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Everything blockchain comes in waves and cycles, and the nonfungible token craze is absolutely no exception. The hype wave of the first half of 2021 as many celebrities raced to cash in on the mania ultimately fizzled out. Still, the NFT obituaries that started circulating the crypto press were premature, just like the frequent talk of Bitcoin’s imminent demise.

New NFT marketplaces, dApps, and supporting blockchain solutions keep joining the ecosystem, and the market is being flooded with thousands of new digital collectibles every week. NFTs are back.

The Catalysts Behind The Growth

One of the major reasons the NFT trend is so spectacular is because it transforms the value proposition for creators. Instead of enlisting a publisher, gallery, or record label to monetize creative works, artists can carve out a larger slice of the total pie. This paradigm shift also breaks down the traditional stratification between consumers and creators.

As the demand for NFTs surged, marketplaces flooded the market, contributing significantly to adoption and accessibility for collectors—but less so for the artists.

Bottom Line

The first wave of NFTs was a testing ground for Ethereum’s tech, primarily centered on the digital possibilities for art. Now, we are entering a second, roaring-20s phase for NFT adaptation as new use cases are unveiled, signaling additional room for expansion.

So to make more revenue one can start their own NFT Marketplace like Rarible, OpenSea, Foundation, etc.

SellBitBuy - A predominant NFT Marketplace Development Company develops an advanced NFT marketplace for buying & selling of crypto goods across multiple blockchains like BSC, Ethereum, Tron, PolkaDot, etc.

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Source >> https://news.crunchbase.com/news/nft-outlook-2021/

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