What is the future of NFT? Market trades with NFTs can reach up to $2 billion per month, making it a massively profitable industry. Many investors are curious about its growth and momentum. Cryptocurrency experts Billy Markus and Elon Musk exchanged tweets about the NFT potential and how it could be "jpeging the dollar."
NFT stands for "non-fungible token," which is a unique and non-interchangeable unit of data stored on the blockchain. NFT also serves as "ownership rights" over unique digital assets. These assets may refer to photos, videos, audios and other digital files.
However, keep in mind that to interact with NFTs, the user must be familiar with the cryptocurrency industry.
Billy Markus and Elon Musk Tweets: NFT Markets
Dogecoin co-creator Billy Markus recently started a thread about cryptocurrencies. He said it has "changed a lot since 2013." Ironically, when listing the differences, Markus only emphasized the addition of "jpgs" in the industry. This jab refers to NFTs in the market.
As previously mentioned, many NFT assets imply digital artworks. However, it should be emphasized that the market is so massive that it trades up to $2 billion per month, up by $400 million since the start of this year. NFT volume also skyrocketed to 38,000 percent year-over-year. As Markus pointed out, the NFT "jpgs" add a big change to the ongoing cryptocurrency industry.
NFTs are jpeging the dollar
— Elon Musk (@elonmusk) December 5, 2021
Business magnate Elon Musk agreed to the sentiment, but he replied with a different twist. Musk tweeted, "NFTs are jpeging the dollar."
For reference, "jpeging" is slang for low-quality images resulting in fuzziness, per Slang Define. Musk might be referring to NFT lowering the value of a dollar or eventually replacing it as a payment method. Since the NFT industry undeniably grew in these last couple of months, Musk might have seen a bigger potential in the long run.
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NFT Explained: The Growing Industry
A few reports have teased on NFT potential through future projects. Here are some of the most notable updates about NFTs.
An Upcoming NFT Airdrop 2021
Airdrop is a crypto or NFT marketing strategy that promotes a project by giving out free tokens. This is an opportunity for interested investors to collect the tokens ahead of their debut. There are five ongoing projects that fans might be interested in joining:
- SynFutures
- Infinity
- Dogs of Elon (DOE)
- GoldMiner
- Radio Caca
NFT Decentralized Game
It is also worth mentioning that NFTs have introduced a new and exciting method for cryptocurrency farming. When NFT is linked up gaming, they create blockchain games where investors can play-to-earn. Some of the games to look out for are:
- "Decentraland"
- "Wolf Game"
- "Axie Infinity"
- "Alien Worlds"
Rumors also said that the classical game "Farmville" might be added to the blockchain system. This is because Zygna CEO Frank Gibeau said, "we (are) a social game company that believes it's more fun to play games together than by yourself. So as part of our culture, we like to innovate and try new things."
NFT is still developing, so it is hard to determine whether it will succeed in the market. Readers should take this information with a pinch of salt because other readers might interpret the tweets with different meanings. For now, fans have to wait and see on the future of NFT industry.
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