IQeon CTO – about the hype around the popular NFT technology

1022
24.06.2021
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Yuriy Navadvorski – Opinion

Friends, we are launching a new column “Opinions”, where IQeon experts will share their views on what is happening in the decentralized world. In the first issue, our CTO Yuriy Navadvorski spoke about the hype around NFT, the prospects for such tokens, and potential areas of their application.

Soon it will be half a year since Internet is buzzing about NFT technology, with the help of which one can secure ownership of any digital work of art. Not only popular artists and show business stars began to earn money from their works, but also those who were not known at all. Paintings, photos, collages, gif-animations, music, and even memes are successfully sold and set price records.

What is the reason for the hype around this technology? According to Yuriy, NFT is not a new phenomenon. The first projects appeared back in 2017, let’s remember even CryptoKitties – a game in which you can breed virtual cats.

Perhaps NFT “rebirth” in 2021 happened due to progress in the blockchain ecosystem. Firstly, new projects and services emerged that began to stimulate interest in technology. Secondly, there have also been changes in society and the economy: a large number of new players have appeared on the digital asset market, including non-professional ones, and crypto enthusiasts who like to try everything unknown.

All this was a consequence of the pandemic: finding themselves in confinement at home alone with their devices, many people began to pay attention to new financial tools and sources of income. Thus, artists, singers, sound-makers, and other creative people turned to new platforms to upload their works. And the experiment turned out to be successful, Yuriy comments.

The news around NFT also influenced this buzz. The appearance of big names of such media stars as Elon Musk, Grimes, and Banksy next to non-fungible tokens couldn’t fail to draw attention to them.

Today NFT technology finds application in game universes, art, and virtual worlds. But the distribution of unique tokens in other areas is still in question. One of the potentially successful uses for NFT in the future is digital documents, for example, diplomas, contracts for the conclusion of transactions, certificates, which can be assigned to copyright.

NFT is actively developing, and it’s impossible to predict how much demand these assets will have in the future. At the moment, non-fungible tokens are pure hype. However, everything new starts with hype, and it takes time for the hot discussions to subside and the development of technology to turn into meaningful activity, Yuriy Navadvorski believes.

Stay tuned and follow the news in the official IQeon Telegram-community – there are many discussions of the most high-profile crypto topics ahead!

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