GoodFirms, the global research and review platform, has published its latest research study, "NFT Races To Reign The Supreme: Will This Market Evolve To Stay Longer?." The research dwells deep into the key facets related to the rise of NFTs (Non-Fungible Tokens) as a counterpart to cryptocurrencies and its correlation with the pandemic, metaverse evolution, and craze for crypto-based assets. GoodFirms also thoroughly analyzes NFTs sales figures, features, popularity and discusses if NFTs have the viability to sustain in the current business landscape or will they end up like a bubble?
The public fascination for acquiring digital assets and their exceptional return potential has led to unprecedented growth in the NFT sales volume.
“With increased awareness of NFTs among the millennials and GenZ, NFTs have been seeing voluminous growth recently," says GoodFirms.
The research further states the other practical applications associated with NFTs, such as their use in raising funds for GLAMs (Galleries, Libraries, archives, museums), gaming, and their potential to generate online income and other investment benefits.
“With a myriad of functions and immense financial potential, NFTs have gained a center of attention along with cryptocurrencies,” asserts GoodFirms.
The research further elaborates that NFTs’ existence on the blockchain infrastructure makes them a centralized and unique entity in the digital economy.
“NFTs’ potential function in the metaverse to verify the authenticity of digital possessions makes them attractive for the metaverse players too. It would be interesting to see how NFTs play out in the metaverse-created virtual environments.” states Goodfirms.
GoodFirms’ research also states the challenges that NFTs face, such as its detrimental effect on the environment owing to high energy consummation for mining, security issues related to hacking, and theft, the uncertainty and extreme volatility related to its value as a non-fungible entity, legal concerns, and unclear economic functions.
The research concludes that NFTs have achieved a mainstream stature as a promising industry with significant financial potential.
