As the NFT market skyrockets, creatives rejoice
The NFT market is booming. If you were initially a skeptic of crypto and only bet on “safe” blue-chip stocks as per what your “good-with-money” uncle advised you back in 2015 – it’s officially time to start giving crypto and its emerging markets the attention they deserve.
Morgan Stanley reports the total NFT market is expected to hit $300 billion by 2030. And, the luxury NFT market (metaverse gaming and non-fungible tokens) potentially represents a revenue opportunity of $56 billion.
These are incredible numbers for any industry, but what makes this market so fascinating is that these are the projected revenues of abstract goods that don’t “exist “in the physical world. If you’re not sure what the metaverse is, don’t worry – we’ve got you covered with everything you need to know about the NFT market and where it lives.
What exactly is the NFT market, and how does it benefit creatives?
NFT stands for Non-fungible token, which means that it’s unique and can’t be replaced with anything else. Bitcoin, for example, is fungible, and you can trade one Bitcoin for another and essentially end up with the same thing. This uniqueness is what makes an NFT so valuable – there is nothing quite like it.
Plus, NFTs act as proofs of ownership stored on the blockchain that show whose wallet owns which digital file, how much it costs to buy it, and who has previously owned it, lending themselves so beautifully to the art and creative markets. Understandably, NFTs continue to soar in value as musicians and creatives (think Grimes, Deadmau5 and Mura Masa) create new art as tokens.
When purchasing a piece of NFT artwork on a gallery, for example, the buyer gets to own a work of art that only they have the right to reproduce. While some may say NFT art owners are simply bragging rights collectors, others argue that NFTs have saved the arts from being almost irreparably devalued in the digital age – and we’re 100% here for it.
The metaverse and its massive impact
The power transfer of the NFT market is clearly exciting to us. And the idea of an alternate universe – the metaverse – allows boundless opportunities for creatives.
The proliferation from Web 2 (mono-servers like Facebook and YouTube) to Web 3 (Blockchain, crypto, and big data) flows power back to the creatives, users and builders and away from the goliaths of Web 2, which have typically only benefited the few.
The move to Web 3, by default, has created an even more vast metaverse, the space where virtual reality is more real than ever – and the NFT market is at the centre. The metaverse allows people from all over the world to interact, purchase items (NFTs) or even land within it.
It’s also the space where all art forms are experiencing a digital renaissance of sorts, with musicians, creators, and writers finding a new medium to produce and display their work. Take our client Kanosei, for example – an investor in Web 3 opportunities and founders of an NFT art galley that supports individual artists.
Power is once again flowing to the creators, and creative work is properly valued.
New world, new opportunities
As both creators and patrons of the arts, the booming NFT market represents a brave new world and endless opportunities. In a world of gross injustice, where quantity (for now) has seemingly outweighed quality, the NFT market represents hope for many.
We’re adapting to the ever-changing industry and working with multiple game-changers in the space. We believe in this market because we believe in what it represents: a world where the power lies within the individual. And, we’ve chosen to actively accept these new currencies and support the innovative companies working together to achieve this mission.