February 19, 2024
“Quantum” is the first known “Non-Fungible Token”, which was created in May 2014. Non-fungible means it is unique and cannot be exchanged or replicated with an identical or similar item as an identical item does not exist. This is one of the foremost reasons why NFT collectors are crazy about it. It helps them buy unique products from NFT markets and maintain a unique lifestyle in the digital world. Their digital avatar wears unique shoes, and hoodies, and displays expensive paintings in their digital villas.
The latest technologies and future of NFTs including metaverse. One can explore virtual gaming and real estate assets allowing buyers to trade and own game items or digital land.
According to Venturebeat.com, Many Celebs have jumped into the metaverse. It was revealed last year that Snoop was a major NFT whale, and has also launched his collection of digital assets (known as “The Doggies”) and even recreated his mansion in The Sandbox metaverse. Justin Bieber has hosted virtual concerts in the metaverse, and Prince Harry and Meghan Markle are launching their metaverse platform for hosting everything from business meetings to “public” appearances.
Indian celebs are not far behind, it was reported that “Daler Mehndi bought a piece of land in the virtual metaverse and named it Balle Balle Land. The singer will be housing the Daler Mehndi Store on the virtual real estate bought at PartyNite, a metaverse platform”.
The Evolution of NFTs
Today, NFTs are moving from art to music to expensive digital houses, games, apparel etc. The fields where NFTs exist are:
- Digital Art – Over the last few years the number of digital artists has gone to thousands. Few of the NFT art pieces have been sold for millions of dollars which can embarrass a typical paintbrush artist. A recent release on Netflix “LIFT” by Kevin Hart, features NFT art theft from a digital auction.
- “Gucci Ghost” and “Shit is Gold” by Trevor Andrew; ‘Beeple” by Mike Winkelman; “ Nyan Cat, video clip meme; Taco Bell tokens on Rarible, an NFT marketplace.
- Fashion Items – Creating a fashion piece on NFTs is exclusive to the owner. Nike-owned RTFKT digital sneakers sold for $10,000, Cryptokicks, and Overpriced Hoodie which was sold for 19,000 pounds, NFT watches.
- Gaming – Video games can be considered as one of the oldest virtual atmospheres and it is also not untouched with NFTs. Selman Careaga, president, Global Coca‑Cola Trademark announced on company website “We are excited to share our first NFTs with the metaverse, where new friendships are being forged in new ways in new worlds, and to support our longstanding friend and partner, Special Olympics International. Each NFT was created to celebrate elements that are core to the Coca‑Cola brand, reinterpreted for a virtual world in new and exciting ways.” The company has created and auctioned vintage Coca-Cola coolers, Bubble Jacket, Sound Visualizer, and Friendship card.
- Articles – Content and articles like any other virtual items are being sold as NFTs on the web. A News Article was the first article sold as NFT for $1800 was published by Quartz.
- Digital collectible cards – Cards like physical cards are traded as NFTs collectibles, CRYPTOKITTIES, CRYPTOPUNKS, and SUPERGUCCI by combined efforts of Gucci and Superplastic.
- Exclusive Membership Tickets – To offer a unique experience to the specific NFT holder’s groups and clubs like, The Bored Ape Yacht Club (BAYC), Friends with benefit a web3 brainstorming social club, Flyfish Club a restaurant, Air Europa TravelX, etc have been created and this can only be accessed if the person has at least one of their NFTs.
“The Metaverse just got hotter! I’m beyond excited to be diving further into the Web3 space with @TheSandboxGame to build #ParisWorld.”- Paris Hilton
The Integration of Real-World Assets (RWAs) into NFTs: A Game-Changer for the Market
“In the (near) future, every person will have a parallel digital identity. Avatars, crypto wallets, and digital goods will be the norm. Are you planning for this?” — Reese Witherspoon, Oscar-winning actress
NFTs will be a crucial part of everyone’s life in the future. Gen Z is equally worried about their physical as well as digital appearance. NFT trading has seen a downward trend in the last few years due to various reasons few big companies are still investing in this technology. Amazon is planning to launch a NFT marketplace, Amazon Digital Marketplace.
The evolution of NFTs from digital assets to a mixture of digital and RWA (Real World Assets) will be a big leap in attracting more investors towards NFTs and bridging the gap between the traditional and blockchain worlds.
“RWAs make for an amazing NFT use case turning illiquid RWAs into highly liquid on-chain tokens, enabling instant cross-border investment in all sorts of infrastructure and other projects,” Max Thake from the blockchain platform PEAQ.
NFTs are here to stay, companies should ensure a user-friendly environment so that people not into blockchain can understand and access the NFTs. Regulatory bodies should create a safer environment to attract more investors.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
