September 27, 2022
By Anjali Kochhar
Just a couple of days ago, the world celebrated International NFT day (non-fungible token day). This was to appreciate the creators and collectors in the NFT community. It’s also a day for people to learn about NFTs and get started with their own collection.
However, NFTMetta spoke to several experts in the industry and they had a view that soon enough, such a day won’t exist as NFTs will become a day to day phenomenon for everyone just like physical objects are.
Ramkumar Subramaniam, CEO and Co-Founder of NFT marketplace Guardianlink said, “Frankly speaking, we would like this day to disappear because NFTs have, at some point in time in the future, become an integral and undeniable part of our lives.”
“We envision a day when a person who wants to join an organization, and they just present their digital degree certificate as an NFT, and as a welcome bonus, they are given a ticket as an NFT to attend a concert in the metaverse,” he added.
For now, he believes that dedicating a day for NFTs is a great step forward in giving NFTs much-needed cultural recognition.
“NFTs have the capacity to uphold the value of these collectibles, and in that way, they safeguard emotions. Collective emotions safeguarded result in a culture. The NFT Day reminds people that such innovations have been brought up by cutting edge technology and science only to give people a sense of emotional satisfaction,” Subramaniam said.
Edul Patel, CEO and Co-Founder, Mudrex, a global crypto investment platform, said that NFTs are capable of replacing the physical paper documents in every sector, ensuring better security.
Echoing Subramaniam’s opinions, Patel said, “NFTs will soon be a part of our everyday lives for their unique way of proving ownership.”
NFTs are unique blockchain-based tokens that represent ownership over other digital or physical items.
These tokens are frequently traded as speculative collectible items, but may also provide additional functionality and benefits to their holders.
After gaining momentum in 2020, NFTs became a rage in 2021 with numerous NFT launches in the field of sports, arts and culture.
The market for NFTs grew within the last two years. Sales for these digital assets reached $23 billion in 2021 and are on pace to break that record this year, even though the NFT market has cooled in the second half of 2022.
Mahin Gupta, Founder of Liminal said, “It has also bought the physical world closer to the digital world, for eg- we see various nationally and internationally acclaimed artists, celebrities and brands like Starbucks, RayBan, Addidas etc coming up with their own NFTs. This has also resulted in an increased acceptance level. I’m sure that the NFT industry will further expand in the years to come becoming one of the most sought-after industries in the Web3 ecosystem.”
While experts view NFTs as growing big in the near future, they feel that this cannot happen without spreading awareness and educating the creators.
“To understand any technology at its grassroots, it is important to understand why it exists in the first place. It is a bit concerning to note that NFTs have not attracted this direction of thinking yet,” GuardianLink’s Subramaniam said.
“Any innovation that changes and challenges the status quo of something that has existed for centuries together might always be difficult to accept and adapt to. A part of this perception of difficulty has to be attributed to the businesses that have made a fortune from the limitations,” he added.
Raj Kapoor, Strategic Advisor at NFT marketplace Yunometa, believes that new career opportunities are emerging in the NFT space. Digital Art, Fashion, Licenses and Certifications, Collectibles, Marketplaces, Decentralized Finance, Virtual World and gaming professionals are in high demand.
“The key here is education,” Kapoor said.
Kapoor further believes that awareness and education in the NFT space will provide insights into the workings of Ethereum and the Non-Fungible Tokens. It also enables us to understand Ethereum-based platforms for Non-Fungible Tokens and will give us a massive head start in the Blockchain domain.
“A complete understanding of the Non-Fungible Assets domain equips us with relevant skills and aligns us with in-depth knowledge of smart contracts and Decentralized applications,” he said.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.