Some believe the hype around million-dollar NFT art and digital collectibles is warranted, with new use cases sure to emerge.
Before the age of smartphones allowed the average person on the street to snap a selfie with their favorite celebrity, autographs and signed memorabilia were highly sought after by collectors. Naturally, the value of these real-world, authentic and rare keepsakes are high and remain so today.
Meanwhile, it’s debatable whether all the art pieces on offer bring value to the industry, as for example, some commentators, even outside the core crypto community, are starting to question the price tags of NFT art pieces, such as the single red pixel that was put up for sale for $900,000.
Nonfungible tokens have taken the cryptocurrency space by storm in 2021 as various forms of digital collectibles have attracted multi-million-dollar price tags. But are there more fruitful use cases for the burgeoning space than just selling NFTs as art?