Digital collectibles have the potential to become a massive market…
The demand for NFTs continues to grow rapidly, and the NFT market shows no signs of slowing down. Every day there are new NFTs, new NFT purchasers, and new NFT sellers with their own blockchains. But that growth can’t last forever. We all know that infinite growth is impossible, so the market must slow down at some point. But when will that be? How big can the NFT market get? (Hint: bigger than you think).
While many see NFTs as some sort of weird internet art gambling more akin to the stock market than a card shop, the NFT space is actually much more diverse. The crypto art world is filled with all kinds of unique digital assets and collectibles, and these assets can have a wide variety of uses. For example, there is a virtual world called Decentraland in which blockchain NFT plots of land are owned by users. Users can use other NFTs in a variety of ways including to dress their avatars and to decorate their homes. Places like Decentraland showcase the practical uses of NFTs that many don’t realize exist. More importantly, Decentraland illustrates the potential that NFTs have. Decentraland is only the first in what will likely be a long line of platforms, constantly evolving and expanding the digital world. Decentraland however is only a single example of NFTs’ potential.
Another area that shows the growth potential of NFTs as art. Art is most commonly what people associate NFTs with, yet many don’t realize how large that market has the potential to be. Many see NFT and crypto art selling for millions of dollars and don’t understand it. “But it’s just a picture. Anyone could download that,” is a common line of thought. But crypto art isn’t just a copy of a digital picture; it is more akin to owning a first printing or an autographed copy of a piece of art. Yes, others may have access to the art, but you alone own your specific copy—just like if you had the first printing of a painting. This aspect of individual ownership of a unique asset inherent to NFT art means it has the ability to compete with and rival the traditional physical art world. As the world is increasingly digitized, this seems more likely every day. The global art market is worth billions of dollars, so there is a lot of room for NFT art to expand and take a piece of that.
Let’s be honest though—most of us don’t have the money to spend millions of dollars on highly collectible art. The art world can be very exclusionary, especially to people not in the upper class. But that is where the NFT world differs from the art world. While crypto art does offer high-value million-dollar pieces, it also offers plenty of very affordable art and collectibles. These NFTs can be in the form of art, digital trading cards, in-game collectibles, and more.Digital Trading Cards offers a wide variety of affordable digital collectibles, and those collectibles aren’t just cheap digital junk. They have curated collections from the likes of Topps, Upperdeck, Panini, popular musicians/arts, and more. Platforms like DTC give regular people the opportunity to access and participate in the crypto art and NFT world. In expanding the accessibility of the market, DTC has ensured that there is space in the market for people who aren’t rich. This means that the potential market for NFTs is even bigger than the traditional art market that paywalls out most people.
Surely that must cover all the market potential NFTs, right? Not quite. Celebrities and other entertainers have started to utilize NFTs as well. NFTs offer celebrities, many of whom are in restrictive contracts that limit their income ability, a way to bypass the traditional entertainment system and go directly to the fans. Mike Shinoda of Linkin Park released new music via NFTs and made more than he ever would’ve had he released it traditionally, a welcome change in the age of music streaming. Post Malone used NFTs to give his fans an opportunity to personally play beer pong with him, giving fans a direct connection to the artist they love. The potential NFTs have in the world of entertainment is incredible, especially in a world where art is increasingly viewed as free.
With all of these outlets for growth, it is clear that NFTs and digital collectibles have the potential to become a massive market that rivals or even replace traditional markets like art and trading cards. With the ability to attract both regular people and top-level collectors/investors, crypto art has the ability to completely revolutionize the digital world as we know it.