Sep 20, 2022

Where do we go from here and why do we celebrate International NFT Day?

NFTs are becoming more well-known in the cryptocurrency market, so much so that September 20 has been designated as "International NFT Day."

We also recommend reading up on other noteworthy stories like speculations of a new potential collection from Yuga Labs and the news that Proof Collective will be touring Europe this autumn.

This day, known as International NFT Day, honors those who have developed and implemented NFTs. Coined by Dapper Labs' CTO Dete Shirley and first codified as the ERC-721 standard on the same day in 2017, this word has now entered the lexicon.

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NFTs are digital assets that may be held, transferred, and sold in the same ways as physical assets can. This system allows individuals to safely transact with one another through the internet, eliminating the need for intermediaries. Tokens issued in the form of NFTs are digital representations of physical assets like artwork and real estate that can be exchanged like currency but are verified as the rightful owners via the use of blockchain technology.

The reason for the celebration.

Celebrate the artists and collectors that make up the NFT community on International NFT Day. People may attend events all day long to find out more about NFTs and get their own collections going. According to Mudrex CEO and co-founder Edul Patel, NFTs are a cutting-edge technology that has exploded in popularity over the last year.

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Tarusha Mittal, Chief Operating Officer and Co-founder of UniFarm, has noted that NFTs provide crucial bridges between the real world and the virtual one. She emphasized that NFTs provide a novel kind of ownership to a worldwide audience. She went on to say that the popularity of NFT is growing because of the increasing market value that can be placed on any digital work of art, including but not limited to videos, audio samples, graphics, memes, digital art, movie posters, and music.

The Future

The rising acceptance of NFTs throughout the world might eventually lead to a network of connected metaverses where cryptocurrencies serve as the primary medium of exchange. Yunometa's Strategic Advisor Raj Kapoor speculated that consumers will gradually move away from buying purely virtual goods like images, movies, and gaming assets and instead invest in physical goods like homes, cars, and stocks.

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According to the latest research from VMR, the NFT business would be worth $231 billion by 2030. Experts predict that the gaming industry and high-end businesses will quickly realize the market potential of this area. Kameshwaran Elangovan, Co-Founder & Chief Operating Officer, GuardianLink, predicts that NFTs will soon become as widespread as credit cards.

The widespread adoption of NFTs is indicative of their potential to become the industry standard for virtual goods like virtual currency and virtual goods in games.

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