Akshaya Emerging Technologies reposted this
🚀 Exciting Times Ahead in the NFT World! 🌐🎨 The World Economic Forum along with Bain & Company just dropped an insightful report on the Evolution of Non-Fungible Tokens, shedding light on the fascinating journey of NFTs from their inception in 2014 to the peak of popularity in 2021-2022. 📈 Did you know that during the peak, monthly NFT trading volumes skyrocketed to over $6 billion? 🤯 However, a market correction followed, leading to a 70% decrease in transaction volumes between May and June 2022. But don't count NFTs out just yet! 📉 The report dives deep into defining NFTs as unique digital assets stored on the blockchain, highlighting their role in proving #ownership and #authenticity for #digital or #physical items/rights. 💎 With NFTs closely tied to cryptocurrencies like Bitcoin and Ethereum, they continue to attract major brands like Prada Group, Warner Bros. Discovery, Nike and Starbucks, who launched their own NFTs in 2022. 🌟 The report identifies various use cases for #NFTs, from #collectibles to #loyalty programs, secure identity credentials, and #immersive #gaming #experiences. Standardization has been a challenge, but it's essential for industry growth and consumer protection. 📊 So, is there a future for NFTs? Absolutely! 🚀 With the right strategies, NFTs can revolutionize customer engagement, but integrating them into existing operations is key. Governments and regulators also play a crucial role in ensuring a secure and thriving NFT market. 🏛️ As NFTs continue to evolve, the possibilities are endless. Stay tuned for an exciting future! 🌌💼 Read the full #WorldEconomicForum report here: https://lnkd.in/ebsqmvKd #Blockchain #PhygitalNFTs #DigitalAssets #Crypto #FutureOfTech #Beeple #cryptopunks #boredapeyachtclub #CryptoSlam #TheBlock #Innovation #loyalty #gaming #digitalcollectables #CertificateOfOwnership #traceability #art #Royalty Ganesh Raju Akshaya NFT and Metaverse World Economic Forum CryptoPunks Bored Ape Yacht Club adidas Ticketmaster Animoca Brands National Basketball Association (NBA) BREITLING LVMH
