NFTs Can Thrive with Community Support | GVS – Global Village Space
In recent years, NFTs (non-fungible tokens) have faced ridicule, scams, and a decline in demand during the crypto winter. However, despite these challenges, the NFT sector has persevered and is now experiencing a resurgence of interest thanks to the recent momentum in the crypto market.
The Underlying Value of NFTs
While NFTs often receive criticism for the extravagant prices people pay for digital art and collectibles, many industry insiders believe that there is significant value underlying the concept and its various use cases.
Ilja Moisejevs, co-founder and CEO of NFT marketplace Tensor, explains, “I think NFTs are just cultural artifacts of crypto at this point. When people have fun, it’s easier with a JPEG than just a token.”
According to Yat Siu, co-founder and executive chairman of Animoca Brands, most NFT holders are not solely motivated by monetary gain. They see value in owning NFTs beyond their financial worth. Siu believes that owning NFTs can enhance one’s social standing and make them look good in the eyes of others, similar to the way people invest in diamonds.
The Power of Community
NFTs also have the ability to bring like-minded individuals together and create communities based on shared interests. Moisejevs explains, “Some are basically just fraternity clubs; just people having fun with similar interests. It’s not a crazy idea, but NFTs make [the experience] more powerful by bonding them together. You either lose money together or make money together.”
The Growing Interest in NFTs
Recent data from NFT aggregator CryptoSlam reveals a significant increase in NFT buyers and sales volumes. In the past 30 days alone, there have been approximately 120,000 more NFT buyers than sellers, and sales volumes have surged by 72.7% to reach around $1.66 billion.
This growing interest in NFTs indicates a renewed enthusiasm for the sector and suggests that more individuals are eager to participate in the potential financial gains and community experiences that NFTs offer.
Despite the ups and downs, NFTs continue to evolve and capture the attention of investors, community members, and spectators alike. As the crypto market gains momentum, it’s clear that the appeal and value of NFTs are far from fading away.
