I came across this topic while reading a blog on cryptopotato blog. The content in the blog was about Kevin O’Leary giving his opinion about NFTs and Bitcoin. He thinks NFTs will get bigger than Bitcoin someday. Thanks to bitcoin that became the foundation for crypto and NFTs, now we are seeing massive utilities on NFTs which is great. But the thought of NFTs getting bigger than bitcoin is a very interesting one.
Well depending on what you consider “bigger”, is it bigger by market capitalization or bigger by popularity or both(by market capitalization and popularity). While Kevin O’Leary thinks that the importance of NFTs is becoming gradually prominent in our daily lives, I also don’t think he is wrong. NFTs are having influence in anything digital, from tickets, to movies, to audios, to arts to games, am sure people will consider having books as NFTs soon.
NFT influence in the entertainment industry is gradually becoming an acceptable norm. You can imagine the metaverse and the influence the metaverse will have in the world soon, that’s the power of NFTs. Imagine the metaverse in the next 10 years, imagine its use, imagine its dominance.
Remember what we see on the internet about Bitcoin replacing banks, or Email replacing post office and posting letters, don’t you think that at some point, a technology will come and replace bitcoin? The bitcoin’s blockchain technology is looking really good and updated right now, but have you thought of what the technology will be like or feel like in the next 20 years? Change is something that is definitely constant in the world and time will come when we will see the bitcoin, crypto and it’s technology to be outdated. By that time lots of new innovations will be available probably most of them will have bitcoin and crypto to thank for its existence.
But Bitcoin’s utility is only restricted on decentralization and security as its utility. Scalability is an issue with bitcoin and we don’t know how long bitcoin will remain at the top. What will be Bitcoin’s status in the next 5 years when people are only acquiring it just to store rather than use it for daily transaction activities.
But the crypto world and life generally can be funny, the supply and popularity of bitcoin might keep soaring higher and people will keep demanding for it, making it irreplaceable at the top, bitcoin still holds this prestige and the whole world wants it. They have been past massive bitcoin criticism, but we still saw bitcoin stay at the top. So it’s hard to predict if NFT will get bigger than Bitcoin in the future.
What Is Your Opinion
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I think there certainly is potential. The NFT market is truly without limit. Right now it might have a bubble feel to it but eventually it will sort itself out. The technology is going to bring on some serious innovation.
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I feel so too, the bubble gives some doubt on the longevity of its value.
Nice post!!!