NFT.NYC, an annual gathering in the non-fungible token (NFT) and digital blockchain art world, had an overwhelming attendance this year. The organization’s co-founder, Cameron Bale, disclosed this news during an interview on December 20, noting that the gathering attracted over 5,500 attendees and sponsors this year.
According to Bale, the first time hosting the event, which was three years ago, attracted only 500 people. He added that apart from these 500 attendees, most people believe NFTs have been around for a year or so. Bale further noted that most of the attendees in NFT.NYC’s first year believed NFTs would disrupt multiple industries beyond gaming and art.
He added that it was satisfying to see real-world applications of NFTs within multiple industries. Pointing out some of the use cases of NFTs, Bale said the primary use case was in art and digital collectibles because such applications are easy to understand. He added that NFTs have become common in industries such as gaming, ticketing, entertainment, and genetics.
Bale further noted that,
Finally, in 2021 we saw mainstream adoption for art kicking off. Thank you, Beeple, Metakovan, and Christie’s, for bringing it to the mainstream!
However, he pointed out that the NFT community will not see the impact it desires until mainstream media and brands that can reach millions or billions of people embrace the space.
Things to watch out for when investing in NFTs
Advising investors on the traits they should look out for while investing in NFTs, Bale said he considers three characteristics before putting his money into any project. These are the project’s utility, community, and love for the art.
Explaining how NFTs can be used with consumer goods, Bale said NFT.NYC ran a trial that saw it give away 1,000 caps with NFC tags that users could scan with their smartphones. By scanning the tag, the cap owners got an NFT registered to the product. Anyone that scanned the tag after the first scan got a notification that whoever scanned the item first was the product’s owner.
According to him,
I think that’s an excellent example because you can verify the authenticity of the physical product by confirming that the official brand minted the attached NFT. Another one for consumer products is coupons. Of course, digital coupons have been around forever, but using NFTs as the store of value of coupons makes them tradable and composable.
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