International NFT Day: Why is it celebrated and what’s the road ahead?

Synopsis

NFTs are cryptographic tokens that use blockchain technology to verify their ownership and cannot be replicated and are used to represent digital and real-world items such as artwork and real estate, allowing these assets to be traded.

With the rising popularity of non-fungible tokens (NFTs), September 20 is now getting observed as the international NFT day by the crypto community.

International NFT day celebrates the creation and use of NFTs. The term was coined by Dapper Labs Chief Technology Officer Dete Shirley in the form of the ERC-721 standard on the same day in 2017, marking its existence.

NFTs are digital assets that can be stored, transferred, and traded just like traditional assets. They provide a secure way for people to exchange information and money without having to trust third parties.

NFTs are cryptographic tokens that use blockchain technology to verify their ownership and cannot be replicated and are used to represent digital and real-world items such as artwork and real estate, allowing these assets to be traded.

Did you Know?

Jobs in crypto, blockchain, and NFTs have grown by 804% in India between April 2020 and April 2022 according to a report by Indeed

View Details » Why is it celebrated?
International NFT Day is all about celebrating the creators and collectors in the NFT community. It’s also a day for people to learn about NFTs and get started with their own collection.

Edul Patel, CEO & Co-Founder, Mudrex said NFTs are an innovative technology that has rapidly gained momentum over the past one year.

“They are capable of replacing the physical paper documents in every sector, ensuring better security. NFTs will soon be a part of our everyday lives for their unique way of proving ownership,” he adds.

Tarusha Mittal, COO, and Cofounder of UniFarm said NFTs act as important connecting links between the physical world and metaverse. The NFTs offer a unique way of ownership for the global audience, she said.

The NFT-based wealth creation is gaining momentum as every digital art form like videos, audio clips, graphics, memes, digital art, movie posters, and music can be sold at a higher value based on the buyer’s interest, she added.

Way ahead
The popularity of NFTs is surging across the globe and might lead to an interoperable group of metaverse, where cryptos will be the biggest currency to buy anything and everything.

Over the years we could see the shift from simply purchasing digital photos, videos, and assets for games, to buying real estate, other assets and stocks, suggested Raj Kapoor, Strategic Advisor, Yunometa.

The latest VMR report pegs the NFT market in 2030 to touch $231 billion. In the near term, the gaming industry and luxury brands are likely to tap the potential of this space, experts suggest.

We are, very soon, looking at a day when NFTs will be as common as credit cards if not more, believes Kameshwaran Elangovan, Co-Founder & Chief Operating Officer, GuardianLink.

“People would be so used to the convenience, dependability, and transparency of NFTs that it will become the de facto standard for digital collectables and gaming assets.”

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Updated: 09/20/2022 — 07:00

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