The NFT market has had highs and very lows this year.
NFTs are here to stay but they may need to evolve in order to be successful. The technology saw a massive boom in late 2021 and since then the space has been playing a game of catch-up. With many collections losing their value quickly one would think that the time of the NFT is over, well it is, sort of. Here we are to say NFT is dead but long live NFTs. How does that work you say? Well, in order to understand you would need to know how the technology has faired as a whole for this year. While there is indeed a drop in value of a lot of projects there has been some growth as well.
OpenSea reports on NFT.
OpenSea reports that NFT creators earned over US$1 billion this year so far (based on the sales concluded between January 1 and November 23 on the platform). This amount does not include grants, various incentives, or sponsorships. Over 80% went to less popular collections, the rest heading to the top 10 NFTs.
The staggering numbers are amazing considering the recent market and that this is still a relatively new technology that is continually being improved upon and adopted by more people around the world. The potential market size for this technology could be huge, especially with blockchain-based games and collectibles becoming increasingly commonplace these days. The ability to own a piece of digital art or a rare in-game item that can be stored securely on the blockchain is very appealing to a lot of people. As NFTs become more mainstream, it is likely that we will see even more money flow into this burgeoning industry.
The amount of money generated by NFT creators varies greatly depending on whether they are selling popular or less popular collections. It comes as no surprise that only around 20% of this total revenue went to the ten most popular collections while the remaining 80% was spread among other lesser-known NFTs. This indicates that there are now many opportunities for aspiring creators to make money from their artwork or digital assets as long as they can find an audience for their creations.
Again..what are NFTs?
NFTs have been undergoing a surge in popularity lately as more people are becoming aware of their potential. For those who are unfamiliar, NFTs are digital assets that are stored on a blockchain and can be bought, sold, or traded like other investments. What sets them apart from traditional investments is that they are not limited to physical objects but can also include things like digital artworks or gaming items. This has led to NFTs becoming an important tool in monetizing digital assets, providing artists with another way to earn revenue from their work. Furthermore, platforms such as Mintable make it easy for anyone to create their own NFTs without any prior knowledge of blockchain technologies. As NFTs continue to gain popularity, it is likely that we will see even more innovative uses for them in the future.
NFTs are digital tokens that represent ownership of a digital asset. They can be used to represent anything from artworks and 3D models to in-game items and online experiences. One of the key benefits of using NFTs is that they provide a way to establish provenance for digital assets, which is often very difficult to do with traditional methods.
NFTs are popular
The popularity of NFTs has grown exponentially in recent months thanks to a number of high-profile sales, such as Jack Dorsey’s first tweet which sold for over $2 million, an image of Ethereum founder Vitalik Buterin which sold for over $500,000, and an virtual art piece by artist Beeple which sold for nearly $70 million.
However, it’s not just established artists and celebrities who are cashing in on the NFT boom; anyone with a creative flair and an internet connection can create and sell their own NFTs. For example, an artist called Sarah Zucker has created a series of GIFS which she has turned into NFTs and sold for over $200,000 in total.
The past year has been one of tremendous growth for the Non-Fungible Token industry. According to a report from OpenSea, NFT creators have earned over $1 billion so far in 2020 based on sales concluded between January 1 and November 23 on the platform. This figure is truly remarkable and stands as a testament to the growing popularity of NFTs across the world.
There are now many opportunities for aspiring creators to make money from their artwork or digital assets as long as they can find an audience for their creations. So if you’re looking for a way to monetize your creativity, then creating and selling NFTs could be a great option.
So what now
We have seen the market decline greatly from its best days in 2021 and of course, the market is still rife with tons of scam artists. The belief in the system of NFTs has gone down considerably to the point where even saying the word is seen as saying a dirty four-letter word. What will probably need to be done is a full restructuring of the market, a change in how the technology is delivered, and even a new name. The market is there, the supply will always be available and artists are abundant, its time to bring confidence back into the fold.