NFTs have become very popular recently and almost all major companies are trying to do something in this new space. While some are purchasing popular NFTs on the market others are releasing their own. But what is common in all these is the huge fan interaction and engagement. In fact, Visa mentioned the same in their whitepaper saying NFTs are a promising medium for fan engagement. Considering this we can expect much more players in this industry very soon.
Visa on NFT
Visa has recently published a whitepaper on NFTs and said how great they are for fan engagement. In fact, people are going crazy over these new form of ditial art and are pouring thousands to millions of dollars for just the ownership of art pieces. Companies like Marvel are even selling goodies and comics as NFTs. At the same time, the NBA is seeling popular game clips as NFTs. All this shows that yes people are interested and so are companies.
Seeing such a hype, even Visa has purchased their first NFT for $150,000. It is a CryptoPunk 7610 which has been one of the most popular NFT collections right now. There are a total of 10,000 cryptopunk NFTs which has pushed the prices bery high. The most important USP of an NFT is its uniqueness which is the same case here.
Are NFTs in a bubble?
Even though NFTs generate a lot of hype and are a great medium of fan engagement, I do see a bubble forming ready to burst. While the medium is really beneficial for those who are selling really great art but it has also become saturated with many useless things. Rocks, papers and even a single black pixel sold for millions. The idea is sooner or later people will stop hyping this up so much and the prices will crash drastically. Yes, there is a certainity that it continues the way it is right now but when crypto moves to a bear market is when NFTs could take the hit.
What are your thoughts on NFTs being called a great medium of fan engagement? And do you like the idea of buying digital art? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.