NFT — Trends and Applications — Experts Guide
NFTs have quite been in the trend for a while now — everyone’s talking about it and flexing what they’ve got into their digital wallet. The Non-fungible Token ( NFT) is as precious to the digital world as avocado to those expensive Instagram Reels. It is a strong asset for the big industries from music, photography and art to gaming. The following post will cover some amazing aspects of NFT that one should know.
Read on to learn:
What is NFT?
Population NFT Applications
NFT Trends & Best Places to sell NFTs
Future of the NFT
What are NFTs?
NFTs are unique digital assets in the form of art that one can purchase from different platforms just like cryptocurrency. To understand this concept let’s take an example. Do you play video games? Have you ever bought virtual things such as a gun or a car to play the videogame for your advantage? If yes, then that’s the NFT of your videogame world.
Though in games, a gun can be replaced with a similar one but in the digital world, NFT can’t be replaced and this is why it is known as a “non-fungible token”.
If you still don’t understand it, then let’s take another example of the first-ever sold NFT in 2021, which took the internet by storm.
On March 11, 2021, a digital piece of art created by the Artist Beeple was sold in the form of NFT for the equivalent of $69 million. It was the talk of the season and has made people crazy about NFTs since then.
Now, you must be thinking, why would someone have paid a huge amount for digital art when they could have just downloaded it or taken a screenshot? Well! That’s the interesting part of the NFT. Non-fungible tokens are based on a blockchain that has ownership rights — you can’t just download and claim your tenure. Equivalent to art stored in the museum that people can see but can’t take home with them, NFTs have their own ways to represent the proprietorship of digital assets like collectibles, games, music or art.
Popular Applications of NFTs
The following are famous applications of NFT:
- Decentraland
It is a virtual world that uses the non-fungible token to show the proprietorship of virtual lands. One can rent, buy or sell their land on decentraland.
2. Cryptokitties
One of the most popular NFT-based games where users can trade, collect and breed digital cats. This game is the backbone of the entire NFT industry that helped it grow in a vast space.
3. OpenSea
A huge marketplace allows users to buy and sell a broad range of NFTs such as gaming items, collectibles and virtual lands.
4. RareBits
It works like OpenSea, RareBits also allow users to trade, buy or sell their NFTs including virtual lands, gaming items, and collectibles.
5. EtherLegends
Etherlegends use NFTs to signify in-game cards. These virtual cards can be used in tournaments and dealt on secondary markets.
NFT Trends
- Digital Twin NFTs
According to Tether Co-founder William Quigley, In the next 10 years, all products that can’t be eaten such as branded shoes will have their digital twins.
With a digital twin NFT, physical products would be allied to an NFT and kept on a decentralized blockchain which would be impossible to deploy.
2. NFT Fragments
We all know that NFTs have different values and some of them are excessively expensive. To solve this issue, there’s this new trend in the market known as “fragmentation” that makes the high-valued NFTs accessible and more liquid to users. It breaks the NFT into small fragments (ERC-20 tokens) to allow people to buy parts of expensive NFTs at an affordable price.
3. PFP & Avatar NFTs
This is one of the most successful NFT trends in history. Established in 2017, 10,000b cryptoPunks were algorithmically developed and given away for free to interested investors with an ETH wallet.
Today, the cheapest of the 10,000 cryptoPunks NFTs is worth over $400,000. You can, now, easily spot this NFT on Odell Beckham Jr., Snoop Dogg and Jay-Z’s Twitter pages.
- AI NFTs
Blockchain and AI (artificial intelligence) are two significant reprobates in tech. so, their collaboration would be no surprise to the users.
The two best intersections of AI and NFTs are iNFT and AI-generated Art.
iNFTs are given an Artificial intelligence personality with whom you can have conservation. They live on the blockchain and can learn new things.
One of the biggest examples of iNFT is Alice, developed by Alethea AI. They sold Alice at Sotheby’s for approx. $5000,000
AI-generated Arts are widely recognized projects and today AI is introducing exclusive artworks and casting them as NFTs daily.
2. NFT Gaming
In 2022, there are hundreds of NFT-based games that are showing potential for altering the way the in-game industry operates.
With transferability, scarcity and ownership proof, gamers can consider their in-game procurements as investments with huge future returns.
Apart from these, NFT ticketing, NFT Music, Movies & TV shows, medical NFTs, and Finance NFTs are some other popular trends in the NFT marketplace.
Best Places to Sell NFTs
For creators, there are plenty of platforms that provide peer-to-peer NFT trading. These include:
Future of NFTs
According to the experts, everything in this world has the potential to be an NFT — Even big startups are investing in NFTs. It is a fast-changing space. Even while writing this post, different NFT projects are popping into the market. From CoinRunners bankrolling a movie by trading NFTs and ICC (International Cricket Council) introducing cricket NFTs to Busan Metropolitan Government in Korea publicizing an NFT conference, NFT is here for a long and successful marathon.
Non-fungible tokens have conduits the gap between creators and consumers and provide security and the correct value to digital assets that have the potential to change the world for good.
