Since 2014, when the first NFT was launched, it has been a constant debate among collectors and investors. The NFT market skyrocketed during the pandemic, hitting its peak of investment in January 2022, with $17.2 billion. If we consider that celebrities, such as artists, musicians and athletes and global companies are behind the curtains, that makes NFTs attractive to the audience.
Besides, the NFT industry has left us some records of sales that exceed seven-digit numbers, so everything presaged that it could be a success.
On the other hand, some people still think that NFTs could be another Tulip mania, predicting a dramatic collapse in the short term. According to Bloomberg, the NFT industry tumbled 97 percent in September of 2022, sliding to just $466 million of investment.
And new marketing actions related with, such as Europe’s ‘First’ NFT Vending Machine that was placed in London, had as a result a cold reception for the public.
But the most important question for us, what about the NFT toy industry? Toy brands show us that it could be work, considering that some of them such as Funko, Hasbro and Mattel have offered us redeemable items and that action has been welcoming for a part of the collector’s community.
Now the question is, are toy collectors interested in NFTs or in redeemable limited editions? To me the answer is easy, some people were interested in them while the prize would be tangible.
Of course, there are communities that are growing up around the NFT industry, such as VeeFriends, a platform developed by the visionary Gary Vaynerchuk. However, when Mattel released the very first tangible collectible of VeeFriends as an UNO card game, it was an instant success, including for the secondary market of collectors.
And sometimes the answers are given by their own communities, such in the case of Panini, where collectors around the world are not very enthusiastic with the idea of collecting their beloved cards in a digital form.
Although there are positive and negative indicators, it is difficult to say if NFTs will remain as a viable collectible or are destined to crash. In my humble opinion, I will go on collecting in the same way that I know, searching my mint in box figures.
In the end people can spend their money on the things they like. And only time will answer the question: NFT or Not NFT? But whatever happens, one thing is true, those redeemable figures will always be part of our collections.
I hope you find this information helpful. Have an excellent week. Let me know if you’d like to know more in the comments below and collect in the way you love.