For many, cryptocurrency represents just another economics class. Regardless of how powerful and transformative it may be, money isn’t always very exciting.
But NFTs bring an exciting twist to what was once ‘just a‘ financial tool. They’re art, they’re music. Celebrities and pop artists are getting into them. They get you into exclusive social circles. There’s something there for people to see and something simple for them to understand. If you hold an NFT, you hold something special.
Non-fungible tokens (NFTs) have been around for nearly four years, quietly growing in popularity among serious cryptocurrency investors. But that's no longer the case. NFTs' market capitalization reached more than $7 billion in 2021, up from less than $55 million in January of the same year, according to NFTGO.io. In fact, over 90 percent of the increase occurred during the final four months of this period.
NFTs are a specific type of digital asset that allows users to prove both scarcity and ownership over digital assets. Some works of art have sold for more than $100,000 in the last year thanks to NFTs. Millions of people around the world have discovered that they can improve their lifestyles and make more money by investing in blockchain assets. NFTs have been so popular that Visa, one of the world's largest payment processing networks, bought a few for themselves. NFT sales are expected to reach nearly $3 billion in 2021, according to the Economic Times. Sales are now totaling around $1.24 billion every quarter.
The Bored Ape Yacht Club's NFTs have been purchased by Stephen Curry, Nick Kroll, Shaquille O'Neal, and even Jimmy Fallon. These are great for profile photos, but they also have a lot of utility beyond their digital artwork. These collectibles give the owner access to limited-edition events and social groups. Celebrities are a significant factor in the growth of NFTs in popular culture. The easiest approach to legitimize and promote any innovative technology is through proof of authority, whether that is scientists, the government, or even pop culture figures. We can bring in a vast new user base by introducing celebrities and their fanbases to the blockchain.
They understand the necessity of technology and the power of millennials and Gen X. VR and the Metaverse in the hands of the young is truly the next step for the future, and investment firms like this led by forward-thinking entrepreneurs are making the first moves. Bridging the gap between music and crypto is one of those first steps. **
Millennials and Gen X are the primary demographics swayed by pop culture, and new projects are doing well to catch their attention**
Celebrity support is expected to significantly increase the rate of NFT adoption and usage. Roaring Roccstars aren't the first to combine music with the Metaverse, though. Travis Scott organized a music event for one of the world's most popular games, Fortnight, which was attended by millions, which would technically make it the largest music event of all time. French electronic composer Jean-Michel Jarre also performed in virtual reality. In 2020, the music festival "Tomorrowland” was hosted by Minecraft. This event could be accessed both through your PC or your VR headset.
The type of NFT collections that most obviously show this trend are collections that surround already existing intellectual copyright. The most famous of these so far is the partnership between
There are other examples of even more real-world-oriented NFT communities and experiences. A new project called
Another unusual community that will soon be joining the blockchain is the adult content industry. Platforms like OnlyFans foreshadowed this sort of event, and when the content creators were censored on the platform they helped create, a platform that was finally empowering them to do their jobs more fairly, they were bound to find another option. Splash provides that option by selling NFTs of the content in question.
This gives adult content creators more power and more privacy. And of course, more income. For any content creator, owning your content is incredibly important. Social media networks flat out admit to owning whatever you post to their websites. Tons of hard work and effort is put forward by millions of people every day just for Facebook and Instagram, or OnlyFans, to rake in all of the benefits. It’s not fair and it doesn’t lead to a flourishing economy.
Blockchain technology is about decentralization and collaboration. New projects continue to find new ways to bring new communities online and put powerful tools in their hands. The gig economy is particularly relevant - with the ongoing pandemic, millions of people have been forced to change careers and work within the freelance model. There are around
We are in the preliminary stages of a complete shift from centralized models to decentralized platforms. Every single function that is currently being performed by major centralized models (Facebook, Airbnb, Uber, UpWork, LinkedIn, Twitter, etc) can be more efficient and inclusive when blockchain’d. It’s a matter of when not if. It’s also a matter of which. We know that everything is going to be placed on distributed ledgers, but we don’t quite know yet which ones will take ‘center’ stage.
The blockchain is one of the most exciting technologies in recent history. It's enabling new possibilities for global communication and collaboration that we've never seen before. NFTs are uncovering innovative ways to bring people together from all walks of life, but this is still early days. As NFT technology develops, the potential for it to bring us together will grow as well.**
It's likely that the cryptocurrencies' underlying technologies may be used to produce completely new communities where people will interact based on different principles. The ideas of collaboration on which blockchains and NFTs are based will lead to new ways of solving problems and changing the world for the better.**
Vested Interest Disclaimer:** The author holds tokens in Splash. The opinions in this article belong to the author alone and should not be considered investment advice.
(Featured image courtesy of freepik.com)