This year we once again want to brighten up the Advent season for our readers with an Advent calendar. In a slightly different form, each door contains a “knowledge bomb” that will be supplemented with a special prize on Christmas Day.
The term “NFT” is hidden behind the sixth door. To enter the competition on the 24th, simply take part in the surveys and like the respective Twitter posts.
Non-Fungible Token (NFT)
It was already becoming evident at the beginning of 2022 that the hype surrounding unique digital artworks and serially produced unique profile pictures would flatten out. Peak volume at the end of January was around USD 6 billion. With a war-related dip in February, volume managed to hold at halfway before dropping to just 10% of January’s volume in May. Still, the wallets that ever interacted with an NFT tripled throughout the year. The 7 million users shows that collectible wallets are a primary driver of crypto adoption.
NFTs are here to stay. Developers are slowly realizing the different possibilities and the potential of uncopyable, digital certificates.
To date, the visual representation of the NFT has been in the foreground. Starting with the art, to the limited profile pictures, to badges, which formed a digital counterpart to stickers and rather had no other functions than selling. Slowly, the functions that give unique digital certificates value are coming to center stage. We are increasingly seeing redeemable NFTs that are exchanged for a product or used as a redeemable ticket. Recently, there are also licensing and subscription models or tokengated communities that give their members passwordless access to information and special offers.
