YEREVAN (CoinChapter.com) — The popularity of the nonfungible token (NFT) industry continues to rise. Projects and individual NFT pieces fetching millions of dollars have become commonplace. While some popular projects, such as the Bored Ape Yacht Club (BAYC) and CryptoPunks, continue to catch collectors’ fancy, they are joined every day by other entrants into the space.
With the flooding of the industry, some still wonder if they have missed the NFT bus. Major projects have become too expensive and are out of the reach of common people. For many that fail to get in early, it may seem too late to try. However, industry insiders insist this is just the beginning.
Entrepreneur, NFT collector, and blockchain expert Steve Mitobe believes the ship has not left the harbor yet.
“It is still so early to get into NFTs. Even though the numbers that are flying around are huge, it is a very small group of people that are buying…We are only scratching the surface of what this market will become,”
According to him, the complexities involved in buying nonfungible tokens are major reasons people keep away. In addition, the process of creating a wallet, funding it with Ethereum (ETH) or other cryptocurrencies, and then minting an NFT is still a challenge to many.
As the co-founder of Hexbite Labs, Mitobe is not new to the industry. His company’s portfolio includes several successful projects in the blockchain space, including cryptocurrency payment gateway RapidCoin and crypto pairs price aggregator SwapCoins.
Doodles alone have traded nearly 89,000 in Ethereum (ETH) thus far. In fiat currency terms, that amounts to around $238 million in the current bear market.
His NFT collection includes one from the highly-coveted Bored Ape Yacht Club (BAYC). Mitobe is the “proud owner” of Ape #4149, with features that come as a fitting tribute to the WestCoast theme as well as his Japanese heritage.
Survey finds 69% of companies are willing to invest in NFT
Steve Mitobe is not the only one who believes in the bright future of NFTs. A recent survey by the digital signage company Yodeck revealed several corporates and business organizations are open to buying NFTs.
Their surveyors approached 400 business owners, consultants, and relevant employees from various industries. Nearly 70% of them have a positive approach towards nonfungible tokens.
“Among the key findings, we learned that 69% of companies surveyed are open to purchasing NFT art. This, of course, is an important consideration for NFT artists who could find tremendous growth opportunities if they approach corporate buyers,”
Athina Lardi, Media Relations Specialist at Yodeck told CoinChapter.
In an additional positive indicator, the survey found that 15% of the participants would be willing to pay up to $1 million for an NFT art. Moreover, 7% stated they would even pay more than that for a nonfungible token.
With 35% of the professionals that participated in the survey agreeing that NFT art offers companies an easy way of freshening up interior design, the opportunities for artists are endless.
For artists and creators who have kept away from the space because they don’t know where to start, Steve Mitobe’s WestCoast NFT offers a solution.
The company offers to take care of the technical side of the launch so the artists can concentrate on creating their works. The company also wants to make the industry more accessible by spreading NFT literacy. For Mitobe and his team, no artist should lose out on the opportunity because they lack technical knowledge.
To make sure financial worries don’t keep artists away from the industry either, the company does not charge upfront fees. Instead, it makes money only when the project succeeds. Due to the said artist-centric approach, WestCoast NFT claims to be different than its closest rivals in the space.
“From custom smart contract development and deployment to a fully integrated web3 drop site, we will take care of the tech to ensure that your NFT drop is a success. We push the boundaries of what is possible in the NFT game,”
the company assures.
In addition, it also intends to help projects build a community and decide on a pricing strategy, provided they see merit in the vision creators bring with the idea.
The NFT industry is yet to live its boom, Mitobe believes
Despite the complexities involved in acquiring an NFT, Mitobe is confident that the future is bright.
“Coinbase coming in this year will bring millions of people into the space and will make it more accessible. They are working with MasterCard to allow its users to purchase with a credit card. That in itself will be huge,”
the entrepreneur believes.
Once major players in the space help make NFTs more accessible, the industry will continue to grow even bigger, Mitobe adds, anticipating that the market would also see a huge influx of corporate brands into the space. It is yet too early to say if the prices will remain the same, but one can expect to see more creativity as more artists join the space.
As Mitobe indicates, any successful NFT project results from a good partnership. So, with the bigger picture still ahead, maybe your idea can be the next big launch by WestCoast NFT.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he urrently works as a reporter at CoinChapter.