Coinbase CEO said that the NFT sector could be bigger than the cryptocurrency business.
Furthermore, the NFT Art is changing rapidly, with that, an NFT decentralized Disney might come to reality.
As the popularity of NFTs grows, entrepreneurs are envisioning an entire media sector based on them.
The notion is frequently referred to as a "decentralized Disney:" a world of fictional crossovers similar to the Marvel Cinematic Universe and its many spin offs, but where distinct characters and intellectual properties are owned by a diverse group of fans rather than a single organization.
Talent agencies, comic book authors, and a slew of NFT fans are all on board.
NFTs, which are effectively certificates of ownership inscribed on a cryptocurrency blockchain, have burst into a rich and growing business over the last couple of years.
Collectible NFTs, such as limited edition runs of unique, automatically created avatars or other goods, are among the most sought-after NFTs.
In sales that are more akin to an art auction than a Bitcoin deal, the most prominent tokens can sell for millions of dollars.
According to The Verge, in the fine art sector, NFTs have made the biggest ripples, and certain NFT collectable series are linked by a style rather than a concrete story.
The most well-known example is CryptoPunks, a collection of 10,000 largely human pixelated portraits.
However, many of them are set in a fictional world. At its most basic level, this may resemble the city of "Arctopolis," which is home to the Chill City NFT penguins.
It could, at its most complicated, entail something like the Voguverse.
NFT: Decentralized Disney
In the world of modern media franchises, where intricate licensing negotiations for beloved figures like Spider-Man produce massive games and blockbuster movies, the dream may seem reasonable.
Rather than hoping for a massive corporate merger to bring the X-Men and the Avengers together, fans might work together to bring their favorite characters into the same fictitious reality.
NFT Bigger Than Cryptocurrency
According to Fortune, Brian Armstrong, co-founder of Coinbase Global Inc., the market for non-fungible tokens might match or even exceed the industry's cryptocurrency business.
On a conference call on Tuesday, November 16, Coinbase's chief executive officer made a bold statement after the largest digital-asset exchange in the United States reported third-quarter sales of roughly $1.3 billion.
The announcement allayed fears that income would fall short of expectations, despite a more than fivefold growth from the previous year.
Coinbase CEO on NFT and Cryptocurrency
In the next quarter or two, Coinbase wants to launch its own NFT marketplace, where users will be able to exchange digital art and other items.
The startup hopes to provide consumers with a one-stop shop where they can make purchases and keep their assets on a platform that is more like Instagram than a typical marketplace like eBay Inc.
Since its October launch, Coinbase has received over 2.5 million emails from people wanting to sign up for the platform.
According to data tracker DappRadar, the largest extant NFT marketplace, OpenSea, had around 236,000 unique user addresses connected with it in the last 30 days.
OpenSea is backed by Coinbase.
On the Coinbase site, users will be able to display their NFTs and allow others to follow their profile and receive updates.
At a time when several social networks are also entering the NFT sector, such features could be crucial in spreading the word and drawing consumers.