The area of non-fungible tokens (NFT) has experienced massive acceptance in recent months. Some of its largest user bases are not in the field of cryptocurrencies.
The NFT sector has become one of the largest in the cryptocurrency industry. It has gained massive acceptance in recent months, with total trading volume exceeding the $10 billion mark for the first time in the third quarter of the year.
In an interview with Entrepreneur however, Jamie Lewis, CEO of Ioconic, pointed out that the largest user base for NFTs is outside the cryptocurrency space. He explained:
“An important step towards mainstream acceptance is to look at consumers and let them grow with the brand – to build a collection now that they can monetize externally in the future.“
NFTs have become very popular in the sports and entertainment sector. Numerous sports companies, athletes, media companies and celebrities have introduced NFTs to monetize some of the iconic moments and arts.
Ioconic recently partnered with MGA, the $25 billion toy company, to launch an NFT of LOL Surprise dolls. He pointed out that ease of use is needed if more people are expected to understand the technical details behind cryptocurrencies and NFTs. Lewis added that:
“Absolutely! Children cannot be expected to understand the technical details of crypto and digital asset wallets, as well as navigate the blockchain infrastructure and potential bridge elements. Ease of use and the removal of technological barriers are crucial for the attractiveness of the mass market.“
The NFT sector is expected to become even larger in the coming years as more and more investors and companies enter the industry. NFTs help companies maintain the integrity of their intellectual property and ensure that malicious actors do not gain access to their unique work.
The broader crypto market has been in a bearish trend in recent weeks. However, the NFT sector was not affected, as more and more people are minting, launching and investing in digital assets.