NFT is a promising cryptocurrency development sector with hundreds of millions of potential users: sports, pop culture, computer games and art lovers willing to pay for their hobbies. Therefore, startups that are betting on this direction have something to fight for. Most likely, it is for these markets that we will soon see intense competition.
But you shouldn't expect a triumphant boom in the market of non-fungible tokens. Such tokens have long been known to cryptocurrency market players, but have not yet received truly massive use. So far, the belief in NFTs among their developers and investors is stronger than the need for them by crypto users.
So, for example, in order to become in demand among hundreds of millions of gamers, game crypto-objects in the NFT format must be integrated into the most popular video games. But this is not profitable for their developers, because this way they can lose a significant part of their income.
Sports and music fans, art aficionados and collectors are also looking at NFT for now. Those, although they belong to only one owner, do not provide an opportunity to interact with the underlying asset physically - and without this, the same digital picture differs little from reproduction.
Another difficulty is technical. Tokens on Ethereum are too dependent on their network, which is not yet suitable for mass use. This is why the same CryptoKitties game switched to the new Flow blockchain in May 2020. However, after the ongoing upgrade of Ethereum to state 2.0, the scaling problem should gradually disappear.
In any case, it's great that NFT startups understand all the difficulties and do not give up trying to create a new market, exploring ways to use technology and its monetization. If the enthusiastic expectations about this market come true, its iroki will hit the jackpot. But for this, it is necessary to conduct "explanatory work" and visually prove the benefits of NFT to a wide audience.
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