Wondering the high paced technology and it’s role in creating NFTs? Well, yes, NFTs took the world by storm in 2021, creating and revolutionalising a digital art movement while securing it’s stand for being one of the fastest growing asset classes of the year and more to say, the decade!
Non-fungible tokens have enabled artists to sell digital originals. They don’t rely on middlemen for sales, meaning they receive royalties on any second-hand sale of their work. Experts believe this use case is just the beginning for the potential these blockchain tokens have. This alone brings a huge amount of security to web 3.0’s development!
How NFTs are Revolutionizing Digital Ownership Today
NFTs offer full history and proof of ownership for digital assets as well as any other asset represented by an un-fungible token. This will also create a lot of new digital assets and items that you can either buy or sell anywhere, just by posting them on our open marketplace. The process is highly easy and can be done by anyone without much of a technical knowledge
In today’s world, it is exciting to see that NFTs has already evolved to provide utility across multiple industries like:
- Keys to digital communities
- Tradeable game assets
- The ownership of your username and assets listed in the metaverse
The development of Non-Fungible Tokens that allow users to participate in communities, economies, and assets is leading the push towards what we could be calling Web 3.0. Some pointers to throw more light in this regards are mentioned below:
1. Future of Connectivity for Online Communities and Events
NFTs are the future of connectivity. They’ll not only help you connect to communities and events, but also to friends and family. With personalized tokens for every aspect of your life, you’ll never be alone again. One of the first evolutions in NFT use-cases came in the form of using them as “membership passes” to a digital community. NFT profile pictures from CryptoPunks and Bored Ape Yacht Club (BAYC) are a big part of some communities of crypto holders.
Today, this concept has been built upon in the form of profile picture NFT collections such as Oni Ronin. They offer free airdrops of other NFTs and prize raffles for those holding their collection.
Along with various types of benefits and exclusivity features, NFTs can also provide exclusive access to in-person events. The immutable proof provided by blockchain technology will have a great impact on many aspects of society and business alike.
2. Productive and Exchangeable Game Assets
Gaming is one for the key areas where NFTs are proving beneficial. Projects like DFi Kingdoms on Harmony blockchain enable players to own “heroes” for example that users can buy, sell, and even rent out in-game assets.
In addition to providing possession of the in-game asset, these NFTs are also productive assets and can be sent on quests where they earn in-game items/cryptocurrency for the player. These items can then be exchanged for cryptocurrency or used to craft equipment and spells when required.
One of the most noticeable differences about digital goods today are the NFTs (Non-Fungible Tokens). Combining these with blockchain technology creates a higher level of engagement for users. They can be sent on quests and quests to earn loot, which can then be exchanged for crypto or used to craft items.
3. Redefining Digital Identities and Assets
Are you worried about someone taking your username in the metaverse? Well, if that is a concern, then you can always count on NFTs. NFT has an enabled ownership of the custom “.eth” i.e. Ethereum wallet addresses through Ethereum Name Service (ENS) which has more than 671,000 unique “.eth” addresses that are registered uptil now. As an NFT, these custom addresses are integrated in form of other decentralized applications and simplify previously complex wallet addresses to be personalized and much easier to remember.
Instead of using a long string of numbers and letters such as “vv97840x007d6EC5Af0”, ENS fecilitates for more simple wallet address like “visualcapitalist.eth”. Various other projects like NFT.com are using NFTs to enable users with the custom ownership of a personal profile such as “www.nft.com/yourname”, where users can show and share across their NFTs over a decentralized social network.
4. Enabling Ownership in the Metaverse Economy
In the Metaverse Economy, along with usernames and wallet addresses, non-fungible tokens are also becoming the foundational technology for assets located in the metaverse. To say, a Metaverse project, The Sandbox, is already using NFTs to represent it’s digital land which comprises items such as furniture and decor for virtual spaces and much more.
As per the records, in March 2022, The Sandbox generated more than $24 million in NFT sales, representing metaverse real estate, with top brands and celebrities across multiple sectors such as Atari, Snoop Dogg, and the South China Morning Post all owning plots of digital land.
Non-fungible tokens are only just beginning to revolutionize the way we own and exchange digital assets, but they’re laying the groundwork for many other awesome things that are yet to be discovered.
How Chapter247 can help you enter into the world of NFTs?
When it comes to Blockchain, Chapter247 is a great partner to begin with. With our experienced resources, creative minds and a great executionary plan, we can bring your dream of entering into NFTs a reality. So what are you waiting for? Click here to connect with us and see how we streamline your idea into a real-time execution. See you on the other side!