The largest purchase of digital land was just bought for more than 250 million Kenyan Shillings by Metaverse Group. The purchase is an investment towards the quickly growing digital fast fashion industry.It almost seems surreal, we are living at the start of the fourth industrial revolution and everyone is scrambling to have a piece of the pie. Today, we look at a popular concept that has taken off in the digital world, NFTs.
NFTs is an abbreviation for non-fungible token, and although that’s a more technical term, it is basically any digital object whose ownership can be verified. Currently, popular products range from art, land, and even fashion but any physical object could have a digital counterpart and be turned into an NFT.
Why would anyone buy a virtual object?
Well, the concept is actually not very new. People have been buying coins in games and skins for their characters for a long time. Candy Crush generated a revenue of around 47 billion Kenyan Shillings in the year 2020, showing the willingness of consumers to spend money in these virtual spaces. This is now extending beyond gaming as the metaverse starts to gain traction. And although we are in the very early stages of the new era, the investments in the sector are quickly making its potential evident.
Should I invest in NFTs?
Luck always favors the brave. ~ Preity Zinta. We are in changing times and moving into an unprecedented future. And just like any new technology that emerges, there lies skepticism and also naive hopes of what the future might be. The first movers however will enjoy the greatest benefits, if you’re looking to invest in the future, do it now!