Will the NFT Rise (non-fungible tokens) continue in 2022?

This year, NFTs experienced a historical rise but continue to divide opinion. There is a huge debate on NFT rise whether it will continue in 2022 or not. Let’s have a look!

Amber Slooten (Digital fashion designer) believes non-fungible tokens (NFTs) give artists the power to “distribute their creations again,”. She also stressed that along with the possibility of creating an “all-new society” through digital asset certification.

However, the cryptocurrency journalist David Gerard said that the cryptocurrency world was already swamped with nefarious activities. Moreover he stresses as it will soon be that authorities absolutely destroy them.

Coronavirus restrictions canceled or postponed many traditional design fairs, including Milan design week in 2021.

As the year wore on, NFTs became more mainstream

Andrés Reisinger, an Argentinean 3D artist, sold a virtual furniture piece for almost $ 70,000 in an NFT online auction, and an American collage sold for $ 69 million (£ 50 million).

By April, Alexis Christodoulou, a 3D artist, introduced the world to NFTs.

The frontier is just beginning,” he told Dezeen. You are once again in charge, so you can create something beautiful.”

The market for NFTs took off in the last six months. Adidas announced recently that its next collection would include both physical and digital items that are available for sale via NFTs in addition to independent designers.

After Facebook changed its name to Meta in October 2021, the NFT phenomenon gained widespread attention. As a result of the rebrand, the metaverse – a parallel existence in the digital world – was here to stay.

Consequently, Collins Dictionary chose “NFT” as the year’s word.

Criticism from investors and experts

NFT

Furthermore, investors and experts have expressed concerns over the nature of the NFT marketplace, saying that it is susceptible to the same concerns about money laundering and lack of regulation as cryptocurrencies.

In an interview with The Crypto Syllabus published this week, the famed multimedia artist Brian Eno described the NFT community as “hustlers looking for suckers.”

Gerard, a cryptocurrency journalist, said, “We must distinguish between two things.” “First, there are the terrific hypothetical possibilities that lie ahead with NFTs. Secondly, there is the actual real-life NFT market we have today, which is awful and reprehensible in pretty much every respect.”

They claim that the NFT market is being artificially inflated and people exploit it for money laundering through fake trades. Therefore, designers’ potential real financial gain is less than it seems.

Hance there are both kinds of thoughts about the NFTs will maintain the rise or fall in 2022.

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