The NFT (Non-Fungible Token) is a relatively young technology that has, in the past year, demonstrated its potential, value, appeal, and staying power. The size of the NFT market exploded in 2021. The sharp upward trajectory that began last winter reached $10.7 billion in Q3, compared to $28 million in Q3 of 2020, and shows no sign of slowing. This growth isn’t solely driven by ballooning prices; most NFTs actually cost less than a thousand dollars. The community of NFT buyers is growing — and with it, opportunities for technology dealers.
NFTs have no physical form – how, then, do they represent an opportunity for hardware dealers? It all comes down to how NFTs are being used, and how those use cases are, in turn, altering customer behaviors and shaping future needs. Looking at the past year’s exponential growth and digging into the categories driving it, we can make some pretty reliable predictions about how NFTs will drive future hardware requirements. Dealers should be learning everything they can about this market now in order to service these forthcoming demands.