Everything in this world is going digital and property and art are going full-time digital thanks to NFT (non-fungible token) that represents ownership over art or an asset. The NFT market is growing very fast and only in 2020 it experienced growth of over 700% and from the looks of it even in 2021, the growth is bound to continue. As the crypto market grows and new users come into space, you can expect the NFT market to grow by a big margin.
NFT craze or something with great potential?
At the moment the NFTs are both. They are a craze that has no signs of slowing down and at the same time, it holds very big potential for the future as we are seeing real-life items being tokenized through the NFT standard. NFTs can be used for many things that most people don't even realize like digital art, in-game skins and items ownership, real-life representation of ownership of items like clothes, cars, real estate, etc... and much more. Thus the potential in the long term is over the top.
Trading NFT is done through markets like the Opensea and Rarible that are based on ETH but there are other platforms coming out on other blockchains building their own NFT version.
The NFT situation
The situation at the moment is that NFTs are at a point where we can see the growth with a lot of retail money flowing into the market as FOMO and excitement are building up. Let's not forget that we are still at the beginning of a very big bull market for Bitcoin and other cryptocurrencies. The NFT market is very likely to bubble up which is inevitable as we are at that time where we may see the market exploding. But in the end, we are going to see excitement fade away when the whole crypto bull run ends and this is the logical outcome in the end. But from all of this noise, big things will be born in the future and ownership over everything will be verifiable in a very effective manner.