New Innovative NFT Use Cases that Might Change the World
29 Novembre 2021 - 8:50AM
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The transaction volume of the entire NFT market crossed US$16
billion in November 2021. In 2020, it was only US$355 million,
which shows how impressive of a run NFTs have made to create a new
asset class in the crypto industry. At the beginning of 2021, the
market was mainly dominated by sports highlights and trading cards.
But in the second half of the year, we saw NFTs take new forms,
which created multiple market segments such as virtual real estate,
gaming avatars, and fashion. Seeing the growth and evolution of
NFTs, investors started to see long-term value in NFT and
metaverse-based projects. As a result, many NFT gaming companies
that aim to create virtual worlds raised tens of millions of
dollars. An example is True Global Ventures which invested US$10
million into a metaverse leader, The Sandbox which is launching
their Alpha access at the end of November 2021. The goal here is to
take NFTs beyond digital art and status symbols. As the underlying
technology, blockchain, of NFTs allows for greater transparency and
trust in ownership, it can be used in creating new business models
or making the existing ones more efficient. Though it is still
relatively early in NFTs, we might just witness the birth of new
use-cases that can change the whole world. Some are already making
that difference: Generative NFT Art Becoming More Innovative
Generative NFT Art gives artists the ability to generate different
variants, but making sure that each of them is unique and with
different rarity of attributes. Probably the most famous project so
far is the 10,000 unique CryptoPunks that are used as a status
symbol as they keep fetching higher and higher prices on the market
places, and have made their way to top tier auction houses like
Christie’s. As more projects are created everyday, many of them
have started to “innovate” for example a Bored Ape Yacht Club NFT
holder would get digital vials of mutant serum, which they could
mix with their Bored Ape to create another NFT – a Mutant Ape. This
engages the community of holders and incentivizes them to keep on
holding their NFTs to be part of this exclusive group. Then, there
are other innovative projects like Mauer, where they take the
historical and emotional aspects of important human history, and
mix it together with art and deploy them as unique NFTs. It tells
the extraordinary stories of a divided world, as relevant today as
it ever was, where a majority of the proceeds will go to charities
that work for freedom and democracy across borders. NFTs Changing
the Metaverses Metaverse could be the biggest bet of this decade
and NFTs increase their odds significantly. By incorporating NFTs
in a metaverse, users turn into creators, allowing them to monetize
their content and to have true digital ownership. It can be
anything as long as it adds value to the metaverse. Not only that,
they can use NFTs as a provable identity card, or with the
prerequisite reputation, in order to access exclusive events,
groups and virtual spaces. For example, in a virtual space like The
Sandbox, users dictate the future of its ecosystem, as they are the
ones creating and developing game assets. This metaverse also
offers VoxEdit, a powerful 3D modeling tool, to easily create
assets and convert them into NFTs. The Sandbox is now the number
one NFT Metaverse in terms of unique addresses, with over 500,000
registered wallets and 12,000 special virtual LAND owners. In
November 2021, they generated more than US$144m worth of lifetime
Gross Merchandise Value (GMV) sales and it looks to be growing even
more in 2022. NFTs Making Music more Equitable The unequal
distribution of revenue in the music industry has been a
long-standing problem. On top of that, there is a lack of
transparency and low royalty rates on most current streaming
models. Now, this can be solved by tokenizing music tracks as NFTs.
Artists immensely benefit from creating music NFTs, as they can
release their album on-chain with higher royalties and avoid
sharing a huge revenue split with third parties. Apart from the
monetary upside, artists can involve their fans and build a
passionate community. Building a community will help artists to
directly connect with fans and start crowdfunding and crowdsourcing
ideas/inspiration for new Albums. Artists can even issue their NFTs
to raise funds and offer their fans the chance to earn a portion of
the revenue generated by the artist. Mass NFT Adoption is Just a
Matter of Time With so many use-cases penetrating the real world
and adding significant value to people’s lives, it is only a matter
of time before we see full-on mass NFT adoption. We will see the
creator’s economy change completely, as every creative takes back
more control and can monetize in multiple ways with the help of a
community. Metaverses and Play-to-Earn games will fully integrate
NFTs into their economic model and will create the next generation
of gamers, who will not only enjoy their time in Metaverses and
Games, but would also likely be able to earn money while engaging
in these activities.
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