The non-fungible token (NFT) craze of 2020 and 2021 has quieted down over the years, but there’s reason to be optimistic about what’s to come with the technology, one expert says.
At its height, NFT trading volume reached US$17.6 billion, with the number of buyers growing some 3,700 per cent year-over-year,Now, however, many of the digital art pieces are selling for a fraction of what they were worth just a couple of years ago. For example, Justin Bieber bought a Bored Ape Yacht Club NFT in 2021 for $1.3 million, which was only worth about $60,000 a year and a half later.
“What we’re excited about at Bitwise about NFTs is about what the technology represents,” he said in the television interview. “We know they can work, and now they have to scale and penetrate the real world,” he said. “I suspect that will happen within the next two or three years.” Hougan specifically pointed to Nike, which teamed up with EA Sports for Nike’s “virtual creation” collectible sneakers to be integrated into the video games. having earned US$185 million in revenue as of February.
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