Why Non-Fungible Tokens (NFTs)?
Recognizing the tremendous potential and growing popularity of non-fungible tokens (NFTs) in recent years, MPC has made a deliberate choice to leverage NFTs as a potent medium for advocating the urgent need to protect the planet from the repercussions of ill-informed medical practices. Following statistics have further validated this choice, leading MPC to embark on the launch of its NFT collection, Cows Gone Mad.
1. Market Growth
Since 2020, the NFT market has witnessed remarkable growth. The global market size was projected to be approximately $20.44 billion in 2022 and is anticipated to reach $26.98 billion by the end of 2023.
2. Art Sector Dominance
NFTs have had a significant impact on the art industry. In March 2021, an NFT artwork by Beeple sold for a record-breaking $69 million at a Christie's auction. This sale highlighted the potential for high-value transactions in the NFT art sector.
3. Mainstream Attention
NFTs have gained significant mainstream attention, with numerous celebrities, athletes, and musicians entering the space. This increased visibility has contributed to the growing interest in NFTs.
4. Ownership and Authenticity
NFTs provide a unique way to prove ownership and authenticity of digital assets. The blockchain technology underlying NFTs ensures a transparent and immutable record of ownership, preventing counterfeit or fraudulent copies.
5. Secondary Market Activity
NFTs can be resold in the secondary market, allowing creators and collectors to profit from increased demand and value. Some platforms also enable artists to earn royalties on secondary sales, providing ongoing revenue streams.
6. The Success of Web2 Companies In Web3
Numerous web2 companies have had success in Web3. For example, fashion giants including Old Navy, Adidas, Nike, Gucci have shown their interests in NFTs, either by exploring collaborations with artists or creating their own digital collectibles and fashion-related NFTs. Additionally, automotive powerhouses like Audi, Porsche, McLaren, Lamborghini, and Volkswagen offered digital collectibles, artwork, and exclusive experiences related to their brands and racing events.
These examples demonstrate the growing interest and active involvement of established Web 2 companies in the NFT ecosystem which has piqued the interest of MPC to contribute to the NFT space.