Is Nonfungable Token or NFT is the new miracle in Blockchain Industry ? or it is only another bubble ?
An artwork sold for $69.3 million at storied auction house Christie's .
What made the sale unique was that the art is purely digital and is what’s called a non-fungible token (NFT).
Impact of NFT in various industry :
1. Impact in Gaming Industry:
Current Video game industries approx. value is $150 billion , and expected to be grow more than $250 billion by year of 2023 .The popularity of NFTs in the gaming industry is probably one of the reasons to consider the chances of a good run for non-fungible tokens in 2021.
2. Impact is Digital ART industry:
Digital artists had to experience various issues in ensuring that their work reached potential buyers. Most important of all, the introduction of NFTs in the field of art could take away the role of middlemen. Lack of intermediaries and transparency regarding product information could help in improving the adoption of NFTs on a large scale in the field of art.
3. Video Clip sold through NFT market place:
In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. interestingly he sold it for $6.6 million.
How is the Growth !
From 2017 to 2021 the NFT has grown in leaps and bounces , Opensea has hit 95.2 million in early 2021 .
The NFT is expected to make a good impact in Real estate and Flim industries .