Bitcoin Forum

Is the NFT market going to shine someday?

I see potential but I only recently joined. What I would be interested is in the basics as I am missing even these. I know what the ERC721 and ERC1155 tokens are and that many are now using them for games, domain names, and collectibles. Lately, we have Sorare for example making some collectibles of footballers. I don't know if this will be important, I would prefer the NFTs to have some use inside a game as well. I have seen some games and have a few collectibles today, and opened an account at OpenSea which seems to be a nice marketplace. However, I think I am missing a lot of what I should be doing, where to be looking and what exactly I should be doing. Probably a good guide is required, if I become experienced in this I will create one if there is none available in the forum.

I heard about NFT markets being strong and going to become the next DeFi, but I have heard that since the summer and now many months have passed, yet no hype and no interest in this. Was it the rise of Bitcoin price that stopped the crypto community from a growing interest in NFTs? Will there be a moment when we will see some rising interest like it was in the past with Cryptokitties?

I have my eyes on the NFT market but I don't know if it will become a big one similar to DeFi. I know that many of the top gaming companies already have some plans to enter blockchain gaming and it could be interesting to have markets of nonfungible tokens used for game items in top game releases. It could become fuel for the market in total.

What do you guys think about NFTs and their potential?

I wrote a lot about NTF tokens in these topics

Everything you need to know about NFTs tokens
https://bitcointalk.org/index.php?topic=5274952.0

DeFi & NFT tokens project
https://bitcointalk.org/index.php?topic=5278144.20

This is a very promising area, especially for games. Perhaps the problem is that cryptocurrency is not so widespread, and it is easier for game owners to use standard platforms, such as steam, to sell games and content.

Thank you so much, bookmarked and I will start reading. I recently found time and have to learn as much as I can. I am sorry to have asked, I did some poor search on my own, could have done better.

May be in next five years but i do not see them doing that big in short term, once defi gets the required momentum and adoption only then i expect nfts to be in the game big time.

NFTs are already big i have seen a lot of demand and trading for NFTs at different platforms but if you are talking about NFTs at mass scale then i think it will take good time to reach there as it is relatively a new product so like every new product it will take time for acceptance in the market.

What is the relation with defi and NFT ?  They are two different program and NFT has been known for a long time compare to defi which only started to be known this year,NFT has far greater potential than Defi  in terms of adoption many people already have idea in this NFT and already have a lot of supporters one game that I know that been successful as for now is AXIE , a game that can give potential income to it's users buy buying a NFT and play the games. I am looking forwrd for a better games wi to h  good graphics in the future.

I don't see a relation either. Although, some upcoming projects are trying to mix these two it will probably be very difficult. I was hoping for NFTs to become more popular with the end of the DeFi craze and the lowering of fees. There was a push in this direction but it didn't become big yet.

"De" means decentralized.
Each NTF token has its own price, so it can be used throughout the DEFI ecosystem.
So far, not all major services support trading with NTF tokens, but I think that in a year the market situation will change.

A good selection of articles on NTF tokens
https://decrypt.co/collections/nfts

Recently I bumped into this article I guess this will be a lot of good crypto experts' comments on SEC suing Ripple, what do you think? https://experty.io/sec-sued-ripple-best-comments

One of the things that drives the market is hype, DeFi got it right and the hype was massive thus didn't give NFTs a breathing space even though in some DeFi projects, they still have a thing or two connecting them to NFTs but because of scammers and hackers, the hype of DeFi dropped massively as well, therefore taking upcoming projects more than just hype to achieve their aim. Now in the case of NFT as a whole, I think the hype is building up gradually and what it needs as well is time and it will attract the right attentions. Another thing to know is, once developers start paying good attention to it, more ways in which it can be used will be made known and that is enough to kick off the hype and who knows, it might be the next trend since DeFi trend is already slowing down and people are already on the lookout for another. 

NFT’s can pick a real momentum, but to be fair, I never understood it. Why would you pay thousands of dollars for the owning rights of a digital picture? Bragging rights, I guess? Doesn’t make sense, but when it makes money, it does make sense. Will keep a close eye on it just to be sure!