Articles
December 25, 2022

Growth of the NFT Space

The NFTs craze may have toned down a bit, but the adoption now seems sustainable. With the rise of better use cases and bigger brands accepting NFTs, we have neared what we call mainstream. The number of NFTs launched in space has increased as more people begin to see the value in these digital assets.

Growth of the NFT Space

Darkweb v2.0 public release is here

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What has changed in our latest release?

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Coding collaboration with over 200 users at once

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What is an NFT?

NFTs are unique, blockchain-based assets that can be used to represent anything from digital art to in-game items. While NFTs are still relatively new, they are already beginning to change how we think about ownership and value in the digital world. 

One of the essential aspects of NFTs is that they are immutable, meaning they cannot be duplicated or altered. This is a significant advantage over traditional digital assets, which can be easily copied and counterfeited. NFTs are also decentralized, meaning they are not subject to the control of any central authority. This makes them much more resistant to censorship and fraud. 

These features have made NFTs extremely popular with collectors and investors. NFTs are seen as a new way to invest in the digital world, and their popularity is only growing. In the past year, we've seen a significant increase in NFT-based projects and platforms. It's clear that NFTs are here to stay, and we can only expect their popularity to continue to grow.

How has the growth of NFTs been so far?

It's been a big year for non-fungible tokens (NFTs). In the space of just a few months, we've seen the launch of several high-profile NFT platforms, the sale of some record-breaking NFTs, and the mainstreaming of NFTs with the likes of Jack Dorsey and Mark Cuban getting involved. With major sales and new platforms launching, we've seen some incredible prices paid for NFTs, with Beeple's "Everyday: The First 5,000 Days" selling for $69 million and an NFT of a digital artwork by Mike Winklemann (aka Beeple) going for $6.6 million. 

All of this activity has helped to drive the growth of the NFT market, which is now worth an estimated $250 million. This is a big increase from the $24 million reported just a few months ago. 

What is the reason behind the growth rate?

Several factors are driving this growth. Firstly, NFTs offer a way to tokenize anything, from digital art and music to in-game items and real-world assets. This makes them incredibly versatile and means a huge range of potential applications. 

Secondly, NFTs are a way to create scarcity in the digital world. In a world where pretty much everything is digital and can be copied infinitely, NFTs provide a way to create unique, one-of-a-kind items. This is particularly valuable for artists and creators, who can now sell their work as NFTs and be sure that each piece is truly unique. 

Finally, blockchain technology's growth makes it easier to create and trade NFTs. Platforms like Ethereum have made it possible to create NFTs easily and cheaply, and there are now several marketplaces where you can buy and sell NFTs. 

All of these factors will likely continue to drive the growth of NFTs in the coming months and years. We expect to see more big sales, new platforms, and innovative applications for NFTs. So get ready for the world of NFTs to get even bigger in the months and years to come!

Key factors driving the NFT adoption

Ease of Development: Web3 development has undoubtedly been inaccessible. So much so that despite of having the second highest number of developers in the world, Web3 development in India has been relatively slow. Seracle’s Web Infrastructure as a Service eliminates this gap by offering code agnostic API led SaaS solutions. This means a developer can build their Web3 project using any major programming language of their choice. Being an open source, anyone can start building Web3 project using these APIs for free. 

The launch of new NFT platforms: There are now many major players in the NFT space, including Ethereum-based platforms such as SuperRare and OpenSea, and new entrants such as Dapper Labs' Flow platform. This increase in competition is driving innovation and helping to grow the market. 

The sale of some high-profile NFTs: We've seen some big sales this year, including the $69 million sale of an NFT-based digital artwork by Mike Winkelmann (aka Beeple) and the $100,000 sale of an NFT-based virtual world by the developers of Decentraland. These sales have helped to raise the profile of NFTs and attract new investors to the market. 

Affordability: Developing a Web3 project can be very expensive as it requires an entire infrastructure setup. Seracle’s Web IaaS is designed to trim the development cost of a Web3 project by 90%. This eliminates the need of setting up nodes for individual blockchains and reduces incremental expenditure in return of a small monthly subscription fee. This makes Web3 development inclusive and cost-effective and gives a runway for experimenting to the developers. 

The mainstreaming of NFTs: NFTs are no longer the preserve of the crypto-early-adopter. We've seen major brands such as Nike and Coca-Cola get involved, and even celebrities like Paris Hilton and Grimes are getting in on the action. This mainstream adoption is helping to drive growth. 

All of these factors will likely continue to drive the growth of NFTs in the coming months and years. We expect to see more big sales, new platforms and innovative applications for NFTs. So get ready for the world of NFTs to get even bigger in the months and years to come!