFTs’ Popularity Has Spiked in 2021
NFTs have been all the craze in recent months, and people have been anxious to learn more. The number of “NFT” Google searches has surged the last two months.
Google Searches for “NFT”: 2020–2021
(Source: Google Trends.)
The rapid increase in interest comes as no surprise.
Several NFTs have sold for huge sums. The most notable is an NFT of artwork from the digital artist “Beeple” that sold for $69 million.
Being the first sale of digital artwork at a major auction house, the transaction shows that NFT technology is gaining traction. Below is Beeple’s Everydays: The First 5000 Days, which commanded $69 million.
(Source: The Verge.)
Since NFTs can cut out middlemen such as music labels and agents, other figures such as music artists and athletes have begun using them to sell content and collectibles directly to fans.
NFTs’ popularity spiked this year, but many consumers were buying them already.
NBA Top Shot has been selling digital basketball highlight clips to collectors since 2020. The highlights are packaged as NFT collectibles with unique certificates of authenticity.
Unlike sports cards, which can be printed an infinite number of times, copies of an NFT video clip will be instantly recognized as duplicates.
NBA Top Shot has been a hit with collectors.
The NFTs have already generated over $460 million in sales, and over 250,000 fans have joined Top Shot. This has helped push the valuation of Top Shot’s creator, Dapper Labs, to $2.6 billion.
Institutions Are Taking NFTs Seriously … and So Should You
Dapper Labs’ valuation is another sign that investors and institutions are taking NFTs seriously. Reports suggest the NFL is also considering using NFTs within a digital collectible strategy.
The rise of NFTs could be signaling huge profits are on the way for crypto investors. And that’s one more reason to join Ian King’s Next Wave Crypto Fortunes service if you haven’t already.
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Research Analyst, Automatic Fortunes