The structure of NFT holders is evolving. Once, the NFT market might have been perceived as some sort of playground for crypto enthusiasts. These would boast to one another with their quirky (and expensive) digital images obtained from the brand new niche of digital art. And the rest would just point at their foreheads. This is not true anymore. NFTs have gone viral and large companies have noticed them - and they are joining the game. How have the big fish changed the NFT market?
Are you also interested in joining the world of cryptocurrencies? You can literally join today. All you need is to download a crypto wallet on your phone or desktop. The next step is buying a cryptocurrency. There are many simple ways to do that. At the end of the day, you are a happy owner of some Bitcoin, Ethereal and/or some other from the plentiful crypto coins. Welcome to the crypto ocean! You are a fishier now.
If you managed to buy some ETH, you can now use it to buy NFT. Too many abbreviations? ETH stands for Ethereum, and NFT means Non-fungible token. These are unique, irreplaceable and uncopyable digital tokens which can be anything - images, music and many more. If you want to become a sole owner of an NFT image (that's what this article is about) you only need some ETHs and visit a digital marketplace (such as OpenSea), pick an image and click on the large PURCHASE button.
You see? Buying an NFT image is an easy process for any individual - anyone can join. However, some are disgruntled at the price of NFT images in marketplaces and auctions. The price is market-driven, but it needn't be accessible for all solitary art lovers.
Fortunately enough, the demand (and supply too) of NFTs is not an affair of a small group of nerds and enthusiasts who have grasped the blockchain technology (the one that makes the NFT market possible).
Tldr; NFTs are going mainstream. They are trendy and many big players have hopped on the train already. Where do we even start? Luxury sports car brand Lamborghini has introduced an NFT collection featuring their fancy road busters. Coca-Cola offers NFT collectibles, some of which are even tied to charity: the company has donated money generated from NFT auction to the Special Olympics International. Louis Vitton seeks to educate their fans on the history of the brand - yes, via NFTs. The Wall Street whales are going crazy about the tokens. But not only on the support side of the market.
The most visible impact of the large companies is the tidal wave of demand they are making. Some corporations have invested millions into digital images you can’t trouch. Why do they do that? Obviously they are looking for new creative ways to connect and engage with their audience. There is a thing about investing into assets that are a blend of innovative, strange and profitable. And there has been profit indeed - just look at the highest NFT sales in history. But profit is not the only driving force of the NFT fever. There are good deeds involved too: thanks to the global nature of blockchain, NFTs provide a whole new range of opportunities for philanthropy.
Companies can engage in many interesting NFT projects that have been launched for the good cause. Such as various philanthropic fundraising activities, following the example of Coca-Cola. Globally recognized Ukrainian graphic designer Mykola Kovalenko is selling his anti-war posters as NFTs to raise funds for war victims in Ukraine. 80% of the funds will be distributed to support Ukrainians. And it’s the big whales who can make a significant change by seizing their purchasing power and taking part in such philanthropic activity.