Review in English： Blessing
Authenticity and ownership are vital to content creators, particularly in the digital age. Non-fungible tokens (NFTs) are cryptographic assets stored on the blockchain. NFTs cannot be replicated or exchanged at equivalency. These attributes make NFTs an excellent way to keep value and digitally represent physical and virtual assets. Several collection categories for NFTs include gaming, art, collectibles, avatars, utility, music, social, IP, DeFi, and the metaverse.
According to the NFTGo’s 2022 annual report, the NFT ecosystem experienced exponential growth in 2021. The NFT timeline has three phases. Embryonic phase (2012-2016), development phase (2017-2020), and explosion phase (2021).
The search volume of NFTs on Google shows a glimpse of the attention given to NFTs around the globe in 2021. The search popularity on Google was significant globally except in a few regions, and GameFi has contributed to the continued popularity of NFTs. Opensea is currently one of the largest NFT trading platforms. The 2022 annual report indicates the trading volume of NFT emanates from big deals. Moreover, no NFT collections can be popular for a long time.
The market value of NFT reached over $US10 billion by December 2021 and surged approximately 170 times during the same year. The NFT market capital growth curve was steep in August 2021. As of January 2022, there were more than ten million game NFTs (53% of the total NFTs). Avatar, collectible, and art NFTs tend to be priced higher than average. Though anyone can make their own avatar NFTs, it is much harder to issue a metaverse/land NFT since these are often subject to restrictions in the given virtual world.
Industry practitioners predict that NFTs will find use in many things within the next decade. Noticeable areas that deserve our attention are the metaverse, nonbankable assets, and digital wallets.