NFTs Have Huge Potential And Could Hit $10 Trillion In Annual Sales

OpenSim is popular among those who have recently come to know NFTs as valuable virtual items traded in OpenSea and other NFT marketplaces
OpenSim is popular among those who have recently come to know NFTs as valuable virtual items traded in OpenSea and other NFT marketplaces

Ethereum blockchain has been within the news for quite it slow now for driving the complete non-fungible tokens NFT marketplace, but the expansion potential isn’t yet capped in step with Tether USDT stable coin co-founder William Quigley.

NFT non-fungible token annual sales had reached more than $2.5 billion as of July this year, with nearly 1/2 that value transacted in July alone. Quigley now says that NFTs non-fungible tokens could grow to hit annual sales of $10 trillion within the metaverse.

“From a consumer-product standpoint, what’s interesting to me isn’t one NFT selling for $1 million, but 1,000,000 NFTs being sold at $1 each. A brand-new business for digital collectibles. That seems to me to possess longer legs and overall a much bigger market.”

According to the co-founder, the market currently seems to be populated by deals from crypto-rich individuals and renowned artists, but traditional art buyers are yet to dip their toes into non-fungible tokens. And after they do, we are visiting see accelerated market growth in terms of annual sales.

Metaverse, which refers to interconnected digital virtual worlds and borrowed from the Second Life and OpenSim technology communities, is now a preferred topic among people who have recently come to understand NFTs as valuable virtual items as an example as traded in OpenSea and other NFTs marketplaces.

Metaverse could be a less-known word within the crypto and digital world but Facebook’s CEO Mark Zuckerberg has talked about it some times now, probably alluding that Facebook is headed therein direction. Ethereum co-founder Vitalik Buterin too, signaling its huge potential within the future. It’s certainly a vicinity during which many companies and individuals are spending plenty of cash.

Quigley said within the interview with Bloomberg that the metaverse has been welcoming artificial reality, a technology that allows people to overlay digital worlds over real items. this can impact the metaverse and NFT marketplaces in a very big way. this is often because NFTs will likely be the revenue model for the new metaverse.

“In video gaming, the revenue model now’s virtual items, and that’s a $175 billion business annually. I believe the metaverse should be orders of magnitude over that because it’s everything, it’s not just gaming.”

The market for crypto collectibles released as non-fungible tokens (NFTs) exploded in 2021, with $2.5 billion in transaction volume in the first six months as NFTs entered the mainstream.

The boom has also seen NFT enthusiasts rediscovering some of the earliest non-fungible tokens, propelling the value of these crypto collectibles to hitherto-unknown highs.

One of these early NFT projects is CryptoPunks: a set of randomly generated pixel-based avatars. Some of the rarest, most desirable CryptoPunks have sold for millions of dollars. Seriously!