NFTs are not Dead, They are Only Getting Ready for a Huge Flight

Ever since the foundation of the cryptocurrency sector, it has continued branching out. Over the course of time, the most profitable and attractive spaces the cryptocurrency industry has launched are DeFi and NFT.

While the decentralized finance sector is constantly growing higher and higher. The nonfungible token sector has found itself having a bumpy ride compared to the former space.

This is the reason why from time to time, the cryptocurrency community ends up perceiving that the NFT sector is no longer profitable. However, since the beginning of 2021, the nonfungible token sector seems to have set a trend.

From time to time, the nonfungible sector tends to make an appearance, surprises the entire crypto-community, and then vanishes. Although the nonfungible sector had been around since 2017, it didn’t gain much recognition until 2021.

It was in the beginning of 2021 when all kinds of brains and thinkers boarded the crypto-train. Surprisingly, the NFT sector made sense to most of them. This is the reason why many of these latest joiners ended up exploring the NFT sector.

The nonfungible token sector offered several sub-branches, but the most useful branch proved to be the artwork sector. Over time, the nonfungible token sector’s artwork space so much popularity that it even made to the major auction houses. These major auction houses included Sotheby’s and Christie’s Auction Houses.

On top of that, several marketplaces for the nonfungible tokens were launched where the users could create, buy, bid, or exchange their own NFT artworks. Even the largest cryptocurrency exchange “Binance” has launched its own marketplace for NFT, while the second-largest exchange “Coinbase” is planning to launch one.

This is a clear example of how vast and popular the NFT sector has grown and vast it will grow in the upcoming years. The NFT sector started off with investments and trades worth a few hundred thousand dollars monthly. Today, the NFT sector is responsible for generating a billion-dollar worth of trades on a monthly basis.

However, it seemed that the NFT sector was only gaining prominence and adoption in the American and European sectors. Surprisingly, a recent survey has proved that even the Southeast Asian region is fond of investing in nonfungible tokens. If not the entire Southeast Asian region, then Japan for sure is fond of nonfungible tokens as proven by a recent survey.

Just recently, a survey was conducted by BitBank, a major local crypto-exchange from Japan. The survey enquired from the Japanese cryptocurrency investors whether they had gained exposure to NFT or not. Surprisingly, 26% of the crypto-investors revealed that they had invested in the NFT sector.

The survey revealed that the majority of the cryptocurrency investors in Japan belonging to the (20-40) age group have invested in NFT.