With adoption surging in the crypto markets and Bitcoin getting closer to all-time highs, the bias for an early bear market seems to have shifted. Since early 2021 a new asset class has emerged, and it seems it has no plan to stop.
Non-Fungible Tokens have taken the spotlight after the Bitcoin March crash. The growth pace of the market seems to be non-stop. The industry has grown to $2.5billion in the last couple of months.
From the unique art designs of Fidenza by Tyler Hobbs b to the seamlessly simple EtherRocks, the market seems to be flooded with valuable Nfts. The millions spent on digital art give us a clear idea that this frenzy is just beginning.
The new scope of Non-Fungible-Tokens
While multiple projects and creators try to leave their trace in the NFT space, few are the ones who can create meaningful collections. New mints are appearing on a day-to-day basis, and copy-cat projects are everywhere. Thus, investors need to understand that the majority of the newly created nft projects won’t be around for long. Nevertheless, we should not dismiss the entire scope of the NFT market.
Projects that deliver unique value propositions seem to hold value and get attention from the masses. Bitcolor.io appears to be one of them, while in the early stages, the collection features 1,000 handcrafted NFT colors, creating a new way to hold and trade colors.
They are approaching NFTs from an entirely new perspective. While each color of the collection is handcrafted, they have no predetermined autho-generated traits. Users and Holders will be the ones who decide the value of their pieces. Being an early comer to a new spectrum of the NFT industry and with only 1,000 colors in the collection, Bitcolors aims to be scarce, which will drive the prices to skyrocket eventually.
The new spectrum
It is clear now that NFTs have taken their spot as a new asset class. The underlying technology and the unique use cases presented by singular projects show immense potential. More than flipping NFTs for a quick buck, the market is solidifying, and projects that bring outside-the-box solutions will endure and help reshape this newly created industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.