The NFT Bubble Has Popped. Should Businesses Care?
What is the future of NFTs? After a major boom over the first half of 2021, new research shows that the bubble has popped. At its height, crypto-collectible sales peaked at $100 million in a single day but have since dropped nearly 90%.
“I think the drop in NFT prices is temporary,” Pang said. But he believes that the uses and applications of NFTs will continue to evolve. “What we’re seeing a lot in the business today is not just thinking about NFTs as an asset that’s simply tradable and ownable, but there’s a lot of people innovating on both how NFTs are created as well as how NFTs are attached to secondary markets.”
These markets may include gaming, fantasy sports, and intellectual property licensing. Because of these innovations, Pang remains bullish on future applications and investment in NFTs as they move beyond the collectibles market.
Will the merging of the digital and physical worlds make NFTs a valuable proposition going forward? How should businesses that invested heavily in NFTs adapt to the changing market? How will the Internet of Trusted Things use NFTs to build connections between creators and their audience? Litwin and Pang delve into the insights investors & industry professionals need in this rapidly evolving market.
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