By Faiza Tehseen Islamabad, Feb 18 (INP-WealthPK): Non-fungible Tokens (NFTs) – the latest cryptocurrency phenomenon – is going to shine as a legitimate business like the real estate. By the end of 2020, the Global NFTs market size touched US$340 million and is expected to register a CAGR of 39.6% per annum with the revenue projected to increase to US$357.32 billion by the year 2030. The lockdowns brought about by the Covid-19 pandemic forced a great number of people to seek work opportunities from home. This harnessed their exposure to the NFTs. The NFT concept was first introduced in 2014. Fashion, real estate, automobile and gaming companies are the top trend-setters on the NFT canvas. World-famous brands are also experimenting with the NFTs to enhance their business. Some of the examples of such brands are Coca-Cola, Asics, NBA, South China Morning Post (SCMP) etc. They are using NFTs for their business campaigns, brand marketing, business strategies, marketing tactics etc. Pakistan’s Information and Communication Technology (ICT) size is targeted to reach US$20 billion by 2025 according to the Digital Policy of Pakistan 2018. During the first 11 months of the fiscal year 2019-2020, Pakistan’s IT exports surged to US$1.11 billion at the growth rate of 20.75%. The government is targeting to touch at least US$10 billion business by the year 2023. To achieve this goal, the IT sector is well promoted by the government. Establishment of Special Technology Zones (STZs) is also part of the strategy under the Digital Pakistan Vision. Compared with crypto currency, the NFTs can never be exchanged for one another or replicated – they only can be bought or sold. NFTs keep a transparent status, as it is very easy to check their real owner. Multiple type of crypto currencies i.e. BTC, Binance can be used to trade in NFTs. Yasir Hussain, an IT expert from MAANZ-AI Private Limited, in a chat with Wealth-PK highlighted the need to promote the virtual importance of NFTs. He said artificial intelligence and virtual platforms were going to set the future market trends. He said in the next 10 to 15 years, 90% virtual trade will harness the capital market. An NFT is a broad topic to be discussed for hours but in a nutshell, there is a dire need to introduce it in Pakistan. Software houses can act as the leading part in this regard. The government must also play its role in promoting such type of virtual business activities as a national campaign. Software engineers, graphic designers and other virtual experts are the need of the time. The media and software houses can collaborate to get better results. Talking to WealthPk, Muhammad Yusuf Haroon, a crypto trader from Rawalpindi, said, “Being a software expert and crypto trader, my opinion is too positive about the futuristic approach of NFT business. But still, there is need for a regular awareness campaign through the social media about the IT sector and crypto concepts. Mostly, people think they are going to be billionaires in a jiffy through the crypto-based businesses. An NFT is a wonderful blockchain platform to work on commercial basis, but our businesspeople are not well aware of its use. Crypto/Bit coin ATMs have been installed in many countries. Still, we are far behind to pick the crypto concept properly. Although Pakistan is performing well in the IT sector, it will take more than 10 years to make people believe in the deep sea of virtual trade powers. In the coming years, a new trend to embed websites with blockchains is expected to prevail. It is the sign of virtual trade network’s power-show because no traditional setup can restrict the block chain-based approaches.” In Pakistan, NFTOAR is working as a curative crypt to conserve both physical and digital art. It reserves the title to be the first devoted gallery to work in advanced technological ways like trading through the blockchain. In collaboration with the NFTOAR, Ejaz Art Gallery (EAG) is the pioneer to introduce Art NFTs in Pakistan. Muhammad Awais, Social Media Manager & Assistant Curator of EAG, in a discussion with Wealth-PK said, ‘’EAG is keen to produce and introduce NFTs to people related to art or art activities. It is noticed that people belonging to business circles are showing deep interest in adopting the NFTs, as it is going to become the topmost future trend for a secure business. It is a fact that the Covid-19 pandemic has altered the people’s life globally. As a first step towards its promotion, Ejaz Art Gallery has introduced a painting themed “A Slice of life” as the first NFT visual. The blanketed lady similes the Covid-19 uncertainties. Moreover, Awais said online business, especially work from home, worked as stimulant to promote unique online ideas. NFT is a broad-spectrum canvas to tactfully weave & present business strategies. The NFTOAR, in collaboration with the Ejaz Art Gallery, is going to launch Pakistan’s first crypto art platform “Enchantress”. Talking to WealthPk, Muhammad Abbas Khan, an IT expert and marketing in charge of Riphah International University, Islamabad, said crypto networks and NFTs are too advanced topics in our business sector.  He said all crypto/NFTs are business-based things to avail. ‘’Our businessmen or traders are mostly uneducated and they follow traditional tactics. The thing which they do not understand is how to apply. Our new generation has a clear understanding of the IT-based sectors, but turning the traditional traders toward advanced technology is a time-consuming job. Mostly, people take crypto platforms as a milking cow, but in fact it needs high attention to follow. Moreover, if the Government of Pakistan is interested in achieving its targets in IT related trades under the ’Vision 2025’, it has to plan a tactful campaign to bring awareness about it.  Otherwise, in case of advanced tech-based business approach, we are far behind.”