Why and how did NFTs burst into the scene like Justin Bieber in 2008?
Its like Freddie Mercury magically jumping on stage and electrifying the crowd.
Simple. The power of FOMO.
Fomo = fear of missing out.
Nobody wants to be left behind.
Especially during a gold rush.
The ultra-wealthy are purchasing it as an asset.
The artists are entering the NFT space like never before.
The gamers are finally making real money from farming in-game items.
The investors are throwing their funds to every up and coming new fangled NFT marketplace.
Even Christie’s, who is a traditional auction house, has jumped on the bandwagon.
They begun auctioning NFTs last year and has made more than $100m in NFT sales till date.
Call it FOMO or capitalising on a fad, it is a brilliant business decision.
Which each NFT they auction off, they climb one notch higher up the mountain of NFT sales.
Also, anyone with a smartphone and internet connection can do pretty much anything.
Kids are trading stocks on Robinhood like they are playing Pokemon.
Teens are trading and flipping NFTs on OpenSea and Rarible for fun.
People in poorer cities are farming in-game NFTs to sell on the open market.
The new age of labour is being rewritten on the metaverse.
Digital assets is the “gold” for the new generation.
The lines between reality and virtual reality is blurring quickly.
Now, nobody can ignore the potential and power of NFTs.
All these just further build up the ecosystem and fuels it.
Honestly, that is what any ecosystem needs.
First the latent potential is discovered.
Then the incredible hype.
Then the suspicion and critics.
Then the FOMO kicks in.
Then the money really starts flowing in.
Then everyone starts winning.
As a result, the ecosystem will either flourish quickly and surely, or die tragically.
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So why is NFT trending?
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