NFTs have stirred the digital world and marketplaces from gaming to art to fintech. But that’s not all. The true potential of non-fungible tokens is yet to witness. In the past year, NFTs took 2021 by the storm. NFTs’ top sales included Beeple’s “Human One” for $28,985,000 and likewise Cryptopunk for $11, 754, 00, setting the record for the maximum sale by any living artists. With the billions traded over non-fungible tokens in the previous year, we’re seeing many industries as diverse as gaming, finance, art, and medicine are turning to this marketplace, accumulating 40, 000 buyers per month and have increased the $20 million in sales per week. Although the current scenario of non-fungible tokens should be suitable for setting goals for the future, many experts believe that changes in approaches and thinking in the art space may affect the overall potential of NFTs.
Meta, Microsoft, Twitter, and even some luxurious fashion brands are heading toward NFT projects, fintech experts are betting high on NFTs, and new NFT startups are emerging very quickly. So what does the future hold for the NFTs?
So what this fancy term “NFT” means?
NFT is a unique digital asset with verified ownership, which means its copies can’t be created and sold. NFTs could be a single piece of art, a tweet, or even an asset from the game. It begins with the minting process, which allows the creator to create a digital asset, and the minting process creates a cryptographic token that contains the signature of the wallet and that NFT token. It issues a unique verification for future owners and gets recorded on the blockchain.
Many experts say that NFT technology is here to stay. We have put together some of the predictions of NFTs Gurus regarding the future of non-fungible tokens.
If you aren’t familiar with metaverse, it’s basically a digitally shared space that joins physical and virtual reality. There’s a discussion of the metaverse as the breakthrough for online interactions and the future of the internet.
Earlier this year, Mark Zuckerberg announced to make Facebook a Meta company and has clarified his intention to become a metaverse company. Meta’s goal is to establish a platform that would be the conglomerate of a virtual space, realms of work, entertainment, and social interactions.
Here is a question. What do NFTs have to go with metaverse? In the metaverse, Digital coins will be used as a currency to interact with others and go shopping, much like the real currency. Many leading companies are using NFTs for this purpose.
NFTs are being used to create tickets that provide better control over the resale market, additional layers of security for ticketing, and the chances for tickets to be viewed as digital assets. Some fintech companies are currently using NFTs for ticketing, including GET Protocol and Centaurify. In the upcoming years, we’ll see more usage of ticketing in the ticketing revenue stream. One of its examples is the fusion of NFTs with ticketing sales.
CEO and co-founder of Queue-it stated: ” Customers will enjoy two-fold value: a personal digital asset, and an opportunity to be a part of the digital world.” NFT ticketing is expected to go beyond the gateway to the digital world. And NFT ticketing boasts endless chances for lifetime value, an extra incentive for buyers, and special access.
Avatars & PFP NFTs
Nowadays, people are crazy about avatar NFTs and profile pictures projects, and they have won the hearts of many social media users. It all started in 2017 with the release of now-infamous Crypto Punks and was a successful project until very recently. Anyone with a valid ETH wallet was eligible for the ownership of algorithmically generated CryptoPunk NFTs in 2017, and surprisingly, 10,000 CryptoPunk was given free to attract the audience.
PFP NFTs have become a signature for many individuals, allowing admission and membership in highly active societies, and acting as digital identities for thousands of people. Bored Ape Yacht Club, a widely popular PFP NFT community, has recently launched a $200,000 treasure hunt for Ape owners. With no anticipation of its slowing down in the future, it has attracted the masses.
Digital twin NFTs
The co-founder, William Quigley, has said boldly: “all customer products that shall be there in the next ten years will probably have digital twins.” They will have NFTs.
So what digital twins are all about and what does it have to do with this list?
To ensure that buyer has purchased a genuine item through a real deal, an NFT would be allocated to that item on the blockchain. Because in 2019, fake goods sold for over 3.3% of the total world trade. A shocking study revealed that up to 20% of all paintings found in museums may be inauthentic. NFTs have provided the solution for these counterfeit products by creating the digital twins of physical items, which would be linked to an NFT and stored on a decentralized blockchain.
Artificial intelligence is also a breakthrough in the tech industry, alongside blockchain, so combining both should be no surprise. In the future, it will be possible to create NFTs using AI. But it’s not a new concept, as Obvious Art has already sold an art piece made with AI called christies for over $400,000.
And the success of NFTs has opened new doors for AI projects to create new artworks and mint them as NFTs every day. Another NFT, Arlequin, was sold for over $400 (0.1 ETH) on Made Art. The Arlequin, a digital painting, was created by Alicia by solving complex computations of over 9,100 paintings from renowned artists.