The Future of Search: Understanding the Hype behind Non-Fungible Tokens

The Future of Search: Understanding the Hype behind Non-Fungible Tokens

Curiosity is a natural desire that drives us to know or learn something. It is a sustained desire that we have inherently. People have the nature of loss aversion. We don’t want to waste the time we have spent. That may be why people curate. Curate what you have searched for, and search in the future from the curated bucket. This is what I'm doing. The future of search may be vertical through high-quality curated buckets, in-cura-net, that makes the most use of interest graph and social graph.

NFTs can give holders ‘real’ ownership - both in the emotional and legal sense. This appears to be further backed by NonFungible and L'Atelier BNP Paribas’s survey results on NFT holders, where 68.4% of respondents said they do possess emotional attachment to their NFTs (instead of answering ‘No, it’s just an investment’). Indeed, the literature on the psychology behind ‘collecting’ suggests that people will collect just about anything and is a widespread phenomenon, even amongst adults.

In 2020 alone, the total market for NFTs is $338 million, with a 102% CAGR from 2018. This shows the incredible growth and potential of the NFT market. One of the most significant issues with non-fungible goods is their ability to prove authenticity. NFTs take advantage of smart contract technology to store and record their unique information on the blockchain – this means that whenever an NFT is created, only one of it verifiably exists.

Humans are natural collectors, and this applies to the world of NFTs as well. Collectors in various industries, such as toys/models, have shown their willingness to spend significant amounts on items they are emotionally attached to. The longer people spend in a game or a virtual community, the greater their emotional attachment becomes. However, one of the main inhibitors behind the greater adoption of virtual assets is the lack of actual ownership.

The higher disposable income plays a significant role in the hype behind NFTs. The modern notion of the collector is tied to the emergence of disposable wealth. People are more likely to spend on NFTs when they have higher disposable income. The market for NFTs is centered around collectability and entertainment, and people are willing to spend on these items.

Profit-making NFT traders are buying NFTs upon issuance and reselling them at higher prices. The number of NFT buyers is outstripping sellers, indicating a growing interest in NFTs. This suggests that more users are buying up NFTs, but it could be for different reasons, such as reselling them for a profit or keeping/using them. The potential for high profits is attracting more traders to the NFT market.

Increased market awareness is also contributing to the hype behind NFTs. Consumers are spending more time consuming content, and this has led to increased market awareness of NFTs. The more people are exposed to NFTs, the more likely they are to join the market and invest in these unique assets.

The online world is taking over, and people are building emotional attachments to virtual assets and communities. The longer they spend time in these virtual worlds, the stronger their emotional connection becomes. NFTs provide a way to bridge the gap between the real world and the virtual world, accommodating the societal needs in the digital medium.

However, the NFT market still faces challenges. There is no reliable benchmark for NFTs, and different categories have divergent market forces. The industry is still in its infancy, and there is a lack of clarity on the value and pricing of NFTs. The rarity of an NFT plays a significant role in its perceived value, and scarcity drives up prices.

In conclusion, the future of search may lie in vertical curated buckets that make use of interest graph and social graph. NFTs have gained significant attention and hype due to their ability to provide real ownership and emotional attachment. The market for NFTs is driven by collectors, higher disposable income, profit-making traders, increased market awareness, and the growing importance of the online world. However, challenges still exist in the NFT market, and further development and clarification are needed.

Actionable advice:

1. Curate your search results and create a curated bucket for future searches. This will save time and ensure the quality and relevance of the information you find.
2. Consider investing in NFTs if you have disposable income and are interested in collectibles and virtual assets. However, do thorough research and understand the market before making any investments.
3. Stay informed and aware of the latest trends and developments in the NFT market. This will help you make informed decisions and navigate the fast-paced and evolving landscape.

In the end, the future of search and the hype behind NFTs both highlight the human desire for knowledge, ownership, and connection in the digital age.