NFTs, which are unique digital assets such as artworks, sports trading cards, created using blockchain technology, gained immense popularity in 2021.
People create, collect and trade NFTs for millions of dollars, hoping to make a profit. However, experts are still skeptical of whether NFTs are a good investment vehicle.
This increase in NFTs is fairly recent, but the coin among collectors has already changed hands. For example, according to NonFungible, which tracks historical sales data for NFTs, NFT collections have generated over $6.2 billion in sales since 2017, while digital art has generated over $1.9 billion in revenue.
What Do Experts Think About the NFT Industry?
Jon McCormack, professor of computer science at Monash University, shared his thoughts on the subject as follows;
Researchers think it might be a bad time to enter the fast-growing market under extreme hype and speculation. NFT trading volume was 38% year-over-year in the third quarter, according to an analysis by DappRadar. 000 to reach $10.7 billion.
Michael Every, Rabobank’s head of Asia-Pacific financial markets research, said;
Vincent’s co-founder Evan Cohen spoke as follows;