NFTs: What’s in It for Players of the Payments Market?

NFTs: What’s in It for Players of the Payments Market?

And speaking of appetite, it appears that the singular and alluring nature of NFTs has drawn in everyone from sports fans to art houses; who are all seeking to benefit from the growing trend that surrounds them. As expected, the global market for NFT sales volume grew approximately 182 times in the first half of 2021, compared with the same period in 2020, reaching a staggering value of $2.5 billion. As an example of their growing popularity, in August 2021, Visa purchased a “CryptoPunk” – one of the thousands of NFT-based digital avatars, for nearly $150,000 in the cryptocurrency Ethereum. Likewise, Mastercard has recently pitched their tent in the NFT market , alongside the launch of a sweepstake competition where entrants can win an NFT. In addition to this, we’re also witnessing an evolution around the very concept of NFTs, like branches growing from the same tree. Back in June of this year, the artist Robert Alice collaborated with Alethea.AI to produce the world’s very first iNFT (interactive-NFT); which was nicknamed ‘Alice’. According to ConnectPay’s Simas Simanauskas , the NFT appeal can be attributed to both staying on-trend, liquidity, and its massive future potential. According to Simanauskas, while the actual