How BIG can the NFT space become?

Well, massively BIG. No, let me correct that - Insanely BIG.

This is why -

• Amazon, Netflix, and Hulu host over 23,000 pieces of on-demand video content. Disney+ and HBO Max have added nearly 10,000 more.

• AR and VR creators are busy populating the Metaverse with 3D models. Marketplaces like TurboSquid are offering 60,000 3D models today and are poised for growth.

• In music, the world releases about 100,000 albums every year, each with multiple tracks that can generate millions of plays. Recording artists are moving toward self-publication models on services like SoundCloud and Audius and toward self-distribution models like Spotify.

• Shutterstock is home to over 330 million stock photographs that can be licensed and collect royalties.

• Over a billion domain names are registered each year, with 400m registered in the first quarter of 2017.

• We upload nearly 1.8 billion images per day to the Internet or a stunning 657 billion images per year.

• In social media, we generate around 200 billion tweets per year, some of which accrued tens of millions of views and become iconic pieces of history or popular culture.

• There are over 600 million blogs on the internet today.

  All of the above (and more) can be converted into NFTs and monetized.

This list is just scratching the surface of the broad spectrum of digital content. But we shouldn’t think of NFTs as tokenized digital content itself. A core insight is that NFTs are much better understood as encapsulating intellectual property rights to the assets they describe

To fully appreciate this view, consider that we rarely own anything on the internet today.

• we license ebooks from Amazon or other book reading sites

• we rent music plays from Spotify, Apple Music

• we make payments to borrow domains from a registrar for a little while.

• even when we create our own content, the rights to it are often owned by the content platform, distributor, or label.

Most importantly, if we cannot truly own digital content, or easily license it, we will almost surely never resell it.

Blockchains and NFTs will change this state of affairs dramatically. First, they will digitize the rights to digital content in the form of blockchain assets. Second, they will allow for the assets to be placed on secondary markets.

Final Thoughts

Thus, we can view NFTs as liquid intellectual property for all forms of digital content, a marketplace that is measured in trillions of units that is about to be tokenized.

Crypto is no longer just about Bitcoin. It's rapidly transforming into NFTs, DeFi, Metaverse, and Play to Earn, Web3 environments.

The sooner we appreciate and understand the importance of all this, and embrace this in our daily lives - the better and bigger pay offs will be for us