Are NFT markets in a death spiral or ready for a resurgence?

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NFTs have already proven useful in the art and music industries, but the long-term use cases are still being explored.

As of 2023, there are 13.95 million NFT users, but that’s expected to hit 19.31 million users by 2027.

He said NFTs and the ecosystem around them are so complex that almost everyone is still vulnerable to many risks they may not even know about. “For example, the vast majority of people don’t realize that an NFT is almost always at risk in a sense, except for fully on-chain NFTs, which are a truly tiny fraction.”

Overall, he thinks NFTs solve too many of the current problems associated with digital ownership — including scarcity, authentication, provenance and provable ownership — to be ignored.

 

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