Where Do You See NFTs At In 10 Years?
- S&P 500, Dow climb for third day and close at records
- Tesla (TSLA) China Numbers 'Robust' - Wedbush
- Apple (AAPL) Shares Seen as 'Attractive' as Recent Checks Show Continuously Strong Demand - Citi
- Investors Poured More Money Into Stocks in Past 5 Months Than Last 12 Years, Says BofA, Analysts Worried About Stretched Valuations
- Amazon.com warehouse workers vote to reject forming union in Alabama
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
DETROIT, March 15, 2021 /PRNewswire/ -- Each week, Benzinga conducts an investing-focused survey to collect data on what traders and investors are thinking.
This week, we shifted our focus to the blockchain and the emerging market for non-fungible tokens (NFTs).
Where do you see NFTs most likely being in 10 years?
- Replaced regular art/made it obsolete
- Successful market alongside standard art forms
- Limited adaptation outside of a niche community
- Non-existent market (i.e. tulip bubble)
The top response was "Successful market alongside standard art forms," with 37.2% of respondents indicating that this is where they most likely see NFTs at in 10 years.
Non-fungible tokens have been on everyone's mind since the start of 2021, but what is an NFT?
Simply put, NFTs are unique tokens on the blockchain that are used to establish ownership of digital collectibles and digital art. While the market for NFTs has been on fire, with over $100 million In NFTs selling in 30 days, there is evidence that most buyers come from outside the established art industry.
The second-highest response was "Non-existent market (i.e. tulip bubble)," with 28.2% of respondents choosing this option. While non-fungible tokens are certainly a fascinating new concept, the fact of the matter is Bitcoin and other cryptocurrencies are still not widely used as currencies.
In fact, just a few weeks ago 72% of investors indicated that they believe Bitcoin is experiencing another bubble. If Bitcoin and other cryptocurrencies experience a correction, investors could see a rapid decline in the value of NFT-affiliated art as well.
The next-highest response was "Limited adoption outside of a niche community," at 20.8%.
NFT art has gone mainstream in 2021, with online marketplaces such as NBA Top Shot becoming household names. But the rapid influx of users onto these platforms could leave some newbies holding the bag. If the hype surrounding NFT art cools off and causes a decline in value, users could view it as a fad and call it quits.
Last but not least, 13.8% of respondents selected "Replaced regular art/made it obsolete."
While the idea of traditional forms of art being replaced by NFTs in 10 years may sound far-fetched, it may not be. In fact, a major auction house recently became the first to sell a piece of NFT art, netting nearly $70 million.
Henry Khederian contributed to this report.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hillrom Comments on Recent Novitas Reimbursement Update
- CGTN: How are jailed extremists treated in Xinjiang?
- Sunrun Solar to Help Small Businesses Benefit From Solar Rebate
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!