What does the FUTURE of NFTs look like?
We are definitely living in a very fast-paced world right now. And it’s crazy just thinking about it.
If you think back to where technology has started, you’ll see how much growth and expansion technology had in the last 10 years. Just think about how Apple is rolling out new iPhone and Macbook models every year. That’s mind blowing!
And it wasn’t just a few years ago that Bitcoin hit an all time high. I’m sure you remember how people got crazy and raced their way to ride the bandwagon when Bitcoin hit it’s all time high of $50,000 per coin rate.
If you haven’t heard of all these technological revolutions and milestones, you probably were living in a cage or a remote area where the internet has not reached you yet.
Oh and don’t get me started with the internet. It’s crazy how all these social media platforms just popped up and made everything possible, almost everywhere. It has definitely changed the way we live and interact with each other.
And now, Mark Zuckerberg is considering and working on upgrading to holographs. Have you heard that yet?
Then, there’s NFTs.
The History of NFTs
We can’t fully understand the future without reviewing the past.
NFTs existed for a long time now, but were mostly used for storing digital information or digital ledger to keep that data secured and incorruptible by anyone. And they were initially used for financial and medical data.
Now, two artists decided to do an art project together and they came up with the idea of protecting digital artwork owners’ copyright.
From there, Kevin McCoy and Anil Dash created the first version of a blockchain-backed digital artwork and called it Monetize Graphics.
The goal of the entire project is to give artists a way to have more control over their digital art, as they see that people exchange and posts digital artworks online but the original artists are not given credit for their work. And so, there was no copyright protection to the owner.
They did not really expect that the platform would grow to be its own marketplace but rather a way to give artists more credit for their work. And that is when creatives and more people started to see the potential of this platform to be an entirely new business arena.
The first-ever artwork created by Kevin McCoy into NFTs is now being sold at $7 million dollars.
The Future of NFTs
With the way things are going right now with NFTs, we can say that NFTs are here to stay and for a long time.
Every day, more and more people are jumping into the metaverse and seeing the possibilities of creating NFT projects not only for artworks but for all other industries that are backed by copyright and intellectual property rights.
Just recently, Forbes wrote in an article that the application tracking firm DappRadar reported that “people were buying and selling more than 85,000 NFTs in May, amounting to a total trade value of $5.8 million in a single day.”
Another article from VentureBeat reported that “NFT sales hit $1.2 billion in the first quarter, $1.3 billion in the second quarter, and a whopping $10.7 billion in the third quarter as games such as Axie Infinity took off.”
And that’s just when the NFTs were starting to be introduced into the mainstream. Right now, there are already big companies jumping into the wagon and changing their brand design and marketing strategy.
Some of these companies include Coca-Cola, Taco Bell, Microsoft, Twitter (of course), NBA, and just recently announced, Pepsi will also be launching their own NFTs project soon.
It is definitely an interesting and exciting time for NFT now and although we cannot say that it is totally mainstream yet, we can see how things are going and that there’s a huge possibility of this going fully mainstream in a not-so-distant future.
Gary Vaynerchuck (Gary Vee) shared in an article with Inc.com that in probably a decade from now, every company will have their own NFT strategy and that now is the best time to learn this and “get ahead of it” while it’s still early.
Just think about the start of Facebook, where literally almost no one paid attention to, and then, “boom”, here we are — calling those who don’t have Facebook ancient.
Are NFTs good or bad?
Everything has its good and bad side. And NFTs are not an exception to this.
Talking about advantages, one of the biggest benefits of NFTs is the protection of your intellectual property rights as an artist or creator.
In a world where data is easily accessible and shared, there is less credit given to the rightful owners and creators. And NFTs are here to protect them.
Every NFT has a unique code or token associated with it and because it’s unique, it cannot be copied or replicated. It’s considered one of a kind.
Yes, it can be “photocopied” or someone can take screenshots of that digital art but it’s not the same as owning the original piece with its unique token.
Just think about the original Mona Lisa artwork. Everyone can print a copy of the Mona Lisa and display it in their houses, but they don’t have the bragging rights of owning the original painting. And the person who bought the original painting bought it for a hefty price because he is buying not just the artwork itself — he is buying the rights to the artwork.
This is the foundational idea behind NFTs. And with this being digital and accessible to more artists, we are seeing that the art industry is now getting more and more decentralized as people are free to share their art without fighting their way into getting their art into exhibits and being screened by “art experts”.
Now, every artist has their own platform to showcase their art and share it with their own tribes.
The bad side to this is that since this is digital and there is no physical “change of hands”, a lot of scammers and crooked people found opportunities from this also. And so, there were a lot of people who were tricked and lost their money.
This is not different in the real world, though. That is why we should get into this space with an open and vigilant mind.
How to confidently and securely enter the NFT space?
This is a hard question to answer because there is no easy way in. You have to know it before you can really get into it.
You have to test the waters so you wouldn’t drown as you dive deeper.
I had to spend countless hours watching YouTube and searching Google and forums just to learn what I know now.
But you don’t have to go through all that anymore. There are already people who are offering support now into the NFT space and offering courses for you to learn more about NFTs.
Here in Freedom with NFTs, we have the course called NFT 101 where I teach the basics and step-by-step process of getting into the NFT space and creating your own projects with the skills and experience you have, no matter what industry you are coming from.
Check out the NFT 101 course here. It is currently pre-selling but a lot of people have already reserved their seats. So, I would encourage you to reserve your seat now as we have limited seats available for this first batch.
We are honored to support your NFT journey!
Lauren Turton and the Freedom with NFTs team
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