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THE GROWTH OF THE NFT MARKETPLACE By Lynn Pearce de Freitas
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hat is the allure of digital collectibles, known as NFT’s (non-fungible tokens) on the blockchain? Why are NFT’s so popular right now, is this a passing trend, or will it grow into the foreseeable future? This seems to be a hotly debated subject right now and one that interests me greatly, for several reasons, which I will unpack further in this article.Interest in NFTs have been high since the first quarter of 2021, which saw $2 billion in total sales of NFTs, most likely spurred on by the NFT artwork created by a digital artist called Beeple, which sold at $69 million at Chris-
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tie’s, the highest amount to date. The NFT market has dropped considerably in the past few weeks, however, theinterestand belief in the future of digital collectibles is still growing exponentially. It is really hard to determine whether NFTs are a fad or future asset. From music moguls, Rollingstone, celebrities, financial institutions, investors, venture capitalists to blockchain enthusiasts, who feel like it’s the underlying technology that is more important – everyone seems to have a different opinion, with some even
likening it to a punk movement! Being in the sports betting and gaming industry, it is interesting to note the surge of interest from global sports teams, with incredibly valuable intellectual property, looking to tokenize and distribute their collectibles in the form of digital trading cards. I guess we need to understand the business model before we can determine the answers to all the questions and interest around NFTs currently running on blockchain technology. NFTs are digital blockchain-linked assets that are unique identifiers and
