Why is it called International NFT Day, and what lies ahead?
Since non-fungible tokens (NFTs) are becoming more and more popular, the crypto community has begun to recognize September 20 as International Non-Fungible Token Day.
International NFT Day honors the development and application of NFTs. On the same day in 2017, Dapper Labs Chief Technology Officer Dete Shirley created the ERC-721 standard, which officially established the phrase.
The purpose of International NFT Day is to honor the NFT community’s innovators and collectors. Additionally, it’s a day for individuals to discover NFTs and begin building their collections.
According to Edul Patel, CEO & Co-Founder of Mudrex, NFTs are a cutting-edge technology that has exploded in popularity over the past year.
“In every industry, they have the potential to take the place of actual paper documents, improving security. Due to their distinct method of confirming ownership, NFTs will soon be a part of our daily lives” he says.
NFTs serve as crucial linking points between the real world and the metaverse, according to Tarusha Mittal, COO, and co-founder of UniFarm. She adds that the NFTs provide a distinctive form of ownership for a global audience and every digital art form, including videos, audio snippets, graphics, memes, digital art, movie posters, and music, can be sold at a higher value based on the buyer’s interest. As a result, NFT-based wealth creation is gaining speed.
Global NFT adoption is on the rise, which might result in a set of metaverses that are interoperable and where cryptocurrencies will be the main medium of exchange for all goods and services.
Raj Kapoor, Strategic Advisor at Yunometa says that “we could witness the movement over the years from simply buying digital photographs, films, and assets for games to buying real estate, other assets, and stocks.”
According to the most recent VMR research, the NFT market would reach $231 billion by 2030. Analysts claim that premium brands and the gaming sector are expected to use this space’s potential soon.
Kameshwaran Elangovan, co-founder and chief operating officer of GuardianLink points out that ‘we are very close to a day when NFTs will be just as prevalent as credit cards, if not more’.
People will acquire accustomed to the ease, dependability, and transparency of NFTs to the point where they will take them for granted.
About us:
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.
