International NFT Day: Why is it celebrated and what is the way forward?
International NFT Day celebrates the creation and use of NFTs. The term was coined by Dapper Labs Chief Technology Officer Dete Shirley in the form of the ERC-721 standard on the same day in 2017, which marked its existence.
NFTs are digital assets that can be stored, transferred and traded just like traditional assets. They provide a secure way for people to exchange information and money without having to rely on third parties.
NFTs are cryptographic tokens that use blockchain technology to verify ownership and cannot be replicated and are used to represent digital and real-world objects such as artwork and real estate, allowing these assets to be traded.
Why is it celebrated?
International NFT Day is about celebrating the creators and collectors in the NFT community. It’s also a day for people to learn about NFTs and start their own collection.
Edul Patel, CEO and Co-Founder, Mudrex said that NFTs are an innovative technology that has rapidly gained momentum over the past year.
“They are capable of replacing the physical paper documents in all sectors, ensuring better security. NFTs will soon become a part of our everyday life for their unique way of proving ownership,” he adds.
Tarusha Mittal, COO, and co-founder of UniFarm said that NFTs act as important links between the physical world and the metaverse. The NFTs offer a unique way of ownership for the global audience, she said.
The NFT-based wealth creation is gaining momentum as all digital art forms such as videos, audio clips, graphics, memes, digital art, movie posters and music can be sold at a higher value based on the buyer’s interest, she added.
Far ahead
The popularity of NFTs is increasing worldwide and could lead to an interoperable group metaverse, where cryptos will be the major currency to buy anything and everything.
Over the years, we could see the shift from just buying digital images, videos and assets for games, to buying real estate, other assets and stocks, suggested Raj Kapoor, strategic advisor, Yunometa.
The latest VMR report pegs the NFT market at $231 billion by 2030. In the short term, the gaming industry and luxury brands are likely to tap the potential of this space, experts suggest.
We are soon looking at a day when NFTs will be as common as credit cards, if not more so, believes Kameshwaran Elangovan, co-founder and chief operating officer, GuardianLink.
“People would be so used to the convenience, reliability and transparency of NFTs that it would become the de facto standard for digital collectibles and gaming assets.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
