NFTs have already made significant inroads into the luxury and gaming industries, and have plenty of room to grow beyond these initial applications. The art sector will continue to be an important segment of the overall NFT market and is likely to gradually reach maturity over the next couple of years, although it is likely to be surpassed by other digital certificate applications like trademarks and patents, training and upskilling certificates.
Russo believes that the next major growth inflection point for the NFT market will be focused on gaming and decentralized finance: “Right now, the market is capable of understanding NFTs as something you can buy, sell or hold. The next stage of this market will be driven by what you can actually do with the asset class.”
As these industry experts outline, the possibilities of NFTs are as seemingly endless as the blockchain technology that powers them. There’s plenty of attention on NFTs, and it seems like it’s only a matter of time before new, exciting use cases emerge.
Outlets that follow the crypto industry have been observing a trend, which is that according to Google search data, the rise in interest in non-fungible tokens, or NFTs, now almost matches the level of interest in 2017 in initial coin offerings, or ICOs.
Of course, ICOs largely disappeared from the scene after the SEC started poking around and determining, in some cases, that they were being used to launder money. Now experts in blockchain transactions see the potential for abuse again with NFTs, despite the traceable nature of the tokens — and perhaps even because of it.