Non-fungible tokens (NFTs) have swept the minds of the cryptocurrency community and have become a valuable digital commodity. The art’s rising popularity has proven to have a market cap of over $100 million in just a few years of its existence.
Clearly, NFTs are causing cryptocurrency inventors to delve deeper and imagine more use cases for the evolving economy. They are acting to transform NFTs from mere digital assets to more valuable additions to the growing cryptocurrency ecosystem. Brands are already adopting it into the DeFi and gaming worlds, for example.
In a recent tweet, Coinbase CEO Brian Armstrong expressed the same sentiment about NFTs. The CEO tweeted to his 907,000 followers that he was surprised to see the energy and optimism surrounding NFTs in New York this week.
He went on to say that he was pleased to see a lot of young talent entering the cryptocurrency space with new use cases. These new cases will further help build the economy of NFTs. Specifically, Brian Armstrong tweeted the above after the just concluded NFT event hosted by Crypto Art Fair in conjunction with NFT.NYC.
The event, which took place in New York from November 1-4, witnessed the attendance of some influential cryptocurrency personalities, CEOs, NFT artists, critics and collectors, and celebrities. Interestingly, American music legend Busta Rhymes was in attendance to discuss the current state of the music industry and how NFT might reshape it.
There is no doubt that Coinbase is trying to create a welcoming environment for its NFT users with the anticipated NFT marketplace, another noteworthy development on their roadmap. As many cryptocurrency enthusiasts say, cryptocurrencies are just getting started, and the same goes for NFTs, DeFi and Metaverse.