Hector Network Declares Crypto and NFT Projects A Big Success, Shuts Down Downfall Rumors

The recent cryptocurrency crash had investors worried about what the future will look like for the crypto and NFT markets. Many were convinced that they were witnessing the downfall of digital currency and collectibles. But leading experts at Hector Network put those rumors to rest. The brand weighs in on why it’s highly unlikely that these markets will go anywhere but up. Amid the turbulent fluctuations and recent dips, we take a look at what the brand had to say about the promising future of crypto and NFTs. 

“Cryptocurrency has gone mainstream,” says Hector Network, “It is a $2 trillion industry at present, and it will continue to grow even further.” A few short years back, calling yourself a crypto investor was a novelty. But since 2018, there has been a jump of 237% in the number of Bitcoin wallets, and today, roughly 22% of the US population owns a share of Bitcoin. A proof of its widespread acceptance is also the fact that El Salvador now recognizes it as their official currency, becoming the first country to do so. Still, according to Hector Network, it certainly won’t be the last. 

Metaverse, the Web3-based network of 3D virtual worlds, is rapidly shaping our future. Backed by Mark Zuckerberg and Facebook’s billions, the parallel virtual plane of existence will soon trump the physical world, or so Hector Network predicts. And when that inevitable future does come about, NFTs will play a pivotal role. To be able to own anything in the metaverse, from videos to real estate, you require non-fungible tokens. They will serve as the legal agreement of ownership of digital assets in the virtual land, making their existence crucial. As the metaverse grows, we will see NFTs the subsequent flourishing of NFTs as well. 

Hector Network reiterates that without crypto, there will be no NFT transactions since you need cryptocurrency, or digital currency, to buy the digital tokens. The system works in such a way that in order to buy an NFT, you’ll need an Ethereum-compatible crypto wallet or ETH. 

Hector Network notes how beneficial NFTs are when it comes to IP or Intellectual Property. To understand that, you need to understand that NFTs, or non-fungible tokens, are digital tokens that are unique, irreplaceable tokens. They are a type of digital certificate that is used for authenticating asset ownership. Every NFT comes with a unique identifier, and this data cannot be pirated, making it easy to track down its ownership history. This allows the creator to distinguish real from fake or original from the copy.  

In a day and age where artists suffer from IP rights infringement due to pirating and illegal distribution, they see NFTs as a big win. Now, artists who create NFTs for their artwork can ensure they get the monetary compensation they deserve. It also gives the art collectors the confidence that what they own is the original work itself. 

Hector Network believes that their pivotal roles are reason enough to understand why the crypto and NFT markets will definitely flourish in the future.