Problems

The short answer is demand. As previously covered, the most successful NFT’s have the global support of celebrities and influencers and people as a whole follow those trends. To be successful in infiltrating this space a strong brand is needed – so initially to bring an NFT into a market there needs to be enough hype around it. Just like traditional sales and marketing, a bad product can sell with the right branding and influencer campaigns. Conversely, a great product without a “hype” campaign behind it won’t sell. Demand for NFTs is strictly emotional right now and needs to be treated as such.

That said, more specifically, gaming related NFTs are on the rise. Digital gaming tokens are becoming increasingly popular in recent years, capping 2.5 billion in sales volume just in the first half of 2021. Nevertheless, NFT’s are under-utilized in the gaming world. In 2022, gaming giants such as Ubisoft and Polygon are expected to double down on NFTs. It’s also believed that Meta is about to break into the NFT and metaverse space (hence, their obvious name). Massive players like the aforementioned are going to cause the NFT market to raise barriers to entry, but they’ll also bring demand.