Kelvin Bowoto
2021 was the year of NFTs, but after the bear market began, the hype faded. But the real question is: Are NFTs dead?
While the NFT market has traditionally been controlled by artists selling their work, Michael envisions a far more integrated structure.
“I believe that at some point, our driver’s licenses will be NFTs. When we book a flight, the ticket will arrive as an NFT. When you book a hotel, the reservation will be an NFT.
“When you go to watch a basketball or football game, or when you get your university certificate, it will be an NFT.” And it will all be recorded on the blockchain.
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“Art has simply been the means by which the media and the general public, who were initially intrigued, came to grasp it. They assume NFTs are just art, but it’s more than that.”
He also highlights the tight relationship NFTs have with the cryptocurrency market. As he puts it, “NFTs do well when people get crypto rich.”
This is because it is easier to purchase NFTs with cryptocurrency than it is to convert them into fiat cash and use them at a local shop or restaurant.
Bolu and Michael go into great detail regarding music and NFTs, Alpha charts, decentralization, and this year’s bull market catchphrase.
Techrectory with Agency Report.
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