Is NFTs the answer to Steem growth?
The price of the native token of the Steem Blockchain, STEEM, took a great leap on Saturday, Jan 18, 2020. This jump in STEEM price resulted from the announcement that the Blockchain now supports NFTs (non-fungible tokens). Where this leads, we cannot precisely say, but close observers might be keen to see a further leap soon.
The price of the STEEM coin traded with a jump of more than 35% on Saturday, with a closing price leaning towards $.20. While there is a wide gap of difference from its apex price of $7.97 it had in Jan 2018, there is but a slight glimmer of hope. This increase shows that great attention has been drawn to the utilization of the coin, hence the NFTs move.
STEEM AND THE NFTs CONNECTION
The NFTs was made popular by decentralized Crypto applications like Cryptokitties on the Ethereum platform. The function of the NFTs varies from other recognized tokens, in that it creates a unique identity for token. With this development, specific tokens within the Steem Blockchain will become tokenized assets, making its users able to monitor its movements.
When the NFTs are in use, the unique identity it brings will allow every tokenized item or asset within the Blockchain to be traceable. Users will have the luxury of following up locations of specific items, tracking token inventory, etc. With this in view, the Steem Blockchain will be made separate from fungible tokens like the Bitcoin, where transactions are a non-issue when a transfer takes place.
Transactions will be authorized to take place between users within the platform after the upgrade. This trades between users will not be for just mere coins alone, but other specific assets.
The consistent growth of the Bitcoin and the rather expansive growth recorded in the trade of the Altcoins has led to conclusions from some quarters that the Crypto market is moving towards a season of new growth. This market growth of other coins raises enough questions and hopes of the possible increase of the STEEM in the market. However, the cycle of the STEEM growth is not reliant on the market alone. It is as a result of the upgrade of the Blockchains social interaction for its new and existing users that growth comes.
The introduction of NFTs to the Steem Blockchain has led investors to believe f that more Blockchain users will be brought into the platform leading to further growth. How this new development plays out we will see in coming days. We all view this development with optimism hoping that there will be a meteoric rise soon. For example, in Nigeria, where the STEEM presently sells for #52 - #60 per STEEM, users within the Blockchain will be most excited at the prospect of seeing a return in investment.