The launch of nonfungible tokens, NFTs, has brought many people to the market for crypto assets this year. NFTs are a type of digital asset. They’re considered to be unique, as they’re used as a collector’s item that can’t be duplicated. The fact that they cannot be duplicated, makes them rare by design.
Ownership of these tokens includes anything from music to digital artwork or even website domain. Possession of NFTs is either recorded on a blockchain or a digital ledger. Cuy Sheffield, Visa’s head of crypto announced earlier this week that. A whole new wave of mainstream consumers has entered the crypto market because of NFTs. The news consumers are mainly the people interested in art, music, or culture in general. These people are setting up crypto wallets in waves and are excited to mint their own NFTs or support other creators.
Sheffield held a panel discussion at the Singapore Fintech Festival on Monday. During his discussion, he mentioned that crypto assets are used to attract mainly people interested in gold and finance. This was before the new wave of consumers that NFTs saw this year. He also added that nowadays Crypto is becoming a part of our culture and is now considered to be cool.
He added that in the past, you were considered to be strange and weird if you were investing in crypto, that has changed, as the function of a crypto wallet is changing. Even though it Previously used to be only a secure place for storing digital assets, it now is a place where people discover new music. That allows wallets to become more of a super app that can influence a consumer’s life.
What rose the popularity of Tokens?
Tokens are experiencing popularity around the world. The demand for such tokens has had a significant increase in Singapore, according to Yusho Liu, the co-founder of a local crypto exchange called Coinhako.
While speaking on the same panel as Sheffield, Liu also added that based on the record, the exchange has received a pretty large number of queries on when it would list the Shiba Ino token. In this regard, he announced that Coinhako has no plans to list the Shiba Inu token.
A director at Singapore’s state investor Temasek, Kevin Lim, has stated that it has been speculation that has driven interest in the crypto economy. The crypto economy is now seen as an opportunity to make meaningful money.
During the same Singapore Fintech Festival panel, Lim said that in the longer term, speculative investing will increase people’s awareness of crypto assets. As a result, such assets will be more mainstream.