Can we expect an NFT renaissance?

There has been the considerable interest in non-fungible tokens (NFT) over the last two years, grabbing the headlines as pictures of monkeys sold for millions and even the Uffizi Gallery sold a digital copy of a Michael Angelo masterpiece for $170,000. In essence, they are no more than a digital certificate used to represent ownership. Or are they? At their peak, NFT sales on Ethereum, Ronin and Flow blockchains hit more than $881 million. Since then, demand has significantly declined with only $16 million worth of sales recorded in May - June 2023. It is easy then to understand why the naysayers claim NFTs were just another ‘flash in the pan’. However, now that major established brands are beginning to engage more with NFTs, many are questioning if the time for this technology has finally arrived. Already a number of global brands are using NFTs as part of their marketing mix. A report from Grand View Research claims the value of NFTs was $20.44 billion in 2022 and is expected to gro…