While NFTs have been the subject of both hype and skepticism, Head of Partnerships for ByBit, Anndy Lian, has taken a positive view of the current landscape. In a recent article, Lian dismantles the notion that the NFT market has reached its end. Contrary to popular belief, he argues that NFTs serve as a catalyst for a new era of creativity and financial accessibility.
Emerging Trends
To start with, Lian references the market’s rise to a $10.7 billion total market cap in 2021 and its subsequent fall. He points out that despite this downturn in the market, several promising trends are taking shape. For example, generative artwork allows users to mint unique digital art pieces through algorithms or computer programs. Projects like Art Blocks and Otherside have already made strides in this space.
He also highlights the idea of fractionalizing high-value collectibles. This involves breaking down a rare or expensive NFT into smaller, tradable portions. According to Lian, this approach expands access and investment opportunities in high-value NFTs for a broader audience.
Furthermore, established companies like Coca-Cola and Marvel are entering the NFT sphere by creating digital collectibles or collaborating with existing NFT communities. “This shows the growing mainstream recognition and adoption of NFTs as a new form of digital expression and engagement,” says Lian.
Lian’s latest project, the Velocity Pass, demonstrates how NFTs can evolve over time. Limited to 1,000 pieces, each new drop of this NFT series reflects the developments in Oracle Red Bull Racing’s RB19 race car and the Formula One World Championship. The project features artwork from collaborating artists such as Rik Oostenbroek, Per Kristian, and Erick “Snowfro” Calderon.
Beyond Art and Collectibles
According to Lian, the transformative power of NFTs extends well beyond the realm of art. They have the potential to revolutionize our understanding of ownership and property rights. He asks us to “Imagine a world where disputes over ownership are virtually nonexistent, where property rights are as secure as the blockchain itself.” In addition to artwork, these changes could affect various sectors like real estate and intellectual property.
Anndy Lian presents a compelling case for the ongoing relevance and transformative potential of NFTs. Despite market fluctuations, emerging trends and broader applications suggest that the NFT phenomenon is far from a short-lived craze. As blockchain technology continues to mature, NFTs have the potential to reshape our concepts of value, ownership, and creativity.
Lian concludes his article by dismissing claims that NFTs are a fading trend, saying, “The obituary for NFTs is premature at best and, at worst, a misunderstanding of the transformative power of these digital tokens.”