Blockchain technology is steadily evolving. From Shawn Mendes to LaMelo Ball, all types of celebrities are producing their own collector NFTs (non-fungible tokens). Fortune 500 brands have begun to jump on this fascinating trend. And NFT art has sold for millions. We’re beginning to see the vast versatility of this technology. But will a central marketplace emerge? And how long will the hype last?
Which tokens will sell?
Al Burgio is the founder of Zytara, a full-service production company that helps people create their own NFTs. Most recently, they produced Floyd Mayweather’s own NFT collection, comprised of tokens representing his fights.
Burgio believes that the NFT marketplace will only continue to grow. “There are a few epic and awesome emerging use cases for NFT, and there’s no doubt in my mind that there’s going to be more than one that will stand the test of time,” Burgio told Bold TV. However, Burgio compared non-fungible tokens to art: Just as not everyone who makes a painting will be successful at selling it, not every NFT will sell.
Will the craze last?
Are there indicators that this NFT trend is here to stay? Well, first, the technology has become extremely versatile in a short period of time. Second, huge brokers such as Sotheby’s are beginning to buy into the crypto art craze. Third, and even more promising, renowned auction houses have begun to accept cryptocurrencies.
And these tokens are not only being used in the art and collector sphere. They’re also being used as proof of college degrees, and colleges are teaching blockchain courses. If these are any indications, it seems like the NFT trend is not going anywhere. However, Burgio believes that we have yet to see “the Google of NFT marketplaces” come along. Be on the lookout!