The term NFT is plastered everywhere you turn. But you may ask, why should you care about NFTs? Well, NFTs are the next big thing in the backdrop of the blockchain economy. The Non-Fungible Token (NFT) is simply a unique identity stamp that lends legitimacy of ownership to creators of music, digital art, video clips, and many other quirky tweaks one can add to the established art forms in the digital space. Kenny Izevbigie, an NFT enthusiast and partner at ReBlock Ventures, says, “NFT, as an offshoot of decentralized blockchain mechanism, has brought power to the masses. They can create, own, and monetize artworks at a scale never seen before.”
The NFT marketplace is the most democratizing force promising equity and sustenance to creators. On the back of Web 3.0 decentralization, NFTs bring a transformational shift in the way creators and artists directly reach and monetize their audience. Kenny Izevbigie maintains that “NFT holds immense potential to liberate content creators by allowing them to own their contents wholly and uncompromisingly.” Now, in this process, creators and artists hold the unchecked promise of reaching the masses without the help of big tech corporations like Facebook or YouTube (Google). NFT platforms allow artists and creators to shed all obscurity and find unprecedented access to opportunities to own, store, or sell their work securely. They cater to a large fanbase of art lovers and investors in digital technology.
“From a sheer $250 million trade volume in 2020 to a whopping $41 billion in revenue in 2021, NFT promises to be a game-changer in the blockchain-driven economy. NFTs as a viable asset class will continue to attract not just art collectors and investors but also common people,” adds Kenny Izevbigie. Three months into 2022, AI-driven data insights already signal a massive growth trajectory that NFT shall ride with mass acceptance. NFT trends are catching up in the online gaming arena as well. Kenny Izevbigie is positive that online gaming will actively harness blockchain architecture. And that opens up the prospect of gamers tokenizing their gaming assets, which they may then sell on the NFT marketplace. Again, in competition with the traditional entertainment market, dramatically new models of NFTs will emerge to rule the roost.
Kenny Izevbigie’s work as a business consultant and strategist has earned him an impeccable reputation as a leader in the digital marketing industry. Currently, he is a partner and Chief Information Officer at ReBlock Ventures, an advisory firm focusing on NFTs, DeFi, Web3, and cryptocurrency.
As the cryptocurrencies wrote inspiring transformational stories in 2021, so will NFTs in 2022. And the signs are already visible.