Non-fungible tokens (NFTs) are becoming increasingly popular, and September 20 has now been designated as the international NFT day by the cryptocurrency community.
An ERC-721 token was created and deployed on the same day in 2017 as the term NFT was coined by Dapper Labs Chief Technology Officer Dete Shirley as an abbreviation for ‘non-fungible token.’ It is celebrated as International NFT day.
Traditional assets can be stored, transferred, and traded just like NFTs. NFTs are digital assets that can be done the same way.
Why is it celebrated?
NFTs are celebrated on International NFT Day. Everyone in the NFT community, including collectors and innovators, should celebrate this day. NFTs are also a great opportunity for newcomers to start their own collection.
CEO and co-founder of Mudrex, Edul Patel said NFTs are a novel technology that has skyrocketed in popularity in the last year.
“Protecting ownership of digital assets is one of the biggest benefits of the NFTs. NFTs will soon be a part of our everyday lives for their unique way of proving ownership,” he says.
As the COO and Cofounder of UniFarm, Tarusha Mittal believes that NFTs are important connecting links between the physical world and metaverse. She says the NFTs offer a unique form of ownership for the global audience.
Every digital art form, like videos, audio clips, graphics, memes, digital art, movie posters, and music can be sold at a higher value based on the buyer’s interest, says Ms. Sekaran.
Way Ahead
Across the world, NFTs are gaining in popularity and might result in an interoperable metaverse where cryptos will be the most important currency to purchase anything and everything.
As we watched the shift from simply purchasing digital photographs, videos, and assets for games over the years, we noticed that we had become willing to buy real estate, other assets, and stocks, according to Strategic Advisor Raj Kapoor of Yunometa.
According to VMR, the NFT market is projected to reach $231 billion by 2030. Within the next few years, the gaming industry and luxury brands are expected to make significant profits from this space, experts say.
According to Kameshwaran Elangovan, Co-Founder and Chief Operating Officer of GuardianLink, NFTs will be common as credit cards or more within the next few years.
“People will come to rely on NFTs for their dependability, reliability, and transparency.”
