An NFT is a digital object that you can own. NFTs live on the blockchain, so no one can take them away from you. And with the NFT marketplace, you can buy, sell, trade, and display your NFTs. A little something. Blockchain technology allows us to see who owned the work before and who owns it now. In other words, it acts as a certificate of authenticity and you can be sure you're not buying a fake.
Conclusions? (1) The NFT market has become an attractive market and is attracting more and more celebrities, athletes, movie stars, collectors, and NFT investors. Billionaires like Elon Musk, Mark Cuban, and Michael Jordan are investing cash in the NFT market...as are Hollywood celebrities like Madonna, Mick Jagger, and Snoop Dogg.
(2) In the past 12 months, the NFT market has grown by 18,000%. A truly impressive result!
(Do you know any market that has grown 18,000% in 12 months? Because I don't).
And that makes some NFT collectors and investors, rich. Here are some examples: (1) The New York Post confirmed that a teenager from London made $400,000 in two months selling NFTs. (2) The story of a Wisconsin father who made a fortune of $69 million on NFTs was popular in Forbes, CNBC, and the Washington Post.
In 2022, despite the tepid market conditions related to current events, the NFT market is going strong and new collections launch every week.
I think collectively if you look at all the NFTs and the fact that 2021 was the first year of market adoption, there's definitely still a lot of room for growth - said Bobby Ong, one of Coingecko's directors. We already have a set of blue-chip NFTs, but I think the industry is still barely scratching the surface of what NFTs can be and what they can do, especially if Metaverse comes to fruition - he added.