Elon Musk Thinks NFTs Are ‘Jpeging’ the Dollar

How do you see the future of NFT? Trading in the market using NFTs can bring in an estimated $2 billion per month, making it a hugely profitable industry. Investors are looking for more information to know more about the growth and momentum of this industry. Twitter posts regarding the NFT potential have been posted by cryptocurrency experts Billy Markus and Elon Musk.

A nonfungible token is a unique unit of data stored on the blockchain but with no exchangeable value. NFT also serves ownership rights on individual digital assets. Photographs, videos, audio, and other digital files may take the form of these assets. It is important to be familiar with the cryptocurrency industry to deal with NFTs.

Dogecoin creator Billy Markus recently created a thread about cryptocurrencies. He points out that a lot has changed since 2013. Interestingly, when listing the differences, he only emphasized the addition of “jpgs” in the industry.

As we already stated, NFTs are synonymous with digital assets. The market is so strong that trading has gone up to $2 billion per month from $4 million since it started. As NFT volume increased by 38,800 percent year over year, the industry saw a noticeable hike. The NFT JPGs add a new dimension to the crypto industry.

While Elon Musk agreed with the thought, he responded with a twist by tweeting, “NFTs are jpeging the dollar.” Usually, jpeging is slang used for low-quality images. Musk might be pointing towards NFTs ability to replace the dollar as a payment method or lower its value. Because of the sudden growth of the NFT industry in 2021, Musk might have seen its promising potential in the future.

Multiple projects and reports have indicated that NFTs are a growing business, and they are here to stay.

NFT Airdrop
Airdrop is a marketing strategy involved in a project’s promotion by giving out free tokens. Interested investors can collect these tokens even before their official debut in the market. Five different projects are currently working on this strategy.

NFT Decentralized Game
NFTs are on their way to disrupting the gaming industry as they’ve introduced an exciting method for cryptocurrency farming. They have launched Play-to-earn (P2E) through blockchain games where investors can earn money by playing. Some games to watch out for are Decentraland Wolf Game, Axie, Infinity, and Alien Worlds.

If rumors are to be believed, the popular game “Farmville” will also be added to the blockchain ecosystem. Zynga CEO Frank Gibeau said, “We (are) a social game company that believes it’s more fun to play games together than by yourself. So as part of our culture, we like to innovate and try new things.”

Since NFTs are still developing, it is hard to predict their future in the market. Take the tweets with caution because other readers may interpret them differently. Fans will have to wait to see what will happen to the NFT industry.

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