Defisports & the NFT marketplace
With the exponential growth of NFT’s popularity, artists have limitless opportunities to express themselves and gain recognition without the hurdles of centralized platforms. This is why Defisports is proud to support and engage in the creative process of developing it’s own exclusive NFT marketplace in order to benchmark it’s success thusfar and contribute to the development of decentralization.
https://finance.yahoo.com/news/decentralization-prevailing-ecosystem-sports-industry-170640739.html
However, one new to the space might wonder, “what is an NFT?”. The full form of NFT is non-fungible token. It is essentially data of digital art stored on a digital ledger called the blockchain. Although copies of NFTs are available for everyone to simply download, the person purchasing is entitled to ownership of the digital art which can be tracked through the respective blockchain. Each piece is unique and is not interchangeable.
NFTs come in various forms such as photos, videos, audio files, GIFS, memes, collectibles, etc. Some might be 3 dimensional while others are strictly auditory. But then some are based on real-life events such as the very first tweet set up by the CEO of Twitter, Jack Dorsey. He auctioned it off for a whopping 2.9 million dollars. There is also Lebron James’ slam dunk NFT card which sold for 208 thousand dollars. The point being, NFTs expand the normal horizons of what was previously thought is possible in the creative and artistic space and enable more people to partake in art.
On the other end of the spectrum, the NFT marketplace has become an increasingly sought-after asset class to speculate on for financial gains. In 2020, the market value skyrocketed up to 250 million dollars! If that knocked your socks off then you’ll be flabbergasted to hear that in the first quarter of 2021, NFT sales rose above 2 billion!
It is without a hot topic on every investor's mind as even celebrities are jumping on into the hype. Such as Logan Paul who sold a clip of his youtube video for a staggering 20 thousand dollars as well as a pokemon card of himself. It is undeniable that NFTs are becoming more and more lucrative and attractive for the younger generation than the mainstream methods of trading and investing.
All in all, NFTs provide an ever-expanding opportunity to the Decentralized space to increase their reach to the general public which will ultimately prove to be a counterbalance to the current centralized system in place. Moreover, it serves as another platform for artists to express themselves to create something new and immersive. Thank you for reading!
