Although it was said that the first set of NFTs, that is, the crypto punks and Ether rocks were created in 2017, but we all know that 2021 was the year for NFTs where lots of NFTs got created and people started getting involved in NFTs, 80% of the NFT enthusiasts got to know about NFTs in 2021. The real question is Why did people adopt NFTs faster than they adopted bitcoin
Bitcoin was launched in 2009, it took the world almost 10 years before they started recognizing it and creating solid demand for bitcoin. 2017 was the year bitcoin had a major all time high that got people talking, enough to make people ask the necessary questions what is bitcoin? How do I get Bitcoin?. 2018 was the year I started investing in cryptocurrency because of the bitcoin hype.
If you check the history of bitcoin and it’s price, you will find that lots of people antagonized bitcoin in the past and are still antagonizing it today, incase you forgot, Warren Buffett few days ago said he wouldn’t buy all the bitcoin in the world for $25 because it serves no utility. Imagine how long it took the world to get so hyped about bitcoin in 2017 after being launched in 2009, that’s 8 long years.
You have to convince a person who is totally disinterested in bitcoin why bitcoin is better than fiat and unique. You have to state the scarcity, the uniqueness, the transparency and the power of the technology which is the blockchain. You can state all these and the person will tell you that, as long as it’s not feasible, they don’t trust it. I have seen lots of TikTok videos of people giving reason they think bitcoin is a scam and it all depends on the fact that bitcoin is digital and not feasible.
The NFT Adoption
Look at NFT now, the rate at which people adopted NFTs can be agreed to be extremely fast. People went from calling bitcoin a scam and can’t pay a dollar for it, to paying tens, hundreds and millions of dollar on some Jpeg image all because it’s on a blockchain. People are beginning to understand the uniqueness behind NFTs and the blockchain. The best part of it is how brands, artists, celebrities, athletes are using these NFTs to interact and connect with their fans and customers.
If you are a celebrity and you want to connect with your fans or community, you can just make NFTs, and tell your fans or community to buy them, knowing fully well that these NFTs come from you and they are unique, it will give them that special unique feeling that every detail the NFT entailed had some significant impact in that celebrity’s life which they own now. This is purest best form of connection, this will create a sentimental value for this NFT.
People are trusting NFTs faster than they trust bitcoin, although the concept of Bitcoin’s authenticity and using the supply scarce concept to show its authenticity to tackle the double spending problem being used to advertise NFTs could be the reason they adopted NFTs faster. This way they used media and something more relatable and understandable. With the bitcoin 21 million explanation which means that they are only 21 Million bitcoin and more can’t be printed or counterfeited, NFTs were understood properly. Making more people buy the concept faster than they bought the concept of bitcoin.
Now we have big time companies adopting NFTs and integrating it because they want to utilize its technology which is the blockchain. This has also in a positive way onboarded people into crypto.