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NFTs enthusiasts witnesses looming bubble

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  • NFTs exhibits have been featured in the Art Basel Miami event in Florida
  • NFTs enthusiasts think that whether the hype continues or reduces crypto collectibles are a new thing that are here to stay
  • NFTs can be a less intimidating way to introduce individuals to blockchain technology

NFTs craze has been continuing to rise higher at a tremendous pace. Although the industry is a flash in the pan, crypto investors are betting that the underlying technology is here to stay. Notably, digital assets enthusiasts and venture capitalists have recently flocked to Miami Beach in Florida during one of the world’s premiere art events entitled “Art Basel Miami”. It is worth noting that the event also featured multiple NFT exhibits. However, the city hosted upwards of 200 other events where the main focus was more on blockchain technology.

NFTs revolution is here

Several enthusiasts from different industries including music, art, and entertainment are shrieking to issue Non-Fungible Tokens. These crypto collectibles are unique digital assets with ownership rights verified and stored on a blockchain. It is a way to have ownership over content that’s been historically easy to replicate online.

According to data from DappRadar, NFTs trading volume has skyrocketed by more than 38,000% in Q3 2021. According to Mike Shinoda, a musician and co-founder of the brand Linkin Park, certainly there is a lot of hype in the NFTs industry. 

Shinoda further explained that most of the people believe that there is some version of a bubble happening, but most of the enthusiasts already in the industry think that whether the hype continues or reduces crypto collectibles are a new thing that are here to stay.

NFT hype benefits all corners of crypto industry

According to Tristian Yver, head of strategy at FTX US, the Non-Fungible Tokens hype benefits all corners of the digital assets ecosystem. Indeed, although some of the parts are overvalued. NFTs can be a less intimidating way to introduce individuals to blockchain technology. 

Yver, also underscored that there is some basic understanding of crypto assets and the blockchain technology which seems to be the next step towards mass adoption. Notably, crypto collectibles are the first time a lot of individuals create a connection with digital assets and blockchain.

Why are people using blockchain technology?

Blockchain technology is also known as the distributed ledger technology. Notably the main draw for developing on a chain is because of its decentralized nature. There is no central authority that controls the blockchain network. Notably, without any authority the technology has no failures. According to proponents, blockchain is the most transparent technology and some tech investors see it as the next transition of the internet.

According to Adam Judd, LionTree’s head of crypto, some specific NFTs projects feel like bubbles. However, there still is a lot of room for the collectibles to grow in the category and new use cases around identity, community incentives, start-up funding, entertainment, and fashion.

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