Citigroup cites benefits of NFTs in latest report
US financial giant Citigroup has mentioned NFTs as one of the important technologies to look out for in the future.
The report pointed out that the current market value of NFT, which rose from $2 billion in December 2020 to $37 billion in 2021. While it mentioned the risks due to the new technology, it cannot be ignored by investors, companies, and consumers who can benefit from increased trading of NFTs.
Citigroup has released its latest version of the report “Disruptive Innovations” for its October 2021 edition. In this eighth edition of the series, the report focused on cutting-edge concepts that would transform the market by creating new products across industries. NFT was mentioned as one of them.
Citi analyst Thomas Singlehurst wrote:
“The advent of NFTs promises significant disruption to any/all sectors with exposure to IP (intellectual property), licensing and merchandise related revenues.”
He further added that “the key point is that its decentralized and democratized model allows content owners to disintermediate traditional gatekeepers both in terms of distribution and monetization.”
Citigroup remarked that the NFTs allow the creation of new sources of income with licenses and products. The report mentioned the companies which develop music and video games could benefit in the short run. The company cited Disney and game company Ubisoft as examples of companies that would benefit from NFTs.
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