This Bitcoin cycle, the hot fad has been Defi, NFT's, and Meme-coins. Defi being "decentralized finance" which can be an umbrella term for the projects and company's that facilitate legacy banking services in a "decentralized" way. Meme-coin's being the slur for projects with a silly name that are consciously or unconsciously just pump and dump projects; used to make fast money (or in most cases, fast loss of money). Finally, NFT's stand for Non-fungible Tokens and are essentially unique digital assets, and what i will be reflecting on today.
In 2017/2018, the first rumblings of NFT's showed their face with crypto-kitties. Crypto kitties may not have been the first, but it was definitely the more famous example back then. Throughout the 2018-2020 bear market, more NFT projects started popping up until they became one of the fad hot trades of the 2020/2021 bull market. Which brings us to today; what is the future of NFT's?
NFT's in their current form; is a free for all from artists making a quick buck to possible money launderers buying their own NFT's, and everything in between. Whatever people are buying and selling NFT's for, the market is at a maturity level where it is mostly high speculation. Because of this, 99% or more of the NFT's on the market today, will assuredly be near worthless in 1-4 years.
I do think NFT's have a future, as the market matures, and as the market decides which chain it wants all its NFT's on. But the way the market is headed, NFT's will likely separate them selves into various categories to meet various market demands; and these categories is where the future of NFT's truly will be.
Stay tuned for Part 2 when i dive further into these categories...
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