How Are NFTs Driving Crypto Mass Adoption?
|— NFT’s are partially driving crypto mass adoption|
— The non-fungible space has exploded; going from niche to known in just a short space of time. New high-name investors have joined the space, like Gary Vee, Gerard Piqué and Paris Hilton and it emphasises the quick cultural uptake on the industry.
— NFTs might have started as a tiny slightly weird subculture of tech-heads, but the scene has quickly gained adoption momentum; with creativity at the core, there’s something in the industry that can cater to everyone (not only digital investors). And that is leading the subculture on a path of wide adoption.
— Big brands have also started to adopt NFTs because they identify that there is a massive cultural wave towards the space and they understand the need to integrate to stay relevant.
— In the blockchain-based industry as a whole, NFTs are an easy, exciting door to the concept of digital assets. As more creatives look to NFTs, they become more and more familiar with the tech behind them and the potential for them to unlock the understanding to explore cryptocurrencies is huge.
The last 12 months have seen insatiable crypto mass adoption, with more and more different communities taking their first steps into the cryptosphere. Here, we discuss the impact of NFT’s and how they are driving the adoption of crypto as a whole.
Non-fungible tokens might be fairly new in the online world, but they’ve got from niche to explosively explored in a relatively short space of time. Over the past year, we’ve seen massive names and brands investing in NFT projects and adopting the arty-meets-blockchain-based assets and the possibility from here is thrilling.
So what’s the reason? Why are so many people looking to NFTs and why are they considered so very attractive? In this article, we look at why the culture of digital art is permeating the online world and what this might mean for NFTs older fungible-token brother – cryptocurrencies.
The rapid rise of the nifty NFTs
The rise of NFTs is undeniable. It’s not only Joe from next door that speaks about them anymore. We’ve got major venture capitalists like Mark Cuban and Gary Vee investing in NFTs. There are brands like Taco Bell with its “Transformative Tacos”, Coca-Cola with its “Friendship Box” and ASICS’ digital shoe, the “Sunrise Red”. Football clubs have their NFT fan tokens and athletes like Gerard Piqué have their place in the space, investing in sports-related projects like Sorare.
Taco Bell’s Transformative Tacos
Heck, even Paris Hilton has a collection under her belt. There is already a big market and the space holds even bigger potential. But… Why?
Why is there such a drive towards a digital asset that might be made up of a few pixels?
Well, there are a couple of factors at play. The number one, most obvious one, is how NFTs unlock such creative potential – like nothing we’ve seen before for creatives and creators online. This thread is a pretty neat answer to why NFTs are thawing out the creative potential previously frozen by a lack of a public platform to promote one’s art.
Big brands have jumped on board the NFT train because they know there’s a massive cultural movement pulling out of the station and staying on track will maintain their cultural relevance. Choo-choo!
But the bigger, most exciting thing behind NFT adoption – and why this is so fundamentally important for the cryptocurrency industry as a whole – is linked to a culture and belonging ultimately driven by technology and creativity.
Cultivating the culture of crypto-based creativity
Let’s take a quick step back and look at how cultures and subcultures are created and what they actually mean when something starts to see mass appreciation.
Cultures form when people share an interest or experience something together. The shared experience of intrigue bonds individuals and catalyses the creation of subculture; niche appreciation creates a group. As more and more people (especially those with influence or a following) invest (time, energy, and money) into the interest, the more others see the appeal and jump on board the scene.
Let’s look at skateboarding. The sport as we know it was born from a surfing subculture. The first boards were made by putting wheels on a wooden board and dropping into empty swimming pools in California in the 1960s. Over the years, skating has transitioned from a niche rag-tag culture of a scene linked to punk rock and tattoos with the connotation of something almost criminal to something cool (thanks Tony Hawk!) Now, we’re looking at it as an Olympic sport. Adoption has brought the skating subculture up from underground into mainstream attention. And a mass interest has evolved the scene.
Crypto culture puts down roots
The NFT scene is headed in the same way. At the heart of it, the industry stems from creativity and community; the artistic expression anchors a cultural trend.
Right now, we’re at the pinnacle of the rapid rise of NFT subculture: NFTs are mirroring the same sort of adoption. Once, it was a space where it may have been a little weird to own a NFT, but the scene has quickly garnered attention. With creativity at the core and massive attention nabbing the interest of not only digital investors, but a broad spectrum of high-list names, we’re staring at the potential for a massive wave of adoption.
How NFT culture can link to a cryptocurrency
The widespread adoption of NFTs has the potential to go further than just the non-fungible space. As more people become more familiar with the idea of tokenized entities and blockchain-based assets, they might be inclined to take the step towards other digital investments. The door from NFT involvement opens up the passageway for cryptocurrency interest.
Basically, NFTs are an open door to the industry because everyone can belong; there will be one pocket in the world of NFTs (however niche it might be) for everyone. Unlike most crypto use cases, NFTs aren’t just finance driven. The use-cases are not only broad, ranging from anything from sports and gaming, to music and art, but they’re also steeped in the creativity that unlocks the potential for creatives and entrepreneurs to enter the culture of digital creation.
From there, the creative world of digital art acts as a stepping stone for people to understand and explore blockchain technology and digital assets, driving crypto mass adoption from the ground up.
You can think about it like this: NFTs are the arty brother of cryptocurrency, and the more people get to know the blockchain family, the more they get to see, experience, and enjoy the opportunities available.
Knowledge is power.
Trust yourself and keep on learning! Head over to our recent School of Block Episode all about working in the Metaverse to know more.