Is the NFT Marketplace a Boom or Bust? Experts chime in on where this $11.3 billion market going next.
Opinions expressed by Entrepreneur contributors are their own.
Whether you're already knee-deep in an NFT portfolio or are on the sidelines watching the rollercoaster of speculation continue its wild ride with an equal mix of wonder and apathy, it's helpful to know where an emerging market worth $11.3 Billion is going next. The answers aren't simple, and the possibilities are rapidly evolving into a multitude of possibilities. Three seasoned (and risk-tolerant) players in the field share their perspectives on the future of the NFT marketplace.
What is the future of NFTs?
"I believe NFTs in the macro are here to stay and will revolutionize most industries. Ownership verification and the seamless ability to transfer ownership from one person to another are too important and valuable not to be harnessed. That being said, I think the NFT collectible and PFP market has shifted and projects that are not focused on utility, IRL moments, and actually creating value for others will have difficulty gaining traction in the future." — David Rodolitz, Founder & CEO, Flyfish Club
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"We are only experiencing the tip of the iceberg when it comes to NFTs. There is a significant opportunity for every industry and brand to monetize its unique products and services in virtual environments. For example, we've seen sports teams, household brands, and even celebrities transfer their influence to digital environments, using NFTs to make their most valuable assets accessible to the masses. Now that we have figured out how to make a piece of digital content ownable, the NFT market will continue to grow as much as people's creativity allows. We are going to keep seeing value being added to the economy through unique NFT activations, as our physical and digital lives become more intertwined." — Amanda Cassatt, Mojito Cofounder & President
"The past year has revealed the diverse set of genres that an NFT can inhabit, from meme culture to special access passes to interoperable avatars for a metaverse that's still under construction and utility plays for games that don't exist yet. NFTs have also introduced concepts of identity, community and emotion into an otherwise technical and dogmatic space while bringing rarified commodities such as the impenetrable world of art to the masses. Notably, this epoch also shifted more power back to the creators - which was long overdue and an important case study. Luxury fashion and streetwear brands are the new contenders. The next evolution will likely reveal some of the best and highest utilities that haven't been effectively explored yet as digital assets optimize forms of trade that feel oddly familiar, from real estate to music to theme parks. I'm excited to see little revolutions everywhere across a broad spectrum of industries culminating to a point that it's no longer perceived as a fringe playground but a more broadly applied technology that is present all around us." — Sara Cline, NFT Strategist and Blockchain Podcast Host