Bybit‘s Head of Partnerships, Anndy Lian, has set the record straight in a recent article published on the pioneering crypto exchange’s blog, defending that NFTs are alive following recent industry-damaging claims of being dead by Rolling Stone and beyond.
Within his insightful blog post, Lian covers the outstanding growth of NFTs — which, at its peak, hit an astonishing $10.7 billion in total market capitalization — and its downturn. His insights reveal that while the NFT market commonly experiences fluctuations, it’s still in the public eye.
Regardless of the market facing a dip in performance this year compared to its 2021 and 2022 highs, Lian covers a plethora of positive industry signs. He defends the credibility and potential of NFTs through intriguing examples, championing these collectibles as a motivating factor behind creativity, financial opportunity, and virtual cultural revolution.
Shining NFT Examples
Lian mentions the success of Bybit’s very own NFT collectibles, ‘The Velocity Pass’, consisting of 1,000 digital assets inspired by the iconic Formula One World Championship and Oracle Bull Racing’s RB19 race car. Holders gain access to exclusive offerings, entry into raffles for tangible prizes, and complimentary NFTs from collaborating artists, capturing excitement in tandem with the race season — all made possible through the power of NFTs.
Further illustrating the potential of such digital assets, Lian touches base on intriguing trends that have emerged in recent months. One shining example, in particular, includes Art Blocks generative artwork, innovatively created through a computer program algorithm from inputs by artists or collectors.
Moreover, he highlights industry giants optimistically embracing the NFT revolution in distinct ways, with Visa acquiring a $150,000 CryptoPunk, Cola-Cola auctioning four NFTs to charitable endeavors, and Marvel stepping into the NFT realm with a dedicated marketplace for comic book lovers being remarkable cases.
Lian also unveils the benefits of fractionalizing digital collectibles, enabling art collectors to access and invest in top-tier NFTs more affordably, like DAO Records’ Wu-Tang Clan’s ‘Once Upon a Time in Shaolin’ album.
The Broader Perspective
Lian’s ‘No, NFTs Are Not Dead’ article is a must-read for anyone seeking a deeper understanding of NFTs’ transformative potential and their significant impact on the online landscape. Not only does he underscore the evolving nature of such digital collectibles, but he forefronts how these digital collectibles transform ownership and property rights, removing legal conflicts and offering restored hope and faith to enthusiasts, investors, and creators alike.
By highlighting real-world examples of the benefits of NFTs in recent days, he paints a picture of an NFT landscape that continues to evolve, thrive, and inspire, acting as a beacon of optimism for all involved and interested. NFTs are alive, after all.
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