The increase of the NFTs trade is largely due to the new Ethereum-based technologies integration. These advances came as a surprise to former ETH token creator Lane Rettig, who had remained anonymous on the matter.
NFTs are certificates of control given to a virtual image or file. These non-fungible pieces have supported art, music, the gastronomy industry, and the video game area. The whole year was packed with virtual auctions as a lot of publicity was brought to NFTs.
Ex Ethereum developer talks about NFTs’ future
Lane Rettig, a former Ethereum developer, believes that this open-source protocol has a lot of competition. Retting gives an example that a person can have a ticket to a Broadway performance for $200 while covering the payment of the same ticket at Ticketmaster for about $45. This change in costs shows a monopoly of competition that affects trade.
Following this example, Rettig believes that shipping Broadway ticket purchases to the NFT store will lead to a liquid market available to the entire public. He points out that theater tickets and this technology could be used for plane tickets or tickets to attend matches.
Ethereum-based NFT technology also enables companies to earn more royalties. This is due to smart contracts that allow obtaining profits per second and not fortnightly. To be explicit, Rettig points out that companies that take advantage of this technology could get pennies on the dollar every minute and not an explosive sum once a month.
Ethereum and the virtual market
Ethereum is ranked number two among the most popular cryptocurrencies on the virtual market, behind Bitcoin. But this does not mean that Ether is less than BTC because they are two protocols created at very different times. Ether supports new technologies, smart contracts, and non-fungible trading, while BTC serves passive investments and mining.
Ether has become a priority among programmers looking to create new technologies based on Blockchain, which supports all cryptocurrencies. Rettig, who was behind the Ether project, believes that the decentralized network has a future, and this can be seen with the advancement of new protocols such as NFTs.
2021 was attached to non-fungible commerce, where thousands of cryptocurrency enthusiasts took advantage of creating and auctioning their virtual pieces. This protocol has also motivated the Metaverse that Facebook founder Mark Zuckerberg wants to open next year. Cryptocurrencies may gain priority with the Meta, which, for many techies, is the start of a new era.