The post NFTs will remain a permanent fixture in society appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The non-fungible token (NFT) bubble burst long ago, yet these versatile digital assets are proving to be more challenging to eradicate than many think. We may be at the thralls of another severe downturn, with trading at an all-time low even for blue chip NFT projects compared to last year. Still, one thing is for sure: despite the boom and bust and many naysayers, the more extensive utility of NFTs as an innovative business tool will become and remain a permanent fixture in society. That’s why legacy brands like Nike and Tiffany & Co. integrate NFTs into their business plans. Ultimately, collaborations with brands, creators, and large companies will enhance the market sentiment. In other words, widespread adoption will follow as more world-leading brands bite the bullet first and simplify it for the rest of the web3 and non-crypto world. Gary Vee was onto something when he said the inflated market and people trying to make a quick buck are the primary reasons behind the NFT spaces’ slowdown. However, despite the sharp drop and the current macroeconomic climate, good projects such as Crypto Punks and Ether continue to be in high demand with strong community engagement. This is due to their fundamentals, solid project path, and ability to serve a specific need—which is true whether we’re talking about a plain collectible or NFT that has utilities. It’s not that the industry has run out of good use cases for NFTs, but rather that the web3 projects leading them are ironing out the kinks in their roadmap and still realizing the overall growth of their project. While others are caving to competitor pressure, as seen by the recent…

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Filed under: News - @ December 3, 2023 4:20 am