Every industry has those that like to criticize its bad sides and the crypto and NFT space is not left without their critics who claim that the whole crypto industry including non-fungible tokens (NFTs) is just a fad that will crash afterwards.
Although many critics continue to criticize the industry and some investors say that they can’t invest because it doesn’t have a governing body, the user base of crypto and NFTs continue to grow day by day.
Currently, the total market cap of crypto today is about $1.78 trillion according to coinmarketcap.com and also the NFT market has grown so much in value that one can say that NFTs are here to stay. A lot of digital artists have benefited a lot from the NFT market and with the internet going towards Web 3.0 and virtual reality, one can say that NFTs going down is not something that is coming soon.
Companies such as Tesla, Microstrategy, Visa, Mastercard, etc and countries like El Salvador making Bitcoin a legal tender in their country and ecosystems simply means that the whole crypto and NFT fad topic is just sheer criticism. Some other countries’ financial institutions claim that cryptocurrency and NFTs don’t have intrinsic value, but it does offer security in their transactions, low cost of fees paid in transactions, and it is a digital asset that is highly rewarding.
Are Crypto And NFTs a Fad Or Are They Here To Stay?
Those who are new to the crypto and NFT space do ask questions like is cryptocurrency a fad, are NFTs going down? When you look at the available facts, it shows that cryptocurrency is here to stay, the same with NFTs.
Behind all the hype that the crypto and NFT industry receive, some issues raise questions about how long the crypto and NFT industry will last. A deep review shows that the positive side of the crypto and NFT industry outweighs the negative sides. The user base of this industry is growing year by year and according to a survey carried out by Pew Research in 2021, about 16% of Americans have made use of or traded cryptocurrency and NFTs.
The rate at which crypto and NFT adoption are growing, everything points at its longevity rather than passing out. According to research conducted by crypto.com, about 300 million people in the world are active in the crypto industry. The NFT market on the other side has been around for some time now but only received attention in 2021, when the market exploded. The NFT market has grown within that short period, and even celebrities such as Eminem, Jay Z, Steve Harvey, and a host of others have jumped into this industry.
Many cryptocurrencies and NFT projects are now designed to satisfy everyday uses. Even the pioneer cryptocurrency Bitcoin is now being used for real-world applications such as buying and seeking real-world items. This is a step to eliminate the question of is crypto a fad that is asked by new users and critics. Many companies in the world now accept cryptocurrencies as a payment method, even physical stores in countries like El Salvador accept cryptocurrencies as a form of payment.
Those who ask if NFTs are losing value or if NFTs are here to stay simply don’t know its application or what is happening at the moment. The whole crypto industry has expanded its reach to the art and music industry with non-fungible tokens (NFTs) being created by digital artists in both the art and music sector. Day by day, new NFT projects are being established and a lot of money is being made with this digital asset created by the crypto industry.
The Future Of Cryptocurrency And NFTs
More and more applications of cryptocurrency and NFTs are being created to promote the longevity of this industry. Developers in this industry are now creating DeFi apps that will help to promote faster transactions and lower fees, and also remove middlemen such as banks.
The technology industry is going day by day towards virtual reality, even Facebook rebranded to Meta to accommodate its vision of going into virtual reality. This move by different companies means that NFTs are not going away anytime soon. Digital artists in the art and music space, have created their non-fungible tokens (NFTs).
The cryptocurrency and NFT space also face challenges; challenges ranging from how it is easy for your data to be wiped out if you lose the computer that has your crypto if you don’t remember your wallet seed phrase without a backup plus how newbies can easily be scammed in the space.
However, as the technology advances, more and more security is being added to the blockchain and all we have to do is relax and wait for the world of cryptos and NFTs to mature.