NFTs, or non-fungible tokens, were first introduced in 2017 as a way for artists and collectors to create and trade digital assets securely and transparently on the blockchain. In the past few years, the market for NFTs has grown exponentially, with millions of dollars changing hands every day. However, with the passing of time and the rise of new technologies, it’s important to consider whether people are still utilizing NFTs in their daily lives.
First, let’s take a look at some statistics:
- In 2017, the first NFT was sold for $432.66
- By the end of 2020, the total market value of NFTs had reached $14.5 billion
- As of May 2021, the total market value of NFTs had surpassed $70 billion
These statistics show that the market for NFTs has grown significantly in just a few years. But what about actual usage? Are people still using NFTs as they were intended to be used?
One of the primary use cases for NFTs is collecting digital art. Artists can create and sell unique, one-of-a-kind pieces of digital art on the blockchain, allowing collectors to own a piece of history. This has proven to be a popular use case, with many well-known artists, such as Beeple and Grimes, selling their work as NFTs.
Another use case for NFTs is in the gaming industry. Many games now offer in-game items as NFTs, allowing players to own unique, rare items that can be traded on the open market. This has created a new way for gamers to monetize their in-game achievements and collectibles.
In addition to these two use cases, NFTs have also been used for a variety of other purposes, such as owning rare moments in sports history or even owning unique virtual real estate.
However, with the rise of new technologies and platforms, some may argue that NFTs are no longer necessary. For example, blockchain-based collectibles have become increasingly popular in recent years, offering similar benefits to NFTs but without the need for specialized software or technical knowledge.
In conclusion, while the market for NFTs has grown significantly in recent years, it’s important to consider whether people are still using them in their daily lives. Based on the statistics and use cases mentioned above, it appears that people are still utilizing NFTs for a variety of purposes, from collecting digital art to owning rare items in games. While new technologies may emerge in the future, NFTs will likely continue to play an important role in the world of digital assets.