While some argue about practicality and the legal status of cryptocurrencies, others are broadening their reach. Porsche (OTC:POAHY), the French Football Federation, and the United States Space Force, for example, are all joining the NFTs market.
NFTs are trending right now. They are non-fungible tokens that use blockchain technology to enable copyright protection and simple ownership transfers. Because NFTs use the Ethereum blockchain, it has outpaced Bitcoin in terms of growth rates this year.
The entire market value was $338 million at the end of 2020, but it currently approaches $1 billion as more firms seek to employ NFT to gain attention. The ease of tokens was originally appreciated by digital artists, who were quickly followed by athletes with a vast array of monetization capabilities.
The European Football Championship is one of the year’s most exciting events. The French Football Federation (FFF) was among the first to enter into a license deal for digital collectibles. Soon after, NFTs with French national team players debuted on the Sorare platform. The price of tokens is determined by success of the player. The platform’s record is held by the token featuring Cristiano Ronaldo, which auctioned for $290,000.
The enthusiasm around digital cards did not go unnoticed by Porsche, which announced the introduction of its own Fanzone platform on June 14th. Porsche opted to capitalize on current trends by introducing the NFT with players rather than their own sports vehicles. Only players from the German men’s and women’s national teams are presently available.
The US Space Force (USSF) has also joined the war for digital collectors with the Ethernity Chain initiative. They want to issue tokens connected to interactive 3D representations of launch vehicles, Earth satellites, spacesuits, and other space industry components. NFTs will be auctioned, and the starting price for most art items will be $1.
El Salvador has taken a groundbreaking step by accepting Bitcoin as a form of payment, which has been condemned by the world’s banking regulators. NFTs, on the other hand, exhibit an evolutionary route of growth, gradually taking root in everyday life and enhancing human connection with the digital environment. Jensen Huang, CEO of NVIDIA (NASDAQ: NVDA), believes the world is on the verge of the metaverse, in which the digital world will be layered on reality via VR devices, and NFTs will serve as a practical bridge between them.