What do they Mean?

Collectible NFTs as well as STM tokens, for the most part, are in a sense in some ways, simply enhancements and improvements of loyalty programs like traditional ones. But, by combining the metaverse with digital assets which include both fungible and other tokens that are not fungible — opens up an entirely new market that can be used by additional fan segments. Virtual access tokens may give fans access to special games and also provide new social interactions and opportunities to interact with athletes, teams, and other fans in the metaverse. Access to athletes is crucial to reach the new generation of fans and even though social media provides certain access to the internet, metaverse may dramatically increase the opportunities. Non-fungible tokens, also known by the name of NFTs are the trending topic. These are digital assets stored on blockchain. Digital assets could be anything from an image to video, animation or even a single-pixel tweets for that matter.

Blockchain Network Powers The NFT Marketplace

As the item is not fungible, it means that it’s unique. The Mona Lisa is just one Mona Lisa. You cannot exchange the image of Mona Lisa and get back the exact same image. The portrait he/she gets will be totally different from the thing the trader exchanged. Similar principles apply to NFTs. The NFT in its context is one of a kind like the very first tweet from Twitter as well as the YouTube video of Beeple. The buyer of the NFT owns the asset. The ownership is recorded on a ledger that is digitally recorded as Blockchain. Blockchain is a Blockchain network that powers the NFT marketplace keeps track of the transaction. Since it is a platform that is public and transparent, it allows for an open record of the sale.

The Growing Popularity of NFTs

The popularity of NFTs has grown throughout the years, but under the radar, NFTs took the crypto community by the storm, as there was an uneasy transition to mainstream art. The artist Kevin Abosch partnered with GIFTO to hold a charity auction of the creation of a work of Crypto art, dubbed “Forever Rose” in 2018. The partnership generated $1 million to purchase the art. The first NFT could have been developed by Kevin McCoy in 2014 called “Quantum”. NFTs can be copied like any other digital. However, there can only be one individual with the right to own that specific asset, and they can then transfer it to another in exchange for crypto currency or for something else. If someone else tries to market a counterfeit version of the original NFT or artwork and is caught, the person gets identified by The NFT community. The good news is that NFT marketplaces are equipped with security and safety measures built-in to ensure that sales of counterfeits will be removed to end the menace.

NFTs Have Developed Their Own Market

NFTs have developed their own market, and have become a must-have. Music collectibles, digital art and other forms of art have made it possible for artists to profit from their possibilities as well as grow their portfolios. Because the NFT group doesn’t discriminate between new creators or established artists as it offers equal opportunities for both. Nowadays, a digital artist could sell their work under an NFT instead of selling it as an GIF or perhaps an image. India is a brand new marketplace for NFT. But the impact that NFTs have had on the market is more than was anticipated from it. They are now being viewed as the future of the world of technology and it could be the case due to the attention it has brought to. “The worldwide fascination with NFTs has seen a dramatic increase in the last year.

The World’s NFT Market

The world’s NFT market had an estimated market value of $43.08bn in October 2021. The volume of trading is approximately $3.6bn” states Vishakha Singh, VP and Co-founder of the WazirX NFT Marketplace. The NFTs have been hitting $150 million mark in the OpenSea NFT Marketplace which sells on the Ethereum Blockchain. NFT sales also hit an all-time high when they reached a record amount of 1.24 billion in the second quarter from 2021. India is relatively new to the market, so it may take a while to allow the NFT to establish its own place however the connection of NFT with famous people has already created hype and it’s the only thing to wait for when Indian citizens will be able to adopt NFTs within the mainstream, much as other countries.