NFT stands for non-fungible token under the ERC0721 standard, to be distinguished from the tokens that are the principal fungible under the ERC-20 standard. The NFT's most valuable features are the indivisibility and unique, including the specifications and content contained within the NFT. Therefore, the NFT can be considered as a valid certificate for marking, trading and transferring the rights of exclusive and inseparable assets. Therefore, NFT is suitable for uniquely identifying Metaverse assets such as user profiles, personal data, rare items, property rights, intellectual property, and then protecting, trading and better transfer of assets and user rights.
Leading the explosive craze of cryptocurrency, digital, NFT has been attracting a lot of people interested in investing. According to the latest estimates from NFT market tracking site - Nonfungible.com, the valuation of the NFT market has spiked. By the end of 2020, the NFT market is estimated at $338 million. While three years ago, it was only valued at no more than $42 million.
This shows that the potential of the NFT market is huge. Many financial experts around the world believe that NFT will become the latest money-making trend of crypto investors. As the blockchain platform becomes mature and mainstream, the NFT craze will continue to explode in the future.
The Growth of NFT market
The future development trend of NFT is to expand the field of activities, namely real estate, entertainment and media. The NFT game market is also predicted by many experts to continue to grow strongly. The practical application and development speed of NFT games attract great attention from investors as well as game developers. This is an asset class chosen by many investors when approaching the NFT market.
In general, NFT is still a new - huge market. It is a fertile land, highly potential for those who know how to invest.