Catch-up potential: NFT market on the rise: expert predicts renewed growth and new career opportunities | news

• NFT market with a weak year 2022
• “NFT Pope” Mike Hager advocates simpler structures
• Comparison with internet boom and bitcoin

NFT expert publishes the first NFT print magazine

Mike Hager is not only active as a radio host, but is also the author of several guidebooks. It wasn’t until February 2022 that the money expert published a book on the subject of non-fungible tokens (NFTs), and this fall he also published what he claims is the world’s first NFT print magazine. According to the online media “Clap”, Hager printed the first edition in an edition of 20,000 copies, each costing 9.80 euros. The print edition also came with its own NFT, which entitles you to four print editions of the magazine during the year. To do this, buyers must link their wallets to a website that will soon go online.

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The coinage of magazine NFTs has now ended, but these can now be traded on the OpenSea marketplace. The NFT magazine is still available in digital form – even for free.

NFTs as a “life-changing opportunity” for artists

In an interview with the “Deutsche Unternehmer Platform” (DUP), Hager recently talked about his other projects in the NFT sector, such as an NFT collection that he started together with photographer Rainer Hosch and entrepreneur Alexander Sachs. According to Hager, owners of one of the 52 collectibles in the form of portrait photos of celebrities such as Jennifer Lopez and Meryl Streep can also look forward to a photo shoot with Hosch in Los Angeles. The first sale of the NFT collection brought in more than half a million US dollars. “In times when artists often live without a living and can only occasionally sell images, NFTs represent a life-changing opportunity,” explained the self-proclaimed “NFT Pope.”

Cryptocurrency regulations also apply to NFTs

Nevertheless, the sector is still partly dominated by a “Wild West mentality”, as Hager admitted on the platform. “There are projects that make sense as well as wasted ones that have no use,” admitted the expert. “But we must not pretend that there are no rules at all.” Especially in Germany, there are some regulations regarding cryptocurrencies that also apply to NFTs, such as the one-year holding period before a tax-free sale. “All transactions can be seen transparently on the blockchain, which is not the case for cash or many account movements,” he said.

The NFT market is still in the “early stage”

Nevertheless, he still sees significant potential for improvement in the NFT market, particularly with regards to the effort involved in trading digital collectibles. “The current structural complexity of NFTs and blockchain can be compared to the early days of the Internet in the 1990s, when you had to contend with cables, providers and complex records,” criticized Hager. “NFTs raise questions about a wallet, how to buy cryptocurrencies, transfer them to the wallet, and so on.” However, this is because the NFT market is still in an “early stage” as only between 250,000 and one million people hold NFTs. “That puts us where Bitcoin was in 2011.”

Bright future ahead

Nevertheless, it is already clear that big things are in store for the NFT sector, after all, big companies like adidas have already jumped on the bandwagon. Not only do blockchain applications score with transparency and protection against counterfeiting, NFTs are also an important tool for customer loyalty, according to Hager. Point systems, such as those already used by bonus systems such as Payback, are conceivable here. According to the NFT expert, however, the digital collections hold the greatest potential in the context of events. “Artists could, for example, design FC Bayern Munich football tickets as NFTs, which would then be absolutely counterfeit-proof,” Hager continued. Even if these are resold without permission, you can earn a percentage of the marketplace fee. In addition, buyers can be enticed with exclusive bonuses, including meet and greets with players, singers or actors.

NFT crash can be compared to dot-com bubble

Although the NFT market has lost significant value in 2022, this should be a short-term dry spell, according to Hager. “The current cycles of crypto crashes and sudden hype periods are quite normal for the current experimental phase,” the author is sure. “Looking at the Internet: The Rapid Rise of the 1990s, the 2000s Crash of the Dot-Com Bubble, and Finally Its Successful Resurrection.” Like online mail order company Amazon in 1994, the NFT market is now ahead of its time. However, those who already acquire the necessary background knowledge may benefit when NFTs reach market maturity in a few years. According to Hager, in 10 to 15 years, entire disciplines will likely emerge around blockchain technology in general and NFTs in particular.

Editor finanzen.net

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