The market is set for the rise of NFT initiatives that come from the down-to-earth demand.
Earlier this year, a surge in the trading value of NFT creations caught the attention of investors all over the world. But is this latest investor craze worth these impressive valuations?
The blockchain NFT market contains many types of players, including individual artists/creators, collectors, individual investors, technology companies, and innovative product companies. Each type tries to harness appropriate values in different approaches.
NFTs start with an epic appearance with a speculation fever
Investors are quite sensitive to new investment channels. They found out that blockchain NFTs have satisfied true collectors, providing them with the ability to completely own a unique digital asset.
When collectors are willing to shell out a large amount of money to own the things they want, it creates an opportunity for a wave of speculation in NFTs.
Speculators have been constantly looking for good NFTs on exchanges like OpenSea, Nifty Gateway, Superrare, and many others. According to The Block, NFT’s weekly trading volume hit nearly $200 million in the last week of February, marking a record trading volume for digital artworks.
However, the fever quickly cooled down as the transaction value on the market dropped to $35 million in early June this year. Experts compare the NFT market to “the tulip fever”. This rapid decline is an inevitable future for a speculative narrative that disregards actual needs.
On the other hand, The Rolling stone likens NFTs to a dot-com bubble. Most companies emerged from the hype, but others had the real deal. When the hype wears off, good vision companies will provide lasting value to those who already believe in it. In the case of the blockchain NFT, the boom earlier this year may not have much long-term value, but it has made a big impression on tech investors around the world and ushered in a new promising secondary market.
NFTs are here to stay
The NFT market had a period of deviation from the original intention of creators. Now, the development of NFTs is returning with the main goal of supporting artists and developing a digital product market based on real value.
Analysts supposed that the best way for individual investors to invest in NFTs is to buy NFTs that relate to their personal preferences. It’s certainly better to invest in a product that you know it’s worth rather than following the hype.
On the other hand, NFTs have a wide range of applications for many businesses in different fields, especially in platform wars. As for the music market, some platforms that offer NFTs help musicians release their new products directly to collectors. In the field of sports, platforms that provide NFTs will help issue cards for favorite clubs and players. These NFTs platforms create a better level of interaction between favorite artists, players, and fans.
Several businesses in the field of high-end architecture and interior design are also planning to use blockchain NFT to store their exclusive design works. The number of NFT initiatives is still counting.
Invest in blockchain NFT for business with akaChain
When learning about NFT investing, there are dozens of tips for NFT investors to buy and sell NFTs on marketplaces, but not much information about blockchain NFT for enterprises.
Seeking the potential of blockchain NFT in the enterprise, akaChain provides end-to-end blockchain solutions that help your business generate and manage your NFTs with effectiveness. You will have the chance to access the most practical knowledge about the enterprise blockchain market while collaborating with us. In our vision, blockchain NFT platforms will provide potential new marketing channels for many businesses and organizations.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since its establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io.
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