In 2022, the NFT industry has taken huge strides and has long lost its place as simply JPEGs. We have seen artists, musicians, and influencers leading the way in building NFT hype and selling them in early 2022.
However, in recent times, many offline businesses have begun expanding to incorporate NFTs and metaverse real estate in their business models. For example, Gary Vaynerchuk's VeeFriends NFT collection grants holders special benefits such as access to physical events such as VeeCon 2022, 2023, and 2024 and have physical gifts mailed to them.
So - what's the deal with all these NFTs and why you should still sell them in late 2022 and into 2023?
In this article, I will cover 4 reasons why you should sell NFTs. Read on for more!
1. Greater Regulation of the Cryptocurrency Market
As the cryptocurrency market becomes more regulated, it will become easier for businesses to conduct transactions with NFTs. This will make it simpler for businesses to adopt NFTs into their operations and benefit from their advantages.
In recent years, regulation has been introduced in a number of different countries, including the United States, Japan, and South Korea. This has made it easier for businesses to trade cryptocurrencies and has helped to legitimize the industry.
As more governments start to regulate the cryptocurrency market, it will become even easier for businesses to use NFTs. This will help to increase the adoption of NFTs and their use in different industries.
Just stay updated on the Cryptocurrency market through various avenues. These can include:
2. Widespread Adoption of Blockchain Technology
The blockchain technology that underpins NFTs is slowly but surely gaining widespread adoption. This means that by 2025, more people will be familiar with it and be more likely to purchase NFTs.
Additionally, as more businesses start to adopt blockchain technology, they will also start to use NFTs. This means that there will be more demand for NFTs, driving up prices.
People are picking up blockchain technology because it's secure, transparent, and efficient. For example, it can help reduce fraudulent activities as well as speed up transactions. What's more, the use of blockchain technology is not limited to NFTs. It has a wide range of applications in different industries such as supply chain management, healthcare, and finance.
As blockchain technology becomes more popular, the demand for NFTs will also increase. So if you're thinking about selling NFTs, this may be the right time to get started. Minting your NFTs isn't that hard, you can always use minting tools to help you out if you're not sure about the details.
🤓 Ready to get minting? 📖🔍 Read our guide: How to Create and Sell NFTs for Beginners.
3. Increased Demand for Digital Assets
The COVID-19 pandemic over the past 2 years has led to a growing interest in digital assets as people are looking for ways to invest their money. This has definitely contributed to the 840 million USD NFT market cap in mid-2022.
The NFT market has been increasing in popularity and there is a growing demand from buyers for NFTs. In fact, the NFT market in August has seen record volumes of $5.2 billion worth traded. Ethereum is the dominant network where this trading takes place. NFTs are here to stay! 📈
Many celebrities are started to jump on the bandwagon too. For example, Steve Aoki just is set to launch his Replicant X NFTs with Seth Green. Replicant X is part of a Character X saga which constitutes a gamified storytelling experience that fans can participate in.
Why is this profitable?
This is because NFTs offer a unique and innovative way to purchase and own digital assets that make them feel like they are participating in something bigger than themselves.
In 2022, NFTs have gone beyond just a cash-grab and moved on to become an opportunity to get consumers to buy into a particular mindset. This is seen in how VeeFriends holders purchase NFTs from the VeeFriends collection as they subscribe to the particular trait they hope to live out in their own lives. For example, Accountable Anteater, an NFT that exists to promote the trait of accountability in the lives of its holders and the people around them.
Holders feel responsible to become more accountable in their lives just by holding onto the Accountable Anteater NFT. For people like myself, I just like to display NFT art at home because I like it! What's more, as the demand for NFTs grows, so does the number of platforms that offer them. This gives you more options to sell your NFTs and reach a wider audience of potential buyers.
If you're thinking about selling NFTs, be sure that you are doing up your smart contracts well by checking in with a good smart contract auditor. They will help you look at your code and identify any issues and inefficiencies in your code that hackers can exploit.
Advantages of NFTs as Digital Assets Over Traditional Assets
- More secure: Digital assets are stored in a secure digital wallet, which makes them less susceptible to theft or fraud.
- Easier to trade: Digital assets can be traded quickly and easily on online platforms, making it easier to buy and sell them.
- More liquid: Digital assets can be converted into cash more quickly and easily than traditional assets.
- More diverse: There is a wide range of different digital assets available, including cryptocurrencies, tokens, and NFTs.
As the popularity of digital assets continues to grow, so too will the demand for NFTs. If you're looking for an investment that has good potential growth, selling NFTs is a wise move.
With NFT generators nowadays that make the process so easy, you can quickly make an NFT collection, tweak their rarities and traits, and start selling them.
Picking up solidity is a must if you're planning to be both the business owner and the developer involved in your project.
4. The Utility of NFTs Is Constantly Growing
Gary Vaynerchuk on NFTs: “It is the holy grail for humans, it's just that we're the fortunate humans that are here when it's being invented,” And it's for good reason that he says that. He recognizes the utility of NFTs because they can be used for pretty much any service in the future!
The potential uses for NFTs are endless, as new use cases are discovered all the time. This provides businesses with a lot of opportunities to explore different ways to utilize NFTs and benefit from them.
Examples of NFT utility include:
- Using NFTs to represent ownership of digital assets such as art, music, or video.
- Storing data on the blockchain using NFTs.
- Creating tokens that can be used to access certain features or services.
- Using metaverse real estate agents to manage NFTs that represent real-world assets such as property or land.
- Printing NFTs to showcase in the metaverse or real-life galleries.
- Managing NFT domains to only represent a single branding across multiple platforms.
As each business sector has its own way of capitalizing on NFT sales, think creatively about how NFTs can help provide a solid income stream for your business.
NFTs have many innovative applications in the future, so capitalize on them!
If you're thinking about selling NFTs, remember to keep these four reasons in mind. NFTs offer a lot of benefits, both for businesses and investors, so they are definitely worth considering. With the right approach to incorporating and tracking NFTs into your business, you’ll be able to capitalize on the trend in late 2022 and into 2023.
This will assist you in developing a more meaningful and sustainable business model for your business. Start today - it’s not too late to start developing your own dApp on a web3 platform of your choice!
Justin Chia is the founder of Justjooz. He seeks to educate everyday people about crypto, analytics, and home tech.