In a recent article published on Bybit’s blog, Anndy Lian, the Head of Partnerships, addresses the claims made by Rolling Stone and others that NFTs are dead. Lian sets the record straight by highlighting the continued growth and potential of NFTs, despite recent market fluctuations.
Lian begins by acknowledging the outstanding growth of NFTs, which reached a total market capitalization of $10.7 billion at its peak. While the market has faced a dip in performance compared to its highs in 2021 and 2022, Lian argues that NFTs are still very much in the public eye.
One of the positive industry signs that Lian points out is the success of Bybit’s own NFT collectibles, called ‘The Velocity Pass.’ Inspired by the Formula One World Championship and Oracle Bull Racing’s RB19 race car, this collection of 1,000 digital assets offers exclusive offerings, entry into raffles for tangible prizes, and complimentary NFTs from collaborating artists. Lian uses this example to illustrate the role of NFTs in fostering creativity, providing financial opportunities, and contributing to a virtual cultural revolution.
Lian also highlights other noteworthy trends in the NFT space. He mentions the emergence of generative artwork, such as Art Blocks, which is created through computer program algorithms using inputs from artists or collectors. Additionally, Lian mentions industry giants like Visa, Cola-Cola, and Marvel embracing the NFT revolution in various ways, from acquiring valuable NFTs to launching dedicated marketplaces.
Another important aspect that Lian covers is the fractionalization of digital collectibles. This allows art collectors to access and invest in high-value NFTs at a more affordable cost. Lian cites the example of DAO Records’ Wu-Tang Clan’s ‘Once Upon a Time in Shaolin’ album, which was made accessible to a wider audience through fractionalization.
Lian’s article goes beyond discussing specific examples and delves into the broader transformative potential of NFTs. He highlights how NFTs are reshaping ownership and property rights, providing a solution to legal conflicts, and instilling hope and faith in enthusiasts, investors, and creators. By demonstrating real-world examples of the benefits of NFTs, Lian paints a picture of an evolving and thriving NFT landscape that continues to inspire and act as a beacon of optimism for all involved.
In conclusion, Lian’s article reassures readers that NFTs are far from dead. Despite market fluctuations, NFTs continue to hold immense potential and offer new opportunities in the digital realm. By debunking the claims of NFTs’ demise and providing examples of their success, Lian aims to restore confidence and encourage further exploration of the NFT space.
To read the full article by Anndy Lian, visit Bybit’s blog [link to the article].
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(Note: All investment and financial opinions expressed by NFT Plazas are based on personal research and experience and should be considered educational material. It is essential to conduct thorough research before making any investment decisions.)
