The nonfungible token (NFT) space has experienced massive adoption in recent months, and some of its biggest user bases are not within the cryptocurrency space.
The NFT space has become one of the largest within the cryptocurrency industry. It has gained massive adoption in recent months, with the total trading volume in the third quarter of the year surpassing the $10 billion mark for the first time.
However, during an interview with Entrepreneur, Jamie Lewis, CEO of Ioconic, pointed out that the biggest user base for NFTs is outside the cryptocurrency space. He stated that;
“A key step to mainstream adoption is to look towards the consumers and make them grow with the brand –build a collection now that they will be able to monetize externally in the future.”
NFTs have become very popular in the sport and entertainment sectors. Numerous sporting entities, athletes, media companies and celebrities have adopted NFTs as a way to monetise some of the iconic moments and arts.
Ioconic recent partnered with MGA, the $25 billion toy company, to launch an NFT of the L.O.L. Surprise dolls. He pointed out that ease of use is necessary if more people are expected to understand the technicalities behind cryptocurrencies and NFTs. Lewis added that;
“Absolutely! Children cannot be expected to understand the technicalities of crypto and digital asset wallets, as well as navigating blockchain infrastructure and potential bridging elements. Ease of use and removal of technological barriers is essential for mass-market appeal.”
The NFT space is expected to grow even bigger over the coming years as more investors and companies enter the industry. NFTs help companies maintain the integrity of their intellectual properties and ensure that bad actors don’t gain access to their unique work.
The broader crypto market has been in a bearish trend in recent weeks but the NFT space hasn’t been affected as more people are minting, launching and investing the digital assets.