Gaining Traction – Study of NFTs and Success Factors

The common perception is that NFTs equal digital art, however, they have a much broader scope, including music, video, and even DeFi.

NFTs (Non-fungible tokens) have gained tremendous traction in recent years, with trading in NFTs climbing to $10.7 billion in Q3 2021, an increase of more than 700% from the previous quarter. The word ‘fungible’ means ‘replaceable by another identical item’ or ‘mutually interchangeable’. Hence, as the name implies, a non-fungible token is a unique and non-interchangeable unit of data stored on the blockchain.

This report first gives an introduction of the current NFT scene, namely the various types of NFTs that currently exist in the market, as well as those that are still in the ideation stage. Join us to understand why certain NFT collections are gaining traction in the market, and what are the potential success factors of an NFT project.

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