Then, surprisingly, they simply faded during the bear market and havenāt bounced back this cycle. Could this mean that itās still early in the bull market? Will NFTs make a grand return after Bitcoin mania reaches all-time highs again?
Raoul Pal is one of the most influential figures in the crypto space, having been an early predictor of $100,000 BTC as far back as 2013. The investor has made some calls that have turned out to be true in recent times, and now expects the famous ābanana zoneā phase of the Bitcoin macro cycle to be taking off. Indeed, he thinks this could run until the end of 2025, when the markets will take a downturn again.
In a recent X post, Pal advised his followers to own as much crypto as possible first. After that, he says people should focus on owning as many NFTs as possible, as he believes that āart is upstream of wealthā. The crypto influencer was an early adopter of CryptoPunks, which are now selling for extraordinary sums of money. Indeed, the cheapest one available is currently 46.60 ETH, with plenty more expensive ones than that.
Despite Palās bullishness on NFTs, the rest of the crypto community has been quiet on them during this cycle. Indeed, this time, the main attraction has been memecoins. The concept of the memecoin has existed since Dogecoinās inception in 2013, but now there are millions to choose from with more cropping up every day.
Despite having gone quiet for a few years, thereās a chance that NFTs could make a comeback. Thatās because they serve a purpose, and could have a greater function in the online world in the future. Some musicians,including Snoop Dogg,have already found selling their material as NFTsto be a lucrativeway of givingfans their own individual products.
Indeed, along with album releases as NFTs, bands likeLords of Acidhave previously released their own entire collections. These give fans a chance to gather some collectibles related to their favorite artists, providing a new way to engage with them.
NFTs could in fact serve a greater purpose across many disparate areas of the entertainment market. For instance,Netflix already proposedthe idea of NFTs in video streaming with a unique idea for future TV ratings in Love, Death+ Robots. This is in keeping for Netflix, who has been a major forerunner of streaming tech for some time, having made recent strides offering games and other interactive media alongside their films and shows.
The casino industry is always quick to adapt to new tech as well, with sites likeonline casino Betwaymaking great use of live streaming in recent years with titles like Sticky Bandits Roulette and Football Roulette, among many others. It would not be surprising, therefore, if in the futurepeople could be allowed to own NFTs in these virtual casinos. The NFTs that typically gain the most traction are those based on truly unique collectibles, and in games of random chance, unpredictability is part and parcel of the experience, making the tech potentially apt for the market.
Furthermore, there is much room for innovation within the VR industry for NFTs. There has long been talk of expanding VR metaverses in the near-future, where people could socialize and work.Pew Research Centerexpects these environments to become highly immersive by 2040, at which point VR may almost be indistinguishable from real life. In this scenario, NFTs could allow people to buy products and property within the virtual worlds with a level of security more analogous to physically owning them.
Bitcoin has been steadily rising for the last couple of years, and it recently hit another all-time high. However, thereās still no NFT hype like there was around the peak of the last cycle. It could be coming soon, though, as this phase usually sees more retail investors flooding in and looking to jump on the latest trends. During this mania phase, if celebrity influencers start promoting NFTs again, they could boom like last time.
NFTs are far from over, but they have been quiet in recent times. They could potentially make a comeback in this crypto cycle but, if they donāt, they should be able to bounce again in the future. This is because their potential use cases are manifold, and could broaden horizons for engagement for a lot of different industries.
Chief editor of Side-Line ā which basically means I spend my days wading through a relentless flood of press releases from labels, artists, DJs, and zealous correspondents. My job? Strip out the promo nonsense, verify whatās actually real, and decide which stories make the cut and which get tossed into the digital void. Outside the news filter bubble, Iām all in for quality sushi and helping raise funds for Ukraineās ongoing fight against the modern-day axis of evil.
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