If you have been following the NFT space, it is likely that you have read the mainstream news stories that have often critiqued the concept, as well as the stories that outline the exponential growth of art sales. It is also possible you have seen your favourite social media influencer with a new Twitter profile picture, maybe an ape or a cool cat… But what does this all mean? If we filter it down to the definition, it becomes more understandable!
NFTs are non-fungible tokens that are uniquely stored on the blockchain, they can be made in the form of images, videos or even digital tokens which in turn enables the buyers to claim ownership over the work. These assets can be continually exchanged forever, unless the said person decides to burn the asset! However, perhaps more fundamental is that they are powerful tools, enabling audiences to follow brands. It is a perfect symbiosis as the brand, and its consumers reap the benefit of growth together. Reflecting on this, it is no surprise that we have seen such an enormous surge in community engagement and growth.
Since its boom back in February, the NFT world has grown vastly, particularly in regards to both the community and its size. With more and more people beginning to grasp the concept and phenomena, the space is set to grow even further. Over the past year, we have seen exciting innovations, namely the metaverse. But what is it?
In this article, we will take a deep dive and reveal everything that the space has to offer. Most importantly, why the metaverse is so significant to the growth of the NFT world.
Artists and web developers are pioneering the space, with the metaverse acting as the catalyst. Artists are finally receiving the recognition that they rightfully deserve where they are the ballplayers, and the communities are formed around them. This has sparked a paradigm shift, community and creativity is the centre of everything in the NFT world and we are seeing the artists showcase this with every next move.
In essence, the metaverse is a hub for this creativity, it enables the storytelling and virtual connections that we have always dreamt of seeing within games. Take Decentraland, The Sandbox and even Loopify’s Treeverse. Each of these platforms open up immersive, virtual gaming worlds that allow the users to create, and to monetise their own experience. The Metaverse is allowing us to rebuild our own world, with the prospect of seeminglesy travelling between each world.
It is inevitable that traditional game companies and businesses will begin to find the Metaverse and blockchain gaming, when they do, we should expect to see greater opportunities, experimentation and an infrastructure that will change our entire experience of NFTs.
As alluded to by stories of the past, the metaverse is bringing to life the technology that these stories referred to, and more. Most importantly, it has enabled communities from across the world to socialise in a virtual reality. It is exciting times for the NFT world as new friendships are formed and communities forged.
Just recently, The Bored Ape Yacht Club saw 101 of their apes sold as part of the world renowned Sotheby’s auction. Upon the completion of the auction, the final price amounted to an eyewatering $24 million dollars. This massively exceeded the $18 million dollar cap that the auctioneers had estimated! In addition to this, 101 of the Bored Ape Kennel Club dogs were sold for $1.8 million dollars.
To celebrate this historical moment, the BAYC turned to Decentraland to host a historical event that would invite everyone to board the jazzy BAYC casino boat! Those who joined were abe to jam out to a performance from the first ever Crypto Punk rapper, Spottie WiFi as well as hearing from banana daiquiris! In addition to this concert, the BAYC also hosted games to play which included blackjack and roulette.
This event is merley a fragment of what the space is capable of and considering that the space is still so niche, I don’t think many can fathom the evolution that we will see in the coming years. It is only a matter of time before we see everyone in the metaverse, where virtual converges with reality. Already we are seeing NFT artists, and collectors display their collections inside art galleries within the metaverse, to showcase them in all their glory for likeminded people to enjoy!
With games, avatars, landplots, parties and events, the metaverse is expanding at a rapid rate, and its evolution is imminent as more and more artists, architects and developers involve themselves within the scene. The future of the metaverse is bound by our imagination and creativty, therefore with this in mind, I believe we are set to see a renaissance of technology.
If you want to hear more about the NFT space, let me know over at @NFT1nsight and I will be pleased to hear your suggestions! For now, enjoy the rest of your week!