News | Hong Kong Design Institute

What can NFT do now?

30.03.2022

HKDI

Feature Story

NFT Collectibles and Beyond

While NFT based on Ethereum had been in existence since 2017, it was in 2021, on the back of spectacular auction prices that caught the attention of the media, which saw a digital gold rush to this new asset class. A select number of massive windfalls from "flipping" newly-issued NFT in secondary markets has attracted a wave of copycat artists and speculators hoping to cash in on the boom. While ideally suited to the digital art market, a flood of new entrants in areas as diverse as gaming, sports, music, and even books, all rushed into the NFT market.

During 2021, cryptocurrency market fluctuations and an avalanche of underperforming NFT releases have served as a reality check, but NFT have gained enough acceptance and attention to ensure they will be a mainstay of the digital economy for the foreseeable future. As we will see later NFT are simply more than a way to identify and claim ownership over a digital work of art or creative endeavour, but first, it is important to cover where NFT have already made an impact.