Russia’s State Hermitage Museum sold $400,000 worth of NFTs. Among the six collections sold, two featured the famous “Madonna and Child” by Leonardo Da Vinci. And “Composition VI” by Wassily Kandinsky.
Alibaba of Japan, Rakuten of China, and FTX (the world’s largest crypto company) are the latest flourishing NFT markets.
What’s the exact driver of the NFT mania?
It’s hard to pin down the exact reason. But one thing is certain: The wider crypto surge has spawned legions of crypto millionaires and billionaires. These are people who nurse strong blockchain beliefs and are ready to bet on its success, thanks to their bulging wallets.
That said, the rise of NFTs cements the case for Ethereum becoming the “vehicle” to the digital world — or “metaverse” as we now know it. The term is a trending tech topic.
What is “Metaverse”?
Mark Zuckerberg defines the metaverse as a 3D Internet, where instead of viewing digital content, you get absorbed in it.
He recently laid out his metaverse plans. And promised to turn Facebook into a “metaverse company” using virtual reality projects. He recently launched a virtual reality office space to kick off his idea.
The metaverse is a collection of shared digital worlds where users can move from one digital world to another — clutching their property, money, and digital identity.
Let’s paint a clearer picture. If you buy a virtual space of Paris or London, you’ll retain its value when you enter into another virtual space. So, no space will have control of your accumulated digital assets or items.
When crypto enthusiasts see things from this perspective, you can expect NFTs to flourish and trigger a race to the new digital world.
The crypto ecosystem is dynamic, which means NFTs value can dip in the long run. Why? Because their value is tied to digital assets. However, crypto is also evolving fast. And chances of NFTs succeeding are higher than ever before.