The popularity of Non-fungible tokens (NFTs) around the crypto space might not be as much as digital assets like Bitcoin and Ethereum, but it will be hard to ignore the growth of the space. The digital tokens, which are often found on the Ethereum Blockchain, represent digital media, including graphics, media, and audio. The market, which has already amassed around $350 million barely three months into this year, has grown remarkably from the $250 million it reportedly made last year. In terms of market capitalization, the NFT space only makes up about 4% of the Crypto space’s gross capitalization.
Teck Chia believes that the NFT market is ripe enough for investors to flock into
However, Teck Chia, a Binance Executive, in his recent comments at an online event on ClubHouse, believes that the market is at a point where it can no longer be ignored anymore, despite the small terrain it occupies. In the online event hosted on social media, ClubHouse, Chia believes that the NFT space deserves to blow up now. He expects everyone to accept the market as a gateway to the cryptocurrency space. He believes that this space’s success, at least of recent, should begin to lead more people into the market. Chia, citing the market explosion that has led to huge sales of digital works, believed that the market is ripe enough for new investors to flock into.
The success of the NFT space, which had seen a crypto artist like CryptoPunks, Beeple, and co, amass fortunes in the sale of their work, has been nothing short of remarkable. While the Binance Executive was discussing the fortunes of NFT on ClubHouse, he was questioned as to why Binance is yet to offer any NFT related service yet. Chia responded that, like every other player not offering NFT services, Binance is only taking its time to delve into the market. Chia believes that sooner or later, Binance will have to join the party.
Why are crypto exchanges not offering NFT related products?
The success of the NFT space, which had seen one of its most creative artists- Beeple, sell an NFT piece for almost $70 million, is one that cannot be ignored. Justin Sun of TRON Network reportedly missed out on a crypto artwork by $250,000 after the NFT was sold at $69.25 million, surpassing Sun’s $69 million bid. This further shows that the NFT terrain is now a gold mine and space whose potential is up there with many digital assets. However, the one million dollar question remains, why are many crypto exchanges not offering NFT related products yet?.
Like Chia, many analysts cannot answer this question yet, as no one has been able to identify why many crypto exchanges are ignoring the market. The debate surrounding it is that many crypto exchanges are not fully convinced with space’s potentials, and hence, do not want to get their hands in yet. Another perspective is that of Chia, who believes that Binance is sitting on the fence like many crypto exchanges and would join the party as soon as it feels necessary. However, space’s growth is expected to follow suit on its meteoric rise, and the crypto community is optimistic that many crypto exchanges will join the party soon.