Prospects for NFT or how a digital picture can cost from $10,000

It is unlikely that anyone will argue that cryptocurrency is our present. The digital coin is firmly entrenched in real life. Cryptocurrency is used to buy coffee, an apartment, and even pay for work. Twitter has already connected NFT, and Instagram is planning to do so soon.

But why is that? What is the reason why the digital picture of oil is gaining such momentum and is firmly entrenched in the financial world?

Today we will deal with these questions using the example of 4 facts.


Brief definition of NFT for general understanding

The article will not decipher the definitions. Let's briefly go over the essence of oil and how it differs from cryptocurrency.

NFT is a non-fungible token or certificate for a virtual object that guarantees its authenticity and grants exclusive rights to it. NFTs are more often expressed in pictures.

Have you heard of bitcoin yet? It is a token, but interchangeable. NFT is also a token, but NOT fungible. That is, apart from uniqueness and divisibility, there are few differences between NFTs and cryptocurrencies.

Now let's move on to the evidence prophesying the long and successful development of the NFT token.


Fact №1. Hype and increased media coverage

The growth of the NFT market has led to the fact that literally everyone began to talk about this token. Including media people and big brands. The potential of digital art is being used by Gucci, Louis Vuitton, Sony, Disney, NBA.

Their products have already been tokenized:

  • McDonald's - 10 NFT cards for the anniversary of the McRib burger;
  • Coca-Cola - 4-piece box for the NFT auction;
  • Quentin Tarantino - handwritten script and other lots;
  • NBA - cards with vivid video episodes of games;
  • The State Hermitage is a collection of world masterpieces of painting.

Singers Steve Aoki and Kings of Leon released their music as NFT and made millions of sales. Twitter CEO Jack Dorsey auctioned the first tweet in 2021 and raised $2.9 million. And the creator of the Bad Luck Brian meme recently sold an NFT of the original photo for $36,000.

Fact №2. Successful startups

For 2022, the value of NFT is that behind each collection there is a large-scale and cool project, a startup. NFT is an investment in a project at an early stage, access to the community and “bonuses” in the future. That is, 1 NFT picture is a share of the project.

In 2021, the most hyped project in the NFT, the Bored Apes Yacht Club, was launched. This is an NFT collection of images of bored monkeys. The same project that sold its virtual land in 3 hours for $320,000,000.

Fact №3. NFT as an integral part of Web 3

Web 3.0 is a new stage in the development of the Internet, which will most likely use blockchain technologies. In other words, Web 3 is an attempt to change the financial system and how people interact. Build a new world. And oil is the missing element for integrating the real world with the virtual one.
In July 2022, startup Optic received $11 million. Optic offers a solution that helps control copyright in a Web 3.0 environment and recognize NFT content using artificial intelligence.

Another project, Pinata, a media distribution platform, raised a $21.5 million investment.

Fact №4 NFTs and the Metaverse

The metaverse is another very interesting direction for the development of the NFT. The Metaverse is a digital environment and it works on the basis of the blockchain. According to financial analysts, the virtual world market will grow from $43.4 billion in 2020 to $814.2 billion in 2028.

How are digital worlds and NFTs related? It's very simple: in virtual worlds, NFTs act as a guarantor of confirmation of rights to virtual assets - clothes, works of art, music, real estate.

Let's take well-known brands as an example. Louis Vuitton, Nike, Coca-Cola have already opened their "headquarters" in the digital world. The fashion house Gucci has opened a virtual exhibition Gucci Garden on the Roblox platform for its 100th anniversary. This is not the future, but the present.

Of course, in order to get rich on NFT tokens, this header article is not enough. NFT is a complex, multifactorial topic that needs to be well understood before investing in a particular project. Go to the Cifris platform and discover new sources of income.

With this article, we wanted to convey that behind a unique token there is a powerful present and a successful future. There will be many developments in the decentralized economy that are yet to be imagined.

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