NFTs remain on investors’ radars despite the crypto market backlash. While some analysts say the era of NFTs is over, analyst Will Izuchukwu thinks otherwise. For him, those who do not believe in the NFT market will be swallowed up in the future.
According to the analyst, by 2027, the global NFT market is expected to grow from US$3 billion in 2022 to US$13.6 billion.
“The market still has a lot of room for growth. I believe that several NFT collections will rock,” she said.
In this sense, the analyst indicated three collections of NFTs that are “cheap” but could emerge under the name of BYAC.
Ethereum Name Service (ENS)
First on Izuchukwu’s list is Ethereum Name Service (ENS), which has similar goals to DNS, the internet domain name service. However, the project has a very different architecture due to the functionalities and restrictions provided by the blockchain.
Like DNS, ENS operates on a dot-separated hierarchical naming system called domains. This way, a domain owner has full control over the subdomains.
ENS also supports importing DNS names already owned by the user for use in ENS.
“While not exactly an NFT, ENS is still something exclusive when purchased and has a high chance of being high in some contracts saw an increase of 853% and recorded approximately 9,178 total sales in 24 hours.”
The NFT collection is already attracting the attention of politicians, NFT collectors, and some celebrities.