NFTs began as a solution for artists to monetize and take control of their work. The technology that resulted from that solution became something revolutionary and had the power to impact industries outside the creative field. However, the potential to make a profit attracted many individuals and businesses, and thus the technology started being used in a different way.
Tech-world opportunists aiming to make a quick buck filled the NFT industry after Beeple sold his NFT painting for $69 million in 2021. This historic NFT sale proved to onlookers that NFTs were more than just a concept – they made money. Almost $70 million of it, in fact.
After that, you could observe all kinds of industries trying to get a share of NFTs – from fashion brands, food franchises, sports organizations, and even banks, among other things. They would slowly enter the world of digital assets. In 2020, we saw less than 50 trademark applications for NFTs, compared to the 2,000 trademark applications in 2021, according to Attorney Michael Kondoudis.
However, what started as a solution for piracy became a factory for digital assets with little to no use cases. NFTs became a novelty or status symbol to prove how much money somebody could throw at this trending technology. The focus on innovation disappeared, and the problems it aimed to solve became a footnote to making a profit.
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