What is the NFT market and what are its prospects for 2022?

NFT is a digital asset that differs from other virtual assets by using blockchain technology, also used in cryptocurrencies.

NFT markets are digital platforms built on blockchain technology where non-fungible “tokens” can be minted, bought, sold, and traded.

Currently, the NFT markets are having great acceptance by investors and companies.

But what is NFT? This acronym translated from English means “non-fungible token” or non-fungible digital assets.

NFT is a digital asset that differs from other virtual assets by using blockchain technology , also used in cryptocurrencies.

What is the NFT market and what is it for?

NFTs are virtual assets that allow virtual ownership of something to be verified through blockchain technology.

The verification process is carried out in a 100% decentralized and transparent manner.

NFTs are considered “non-fungible” since they are not the same and, therefore, cannot be replaced by others.

That is, each NFT is unique and the proof of possession is not in a centralized registry, but within a blockchain.

This implies that it is not possible to “hack” NFTs because all participants have copies of existing positions on their devices.

Currently the most used blockchain in the NFT market is Ethereum, such as:

opensea

rare

nifty-gateway

Valuable

Foundation

Axie Infinity Marketplace

Advantages of NFT markets

NFTs are programmable via smart contracts, as a consequence:

its owner can access a percentage of the profits for future sales automatically

establish direct contact with a certain community

Outlook for NFT markets to 2022

NFT markets could become mainstream by 2022, according to “Activate Consulting”, a management consulting firm for the technology and entertainment industries.

The company claims that all technology and media companies should opt in to the use of NFTs.

He also assured that NFTs will continue to make their way to a broader set of industries.

“As more consumer time shifts to digital experiences and interest in the metaverse grows, we believe every technology and media company will need an NFT strategy”

Activate Consulting

It should be noted that in 2020, the NFT marketplace development reached sales of more than 1,191 million pesos, while in the first quarter of 2021, sales amounted to more than 19,724 million pesos.

The NFT market reported growth of more than 5,000% during the first quarter of 2021 compared to the same period in 2020.