When it comes down to the crypto world, NFTs have become the ultimate reality, especially since blockchain technology is involved. NFTs have managed to disrupt the digital world, ranging from the investment industry to art and gaming. However, they still haven’t achieved their full potential and that can be seen by the fact that Meta, Reddit, and Twitter and how they are all working on their own NFT projects. So, what does the future look like for NFTs? Which industries will it tantalize? Which trends are evident? What are the things to consider before investing in cryptocurrency? Let’s find out in the article below!
Back in 2017, a new video game surfaced on the market which allowed the users to breed and sell the NFT kittens after selling. The game was known as CryptoKitties which exceeded the transaction volume so much that it went above the Ethereum network, which actually slowed down the transactions in cryptocurrency.
Now in 2021, there are hundreds of such games available that revolve around NFTs, and NFTs are being ingested into the current games. In fact, the NFTs are showing the real capacity of changing the way in-game NFT markets work.
In addition, play-to-earn gaming has become more common since NFTs and blockchain technology has enormous potential in the industry. For this purpose, the games like Blankos Block Party and Axie Infinity have become popular and are becoming popular with their P2E models which are helping people make real money. For those who don’t know, Axie is inspired by Pokémon and is based on breeding, training, and buying the Axies, which are the NFTs.
When it comes down to using NFTs, Centaurify and GET Protocol are some popular companies that are using NFTs in the ticketing industry. The development of tickets in the form of NFTs provides more control over reselling, which also leads to secure ticket storage and the tickets will be seen as digital collectibles. As far as the future of NFTs is concerned, there are different opportunities available for extra incentives, exclusive access, and lifetime value for the buyers.
To illustrate, the Kings of Leon is selling the NFTs that are entitling the buyers to get front-row seats for a lifetime at tours. In addition, WarnerMedia has been selling the comic book NFTs along with the ticket on their fandom events. Even more, Coinbase has been integrated with the NFT merchandise into the Ball Music Festival of New York, delivering a free NFT that has also provided access to the VIP lounge.
Avatars & PFP NFTs
PFP is known as a profile picture and the avatar NFT projects are some of the most successful solutions in NFT history. The stage of the project was settled in 2017 with the launch of CryptoPunks. Around ten thousand NFTs were generated and were delivered for free to the interested investors who had an ETF wallet. Now in 2021, the cheapest of those is over $400,000 currently and more than $4 billion has been traded over the NFT series.
Currently, the CryptoPunks can be seen on Snoop Dogg, Jay-Z, Twitter pages of Odell Backham Jr., and Visa (in fact, did you see it on the Met Gala’s red carpet?).
So, if you are thinking about why they are still dominating the market, it’s because they are more than JPEG series because the majority of people see them as their digital identities which helps them get access to the active communities.
The NFTs can be pretty expensive but the recent trends have made them more liquid and highly accessible for investors – the trend is known as fragmentation. To illustrate, fragmentation is defined as the process of breaking up the NFT into small-scale tokens, so everyone can purchase the smaller parts of the expensive NFTs. It’s convenient to think that fragmentation is like purchasing shares in a company where you become a part of the company when you purchase the stocks.
The NFTs can be broken down into millions of little tokens and people can buy them at a smaller price. In simpler words, the NFT fractions are quite fungible while the full NFTs are non-fungible.