Recently, the traditional Internet giants Alipay and Tencent were among the top 10 searches on Baidu because of their signs of progress in the NFT field. For one time, Alipay and Dunhuang Art Institute jointly launched two NFT skins for payment QR code based on AntChain. And the other time, Tencent released its own “NFT” trading platform “Huanhe”, on which the Digital Art Collection NFT of “Shisanyao” (Thirteen Invitations Program) will be sold for the first time. Based on this, can the NFT continue its popularity, or will it “finally become a mayhem” just like the predictions made by the bigwigs in the crypto market?
The industry insiders’ objections are based on logical evidence. They argue that NFT and chain games are just new hype materials when the cryptocurrency market is lacking in popularity, as happened in similar cases in 2017 and 2019. In addition, NFT represents a new concept for outsiders, however, for business insiders, it is tantamount to “ new wine in old bottles.”
However, unlike its predecessors, NFT is likely to become the second blockchain concept following DeFi to gain attention “outside the box” and continue to take off, for several reasons:
Celebrities’ charm attracts wide attention
A large number of celebrities have publicly teamed up for NFT, including the world’s richest man Elon Musk, NBA star “Fat Tiger” Zion Williamson, top NBA prospect Jalen Suggs, and many artists, speakers, musicians, singers, actors, comedy masters, collectors, and other famous magnates.
In addition to their public support, celebrities are also directly involved in the product design, release, and sales of NFT collections. A series of celebrity effects have made NFT a hot spot on the Internet in a blink of an eye, and a popular topic for celebrities to follow. For now, NFT is spreading rapidly on the Internet with a phenomenal momentum that even ordinary people can find its presence in the hot search list of Baidu or the headline of Weibo. It is now thrust into the limelight and has outshone the famous DeFi. As the crypto field has suffered a policy crackdown and almost all currencies have fallen correspondingly, the cryptos based on the NFT concept are “as firm as a rock” and have become a sanctuary for many investors in extreme markets.
The crypto market is taking shape
After years of development, cryptocurrency has developed from a niche circle into a relatively mature industry chain with a certain scale and more than 200 million users worldwide. Blockchain explorer data shows that the current total number of Bitcoin holding addresses is close to 40 million, while the number of Ethereum holding addresses is approaching 160 million. This is exactly proof that the cryptocurrency industry has established a certain scale and become an emerging industry.
The crypto industry has been accepted by the traditional industry
Before 2021, cryptocurrency came piecemeal, stigmatized, and unaccepted by the traditional industries. But now, Internet technology companies have entered the market, including giants such as Facebook, PayPal, Twitter, Tesla, Tencent, and Alibaba. They have, directly or indirectly (their affiliated companies), involved in the investment of blockchain, some of whom are even listed companies. Days ago, FAW-Volkswagen’s Audi announced the launch of a limited-edition NFT blind box exclusive for car buyers, and the news went viral on the Internet overnight. Top luxury brands such as Louis Vuitton, Gucci, and Burberry are also jumping on the craze, announcing NFT-related game apps or using them as marketing stunts. For a time, NFT has become a hotspot in the traditional field that gained tons of traffic.
Recently, the call for industrial blockchain is booming as relative institutions spring up in droves, capitals swarm into the blockchain, and blockchain industrial parks in various regions are gradually rising. The prosperity of the industry is just a matter of time, as long as the market does not face extreme situations such as the joint policy crackdown of several major countries. Thus, NFT is not so much “a disaster” as “a booster for the development of the industry.”
