The world of crypto assets is now home to NFTs and collectibles available in abundance. While mainstream cryptos continue to ebb in dominating the numbers, the diverse sectors of the cryptoverse have been taxing praiseworthy numbers. The creativity involved in NFTs has been turning the heads of geeks in town.
The foray of celebrities and influential personalities has been persuading novices to the industry. With prices of NFTs hitting sky-high limits, industry savvies are pondering over the fate of NFTs, amidst the sky-high floor value of NFTs. In the interim, proponents believe a major wipeout of irrational NFTs to be a necessity.
Are NFTs The New Meme Coins Of The Crypto Industry?
NFTs which are mere digital artworks for amateurs to the game are much more than just digital artworks. These are technically sound assets, which are exclusive in their own terms and tend to solve the shortcomings involved with traditional artworks. Moreover, these art forms a building up communities of like-minded intellects. And are now turning a key to elite public relations.
Which has been fueling the sky-high prices of several NFTs, which are retailing for millions of dollars. The space has been welcoming a host of celebrities, and influential personalities, who have been creating their NFTs, and NFT platforms. Which has persuaded newcomers to join the league. The sector is growing with innumerable opportunities for creators, developers, buyers, and investors.
With opportunities comes responsibilities and its set of loopholes and shortcomings, which are being exploited to a certain extent. Numerous NFTs have been surfacing, which hold zero value and community stance, which are more like pump and dump assets. That is meant for monetary laundering. Similar to what we have seen with numerous NFTs.
This is the reason why several proponents have been advocating for a wipeout of such NFTs. As the situations are more or less similar to the ICO from 2017/18, where the majority of those failed. Since the world is rapidly moving towards NFTs and Metaverse, the space would need necessary corrections.
Summing up, NFTs are one of the revolutionary innovations of the tech world, which is still at its nascent stage. And is prone to exploitations, with numerous non-crypto investors flocking in, the sector would need necessary reforms. That said, with bigger firms opening doors for metaverse, and gaming, the future holds in the hands of NFTs. Making these potential investments for the long run. While mainstream cryptos are stuck in a quagmire, NFTs could probably save the alt season from drowning.