What is the Future of NFTs in the Crypto market Slump?
Technology has always co-evolved with humans. The difference now is that technology is advancing faster than ever before. Innovations are usually accompanied by unforeseen impacts.
The creators of the laptop most likely didn’t intend for their computers to create a vibrant nomadic community throughout the world or the impact of checking emails while in bed which can make it hard to disconnect from work. The truth is that all innovations come with unexpected impacts.
The nearly 40% dip in Bitcoin prices from its mid-April peak does appear dramatic. However, according to market experts, this is normal in a volatile market situation faced by the cryptocurrency market.
A Bank of America survey has found that buyers hold an optimistic view of future increases in Bitcoin prices.
Some believe that the cryptocurrency crash is a short-term correction. Some investors may consider this an excellent opportunity to buy more cryptocurrencies. However, the past may not always be a marker for the future.
NFT is a type of cryptocurrency and will naturally be affected by the general cryptocurrency market slump. However, many cryptocurrency experts remain hesitant about how exactly will NFTs be affected.
Many remain interested in NFTs due to getting exclusive access to old art. As creators of various musical and other pieces step into the NFT market, NFTs are still growing strong.
Many online galleries are illegally creating NFTs of works of artists and auctioning them for high prices. As such, artists also wish to take a chunk of this new trend.
NFTs will be an essential part of metaverses and will serve as the building blocks for assets that can be utilized across all these worlds. As you build your virtual home, your walls will have original NFT art and “prints” of duplicated digital art that you bought from collectors.
You invite your friends over to your immersive digital home to listen to your NFT music and view your NFT art — which now represents not just a creator’s unique work, but also the art piece’s history and the story of how you came to own it.
Your friends arrive instantly, burning no fossil fuels, and needing no Uber. Sure, they didn’t stop along the way to pick up chips, but they did bring you a new digital shirt for your avatar, as a housewarming gift.
Through NFT the metaverse will also blend with the physical world. Some examples of this might be: physical venues will have digital counterparts in virtual worlds, NFT Art galleries can exist both in the physical world on digital displays, or music concerts will be held both in a concert venue and a virtual bar.
Tickets will be sold as NFTs and will live in your virtual collection of concert tickets that are on display in your virtual home, with an e-signature/ personalized message direct from the artist.
On the flip side, the drop in crypto’s value is resulting in discounted prices for NFTs, which could spur brands to more deeply invest in the collectibles.
Ether, the coin backed by the Ethereum blockchain and the most popular currency on the NFT marketplace, OpenSea, lost roughly 24% of its value in the last seven days.
We might be seeing a shift in the way artists connect and receive remuneration. Vinco Ventures are about to release an exclusive album, available only in NFT, by Tory Lanez.
Tory Lanez is a Canadian rapper and singer who has millions of fans across the globe. Tory Lanez believes that NFTs represent the future of digital distribution.
It is not just celebrities who are auctioning off their exclusive videos. ‘Charlie Bit My Finger,’ a viral video on two adorable babies that has been seen by almost 880 million people on YouTube, was auctioned off as NFT on 22 May.
The video was deleted from all platforms and may never be seen again. This auction accepted only Ethereum-based stablecoins. NFTs are typically priced in cryptocurrency.
That many remain interested in NFTs due to getting exclusive access to old art. As creators of various musical and other pieces step into the NFT market, NFTs are still growing strong.
In conclusion, a decline in NFTs is expected. However, with a bullish trend expected in cryptocurrencies, NFTs will also see exponential growth.