Did you know that NFT ownership, despite gaining a ton of traction this year, is still concentrated in only 0.1% of Crypto owners? That only makes a few hundred thousand people, despite a ton of media attention in recent months and years. Luckily, new NFT collections like the Book of Gates have immense power to alter that figure and send NFTs into the true mainstream.
Beating the Niche of Niches Effect
Despite there being roughly 2.7 million (and rising) NFTs currently in existence, they are owned by less than 400,000 people. And 80% of the market value they create is held by 10% of those owners. Yet consciousness about the value of NFTs, especially as the Metaverse and Web3 become key digital talking points, is growing exponentially.
A lot of this bottleneck was caused by the prevalence of so-called ‘blue-chip NFTs’, needing an immense investment to get in on even the ‘ground floor’ of ownership. Likewise, the perception of NFTs as a difficult space to break into, needing tons of technical knowledge and know-how, doesn’t help. And these are both issues that no amount of high-profile celebrities, corporations, and public figures jumping on the bandwagon will remedy, despite the acceleration in this type of publicity which we have seen recently.
How Projects like the Book of Gates Could Change the Market Forever
Luckily, this is a trend that is already changing. As people see games begin to move into the Web3 space- an easily relatable concept that’s already familiar to generations of gamers who relax behind PC and console screens daily- the new technologies are starting to feel less frightening. By the end of the year, no doubt, those figures will look more comforting.
But even as the technology around NFTs becomes more familiar to the average user, we’re seeing an even more important development. With the launch of compelling, exciting, and accessible NFT projects like the Book of Gates NFT collection, we’re also seeing projects that people can get excited about. Not only does the collection offer true NFT utility, with an exciting Web3 game space to explore alongside the intrinsic investment value of the collection, but they’re also entering the market at price points where normal people can look to expand their portfolios and their footprints in the new digital spaces being created. One need no longer be in a favored Ivory Tower to even hope to own one. Instead, we have a solid collection of remarkable art in NFT format which can be owned by anyone interested in the wider NFT market and space. Paired with the solidity and increasing familiarity of the underlying Ethereumblockchain, helped by its recent Merge-focused press attention, it’s a powerful combination that’s set to change the NFT landscape forever.
So if you’re looking to make your own move into NFT spaces, there’s never been a better time to move. With a widening focus on public accessibility and intriguing utility, the space is powering up like never before. And as we all know, the best time to capitalize on any new technology is right as its popularity is cresting. That time is now.