We speak with Andy Stief, director of Product Marketing at Kraken, about the performance of NFTs in 2023 and why investors should still care about them. Stief also shares how understanding their importance and the underlying technology can lead to potential future investment opportunities.
How have NFTs performed in 2023? How does it compare to 2022?
The NFT trading volume has declined in concert with the rest of the crypto market. However, trading volume isn’t the only measure of performance. For example, there are more web2/legacy brand names leveraging and integrating NFTs into their business and customer-engagement strategies than ever before.
Since 2021, more and more big-name brands like Visa, Nike, Starbucks, Red Bull, Disney, Amazon and dozens more have entered the space or announced plans to do so. So as an industry and ecosystem, NFTs continue to expand and touch more people around the world in a variety of different ways – because all these brands see the potential the technology offers and the impact it can have on their respective businesses.
Why have NFT trading volumes collapsed?
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