Will NFT Be the First of Many?
The start of 2021 has certainly held a lot of excitement in different and changing financial markets, with different news around crypto and blockchain often topping the news columns throughout the start of the year. Much of the success around the crypto news came from the importance of how it’s being adopted, from the likes of Tesla stating it would become a currency available to buy their vehicles to online services like those found at wish casinos accepting it as a payment method, and even more recently as banks take further baby steps into making crypto more accessible.
Importantly however came the emergence of the NFT market – build on the Ethereum blockchain it operates somewhat like a digital collector’s wallet, allowing collectors to buy unique pieces of digital art and store them away in the blockchain. Whilst it has since come under fire for different reasons that make the market not as reliable as some had hoped but does raise the questions of whether or not it’ll present different opportunities in the fintech market for those looking to fill the space.
As countries around the world seek out options to expand their own fintech futures, crypto will always be an important matter now, and the flexibility of blockchain opens up a huge number of possibilities not just for the crypto space but also other emerging markets, and NFTs have shown other creative ways in which the technology can be used to expand outwards. Whilst it doesn’t provide the backdrop for all markets to follow, it does show some niche potential in finance, particularly in newer opportunities with retail trading for example that have grown in popularity over this past year too.
It also made lead to the same markets being repackaged, some have already suggested a dynamic future be on the cards to expand outward from where it’s already at with the likes of images and music albums, as there’s space for other forms of media to fit in the same space where necessary rather than the next NFT market becoming popular it may instead just to continue growing along the same trajectory. There’s still plenty of difficulties to overcome, however, as uncertainty around copyright and ownership continues to grow, and as newer sales come under the question to their legitimacy with big changes in regulation and protection needed for both seller and buyer.
It’s certainly an exciting period of change, however, and one with a large enough audience jumping on board already to make it successful, largely with only a few additional steps needed to take things over the finish line where they may find a little prohibiting them from doing so already.
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