NFT frenzy not cooling down: New players in market

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The technology of non-fungible tokens has revolutionized the creation of content. It enables artists to crowdfund their projects through tokenization before their creation. NFTs are, primarily, representations of tangible or non-tangible objects like digital art, collectables etc. The pandemic has served as a big push towards technology as more and more people went online to sought entertainment.

NFT is becoming an increasingly popular segment of the cryptocurrency world because of the realm of unlimited possibilities it provides. From celebrities like Paris Hilton & Lindsay Lohan jumping in on the NFT craze to heritage brands, everyone wants a piece of the novel technology.

Gucci, the women’s luxury brand, has also confirmed its intentions of diving into the NFT world in order to appeal to the younger audience more. Another key player, Playboy – an American men’s lifestyle brand – has announced a partnership with Nifty Gateway to enter the NFT world.

Saturday Night Live (SNL) sold a skit by the title of “What the hell’s an NFT?” for around $360,000 with all the proceeds going to charity aimed at reducing hate crimes against Asians and Pacific Islanders.

With the NFT craze reaching new highs, some skepticism has also been brewing. Peter Wood, CEO of a UK-based crypto trading platform, confirmed the suspicions of the NFT frenzy being a bubble. However, Wood believes the technology of NFTs is solid and like the 2018 bull run, NFTs are going to rise again stronger.

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