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Creator Economy

Creator Economy

NFTs: Mania or a mainstay of the digital world?

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Not long ago, a Google search for “NFT” would have led you on a horticultural journey through innovative plant cultivation methods. But, today, non-fungible tokens, or NFTs as they are commonly known, are all the rage! A look at the all-time top ten most expensive NFTs sold would confirm that they are rising stars in the cryptosphere: three art NFTs by digital artist Beeple have sold for a combined value of nearly USD 82 million (including a digital collage for USD 69.3 million), and five CryptoPunks (unique collectible characters created by Larva Labs) have attracted a total of USD 37 million. What's more, NFT sales volumes racked up USD 10.7 billion in Q3 2021 alone, compared to USD 2.5 billion during the first half of the year. Besides their current use for art and collectibles, video game assets, and virtual land, the potential use cases for NFTs include (physical) real estate transactions, event and concert ticket issuance, and supply chain management.
Nevertheless, as with any asset that is prone to speculation, the cryptosphere is not without its dark side.
  • It’s still hazy, with no pricing mechanism, and regulatory frameworks being in their early stages of development—the NFT market is likely volatile.
  • It’s unpredictable, as some analysts believe it to be a bubble that could pop anytime.
  • It’s a slippery slope because established and new artists have also been the subject of “NFT theft,” where individuals hiding behind pseudonyms convert an artist’s work into NFTs without their permission and peddle them on NFT marketplaces.
So, we need to ask: what are NFTs, what makes them attractive, and what’s driving their demand? What does the NFT playing field look like, and do they have a future?
Read about how NFTs are revolutionizing the creator economy.

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