Although NFTs are sometimes regarded with suspicion, it’s highly likely that they will stick around as an integral part of the ever-expanding crypto spectacle, and, ultimately, change the ways in which we transact online.
However, the doubts that surround them are understandable. Some NFT prices appear incomprehensible to those looking on from the outside, and the product itself is easily misinterpreted. This latter point is evidenced when people ask why anyone would pay for a JPEG that can be freely replicated, rather than focusing on the fact that unique digital tokens are being traded, and what that capacity can enable.
Proof of Concept
NFTs in their current form could be seen as a proof-of-concept experiment, but in that case they have now broken out of the lab. Yes, it turns out that the technology works, but what’s more, we now have marketplaces, showbiz tie-ups, and eye-catching events taking root around this early-stage explosion of activity.
And, despite the background criticism, NFTs have captured the public’s imagination in ways that other elements of crypto cannot, dragging together programmers, speculators, artists, designers and celebrities, to mention just a few. NFTs are primarily decentralizing not finance, but culture, and alchemizing it into tradable, trackable assets.
Utilization Equals Survival
For a blockchain to survive in a meaningful sense, it must have development and users, and to have users, it must have use cases. While it might not be a truth welcomed by those hostile to NFTs, ecosystems within which strong NFT communities develop are at an advantage. It is notable that during market crashes and bearish periods, NFT spaces have tended to remain relatively active.
As such, it is worth keeping tabs on some of the primary NFT blockchains, as these are likely to be comparatively busy throughout tough market conditions, and stand a good chance of making solid gains when sentiment and circumstances pick up.
Ethereum
Such is Ethereum’s dominance of the NFT space, that it can be considered the default blockchain for NFTs. If a project doesn’t explicitly say that it is using another platform, then it is probably operating on Ethereum.
However, gas fees and an initially uninviting user experience are problems, and may remain so for some time,…
