A few years ago, NFTs – non-fungible tokens, were blowing up all over the crypto scene, and people couldn’t get enough of them. Well-known figures were buying up digital art pieces and inflating their prices massively, and some even releasing their own NFT collections.
Recently, though, despite the current bull market that’s gathering greater pace, there has been little talk of NFTs. This time around, the focus for people in search of quick gains has been on memecoins. Could NFTs have a role in the future, or were they just a one hit wonder in the 2021 bull run?
NFTs Became Well and Truly Mainstream
It’s hard to say whether Bitcoin and other cryptocurrencies are truly mainstream yet. Most people have heard of them, but they haven’t enjoyed mass adoption yet.
NFTs were certainly mainstream for a brief period, with NFT imagery used across popular culture, including in television series’ and movies. Even in industries such as iGaming, NFTs made appearances. People who play online slots may recognise Red Tiger’s NFT Megaways slot game, which uses pixilated crypto visuals and Bitcoin, Ethereum, Litecoin and Dogecoin symbols in its gameplay. This shows how a wide range of industries sought to capitalize on the NFT buzz. This game is still well-loved today, highlighting how NFTs remain prominent in popular culture.
The sheer number of famous endorsers also helped NFTs reach a wide audience and media attention, with celebrities previously shining the spotlight on the latest crazes in the crypto space. However, there has been none of this during the current bull market, and NFTs have gone quiet while the price of Bitcoin and other cryptocurrencies has surged.
Memecoins Have Been the Focus of This Cycle
During the latest bull run, the focus has been on memecoins instead of NFTs, and this has perhaps been the main reason why NFTs have fallen out of favor. Memecoins have been around for a while, ever since the release of Dogecoin – the grandaddy of the space. But this time around, they have blown up.
In 2021, there were only around 124 memecoins on the market. Now, it’s hard to know an exact figure, as there are thousands in existence and more created every day. Indeed, anyone can create and launch their own memecoin now, meaning that there are tokens for everything from well-known figures to events in the news. It appears celebrities and political figures are increasingly creating their own, much like during the NFT craze, capitalising on the buzz around them.
Source: Pexels
There Could Still Be a Place for NFTs
Memecoins require individuals to act quick in order to make money from them. If they drum up enough support and catch enough early interest, the price can skyrocket briefly. Then, people who get out in time before it dumps, can make money.
Many NFTs served a similar purpose to memecoins, made to simply make their creators a lot of money.
However, the narrative around them is now different. Despite their decline in comparison to memecoins, it’s easy to see them having a place in the future, when most people live their lives online. For example, some have suggested that if there is to be a VR metaverse, NFTs could be used to purchase items and property. This would allow users to digitally establish ownership of items within the metaverse, meaning NFTs could still have a role in the digital future.
Although NFTs have gone quiet and haven’t been mentioned much in this bull run, there’s likely to still be a place for them in the future. When VR becomes mainstream, NFTs will be useful for allowing people to make purchases within digital worlds.
