The NFT market is growing rapidly, mainly in game items and artworks, and the scale has expanded from $30 million in 2017 to $340 million in 2021. Chris Dixon, general partner of Andresen Horowitz, one of the Silicon Valley venture investors, also stressed, “The field of application will continue to evolve in the future as NFT-related digital experiences are created across marketplaces, social networks, showcases, games, and virtual worlds.”
We can look at one aspect of the global consumption market beyond the blockchain and cryptocurrency industries. If cryptocurrency has a great impact on the monetary economy and blockchain has brought innovation in encryption technology, NFT gives new justification to the consumer market.
So far, many factors have had to play a role in pricing goods and services in the market. Among them, the consumption paradigm of “scarcity” is also applied to the NFT market. Although NFT has no value or usefulness as a material good or service, it is recognized to be of high value among those interested in NFT as scarcity is emphasized. And the value of NFT’s digital assets meets blockchain technology to secure authenticity. In other words, it is natural that prices rise with demand for NFT.
For this reason, even at this moment, many people are creating and trading NFTs. NFT, which sheds new light on the definition of assets and consumption in modern society, I hope everyone can make and experience rare assets they think of into NFTs.
