Milwaukee, Wisconsin 2021-05-25 12:21:12 –
Milwaukee — NFTs surged in popularity in 2020 and early 2021, but where is the unique digital asset market going from here?
According to Forbes, the value has tripled in 2020 alone, but is there a limit to how much the surge can rise?
Garett Laugavitz, founder of startup Cipher, said:
He is not wrong.
The best-selling NFT artwork in March sold for $ 69 million. NFT of viral video “Charlie Bit My Finger” Sold for almost $ 761,000..
The numbers may be a bit surprising given the reports of market chills since the April peak.
“I think people are starting to submerge their toes,” Laugavitz said.
But market volatility is not a reason to reject their future.
“I see the growth of the universe and perhaps a resurrection at the end of summer,” Laugavitz added. “We may see the stabilization of the cryptocurrency market.”
The key to that future could be the number of different applications that can use NFTs.
“For now, it’s pretty straightforward, like digital basketball cards and fancy art in animation,” said Adam Sarxis, co-founder of startup Spree. “If you look at the different applications, I think they will be more relevant.”
This is an idea that some parts of the music industry are jumping at. More and more artists are combining NFTs with something a little more traditional for those unfamiliar with the digital market.
“They can be redeemed for physical merchandise,” Laugavitz said. “Its redemption quality clearly makes it feel more specific, and ticketing is a really promising application for NFTs. When NFTs unlock the experience, it becomes a really powerful application.”
Ultimately, the NFT market is still in its infancy. There may be a lot of skepticism comparable to the optimism of those who are already involved, but the sky is really the limit.