Since last few months, the non- fungible tokens (NFTs) market is been falling down as cryptocurrency is prone to one of its worst drawdowns since last few years. The Wall Street Journal so published an article which forecasted probable death to industry, disturbing the entire NFT world, as it presented the current value drop as “the starting of the end” for such collectibles which are digital.
The present bear market in the crypto zone and the successive drop in value of NFTs have brought concern among the crypto faithful, where most of them ask the question: ‘Where NFT market is moving towards and what value these digital assets would offer in near future?’
In this article, the facts concerning rise and fall of the NFT market, connection with current market and for what purposes the market is here for longer period. Basically, the present innovations are seen in NFT world and the way they are going to provide huge potential in virtual and industry primarily in upcoming future.
Changing Spectrum For NFTs
In case you have gone through the crypto space in detail from past two years, you must have gone heard of owned NFTs. The Non-fungible tokens (NFTs) have become the latest topic in crypto world across 2021, as celebrities, mainstream media, athletes and the government officials also have gone through digital assets. Beeple’s popular NFT artwork, “Everyday’s: The first 5000 days”, were sold for $69 million at Christie’s auction, which had attracted the eyes of investors.
Since it’s sale, NFT market has boomed with digital artwork cause the main attraction with projects as Crypto Kitties, Azuki, Bored Ape Yacht Club (BAYC), NBA Top Shot recording eye catching value enhances during ‘NFT Bill Run’. As per Non-Fungible.com, the daily value of an NFT which is sold had reached an all-time high of $37,560 in October 2021 at around $85.9 million.
Maximum of NFT market value was moved by digital artworks, which are in a flow becoming obsolete, lead by various experts with a prediction of total collapse in NFT industry. Apart from the regular average value of an NFT going down to $2,100 and the total regular sale value to a low of less than $1million, therefore collapse of NFTs is not just predictable but could happen as per market status. It could be misguided to think that NFTs are going to gain their 2021 form as investments.
NFTs are having the capability for a functional and real-world utility as the world goes close to Web 3 revolution. The technology tends to provide a different digital representation of original ownership which is converted into different industries and evolve to open a newer set of features for collectibles which are digital.
Future Of Innovation In NFT World
It’s essential to make it clear that the value of NFT collections is made on three pillars as utility, culture and community. In case, searching for value in NFT collectibles, it could be combination of single or multiple feature. With this, the companies and projects are speedily innovating newer utilities, building strong cultures and communities around their NFTs and accepting their businesses to a faster growing industry.
- The Immersive NFT Worlds: With the world which is continuing to hold NFTs, there are various applications which are based on the idea and reversely lead to growth of each inclusive and immersive NFT concerned universes. Where that one project as Looking Glass Labs tend to provide a Web3 base which specialises in NFT architecture, play-to-earn token and the virtual asset royalty stream. This tends to connect every partnerships, marketing, development, community engagement and various other services concerned with NFTs in single place, thereby holding back the user complications of searching every service on their own.
- Live Gaming Ecosystem: Another feature which is going to expel in near future is the rise in blockchain based gaming is thought off to grow rapidly in coming future with acceptance of NFT based solutions and rewards. Jump.trade is an ecosystem which tends to make gaming NFTs connected with utilities involving real-time use cases, targeting to make Cricket gaming and different other innovative collaborations to the crypto world. Also Jump.trade alongwith its fixed MCL game would improve a behavioural spectrum where people would make themselves clear about the wide meta possibilities.
- The Decentralised Digital Identities: The most untouched utilities of NFTs is the “non–fungibility” and different properties of these digital assets. Also at large, NFTs have been taken as assets but they are having the potential of offering much greater utility than the digital art, gaming or music properties. Over the last few years, the digital identity and privacy of online information has been ignored at a large scale and NFTs could be amongst the largest solutions to this by allowing users and service providers to hold a better authority and control over their personal data and identity. They could also aid in replacing the password based logins with the decentralised authentication (the NFT).
- AAA-Quality Games Meeting Blockchain: With the rise of NFT Gaming has lead to various blockchain gaming projects jumping on the scene. The basic idea is to connect crypto and gaming for giving allowance to its players to earn as they play. Also only a few of such companies have build a game which is going to capture their audiences and would give fun to their traditional peers.
The Monkey League which is an AAA-quality web3 soccer game, targeting to change the same by building a higher quality game which is too easy to learn but hard to control. The players in simple way tend to make their own team of players with the use of MonkeyLeague’s digital assets (NFTs), also playing matches against real people, winning tournaments and climbing the ranks. Also the players could improve the MonkeyLeague NFTs by training them to be better and wining tournaments as well.
The NFT space still needs upliftment but various innovations as read in above data and the development advancements are also seen in the NFT world. By next decade NFT is thought off to reach an annual sale value of $80 billion, where users would also see positive revolution and change in the NFT world as such.
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