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Rise and Shine of NFTs
When mentioning the blockchain world, NFT has always been a hot topic. Regarding “non-fungible token”, NFT has emerged as a dynamic and rapidly expanding sector in recent years, capturing the attention of artists, collectors, and investors alike.
According to DappRadar, the NFT market generated approximately $24.7 billion in organic trading volume across blockchain platforms and marketplaces in 2022. Projections suggest that the value of NFT sales could reach an incredible $125.6 billion by 2027. These impressive numbers highlight the significant impact and potential of NFTs in reshaping industries and transforming our perception and valuation of digital assets.
Though having a great upside, the NFT market has still witnessed the fluctuations and tension from the macroeconomic as well as the big players in the industry. After having a disappointing performance in the late 2022, NFT sector bounced back again in the early 2023, as the appearance of advanced trading tools with the mix of De-fi in the sector. The rise and shine of those digital assets, come up with this fluctuation led us to a question on the intrinsic value of NFT - which was previously considered as a promise to transform the economy of the internet.