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Why NFTs Are More Than Just JPEGs?

by with No Comment NFT

Have you heard the myth that NFTs are nothing but over-hyped digital images like JPEGs? Let’s debunk this myth and learn the facts on how NFTs are more than JPEGs.

The early months of 2021 would have been another phase in the world of tech with the usual advancements in blockchain and crypto. However, NFTs had other plans as they made a huge impact in the month of February with a $69 million sale of a piece of digital art. Non-fungible tokens have been around since 2016, with popular projects such as CryptoPunks or CryptoKitties being some of the early pioneers in this space. 

However, many people have been assuming that NFTs are just over-hyped digital images and are not different from JPEGs. On the contrary, NFTs are more than JPEGs in many ways, starting from verification of ownership to authenticity of the artwork. The following discussion will help you understand why NFTs, which can rake in around $40 billion, is definitely more than JPEGs.

Understanding NFTs

The first thing you need to understand how is an NFT different than a JPEG is the definition of NFTs. You can explore a wide range of definitions of non-fungible tokens all over the internet. Basically, NFTs are digital assets with the mark of unique ownership. Non-fungible tokens have a broad assortment of use cases ranging from virtual items such as CryptoKitties to real-world assets such as real estate. The most notable examples of NFTs include land titles, sports cards, artwork, digital collectibles, and many others. 

Many aspiring NFT investors might harbor apprehensions regarding investments in digital artwork. After all, isn’t it the same JPEG image that you can download on your laptop or mobile phone? In addition, you can also send the JPEG image to other people without receiving anything in return or paying anything to the creator of the JPEG image. However, NFTs change the game altogether and thereby provide a stark contrast from the usual JPEGs you see today.

Are NFTs same as JPEGs?

The most important highlight of NFTs in an NFT vs JPEG comparison would refer to the ‘non-fungibility’ aspect. Non-fungibility implies that the assets represented by NFTs are unique and non-interchangeable. For example, you can trade a 10-dollar bill for ten one-dollar bills. However, you cannot trade a unique trading card for a different card as it would change the value of the collector’s collection.  

In addition, NFTs can also offer the additional advantages which come with blockchain as they are basically smart contracts on blockchain networks. Ethereum serves as the most popular choice for developing NFTs right now, with support for unique assets. You can store the unique cryptographic tokens in different virtual crypto wallets and access them according to your convenience. 

Why is it Important to Think of NFTs Now?

Non-fungible tokens are one of the most interesting improvements in the blockchain and crypto space. Blockchain technologies have been introducing new perspectives on the design, use, and transfer of digital assets. NFTs have introduced a promising digital standard for exercising ownership over tangible assets such as artwork and real estate. 

In other words, non-fungible tokens are creating viable prospects for the simple and secure trading of physical assets on blockchain networks. On top of it, NFTs are an integral highlight of the emerging web3 landscape with significant applications in the metaverse. All these aspects provide a clear impression of how NFT are more than JPEGs in terms of value.

Some numbers about non-fungible tokens can show you how they are more important than JPEGs. The total sales in NFT marketplaces amounted to more than $40 billion by the end of 2021. Could you have believed the fact that celebrities would spend millions on purchasing profile pictures of fancy apes? Well, Bored Ape Yacht Club proved how NFTs had become a formidable cultural phenomenon. 

Value Added by NFTs

The traits of NFTs and their popularity alongside the positive market trends suggest favorable opportunities for anyone to invest in NFT, albeit with professional guidance and risk tolerance. NFT artwork has proved to be more than just digital images or JPEGs, and the value of NFTs has been increasing promisingly. 

However, investors must be cautious of investments in NFTs as the perception of value of non-fungible tokens depends on many factors. The more useful an NFT seems to be, the more value it will have. Does utility stand as the sole factor for determining the value of an NFT? Non-fungible tokens can offer the following additional value advantages of JPEGs, making them a favorable choice for NFT investors worldwide. 

  • Scarcity 

The first trait of non-fungible tokens which separates them from JPEGs is the option for scarcity. NFT developers or artists can create only a few selected artworks in NFT collections, thereby increasing scarcity. 

  • Ownership

The most notable aspect of an NFT vs JPEG comparison would also draw references toward ownership. Non-fungible tokens operate on distributed ledger technology, with the original creator controlling the private keys to the NFT on the blockchain. If you own an NFT, only you can transfer the NFT to any other account or put it up for sale.

  • Non-interchangeable

NFTs stand strong in terms of utility due to their non-interchangeability trait. While DAOs are opening up the scope for collective ownership of NFTs, there is a way you can divide an NFT into two different parts for selling it. NFTs are non-interchangeable, which is a basic aspect of their non-fungible nature.

  • Unique Assets

The final aspect in the comparisons between NFTs and JPEGs refers to the uniqueness of NFTs. Non-fungible tokens have unique metadata, and it is practically impossible to modify the metadata. As a result, you can understand “how is an NFT different than a JPEG” with the support of verifiable authenticity.

  • Interoperability

Non-fungible tokens are also different from JPEGs in the fact that you can trade them across different blockchain-based platforms. You can trade NFTs across all Ethereum-based platforms without any restrictions, thereby offering flexibility for NFT investors to explore new prospects. 

  • Transparency

Another significant highlight of NFTs which separates them from JPEGs would refer to transparency. The foundation of NFTs on the blockchain ensures access to the decentralized and immutable public distributed ledgers with detailed information on the NFTs. Therefore, non-fungible tokens provide better facilities for public verification of records associated with issuing tokens and other activities and transfers. As a result, transparency in NFT transactions with the assurance of verifiable authenticity sets them apart from common digital images.

How Will NFTs be more than Just Art?

The majority of discussions around NFTs often turn towards proving that NFTs are more than JPEGs, while non-fungible tokens present the scope for many other use cases. Many people associate NFTs with artwork and consider that they are advanced and secure versions of JPEGs. However, non-fungible tokens have many other applications beyond the domain of art. Non-fungible tokens have obviously provided a promising tool for digital artists and content creators worldwide. 

On the contrary, it is important to explore how NFTs can be used for other purposes beyond art to understand their actual capabilities. Interestingly, non-fungible tokens were created as deeds or certifications for some assets. One of the significant takeaways from the NFT vs JPEG comparison, i.e., the validation of authentic and unique ownership of assets, provides the basis for productive applications of NFTs in other cases. Here are some of the potential use cases which show how NFTs are much more than JPEGs. 

  • Metaverse Assets

Non-fungible tokens are an integral aspect of the metaverse as they represent in-game items. For example, virtual land parcels in Decentraland or the Sandbox are actually NFTs. Similarly, game characters and other assets in the metaverse can also make the most of NFTs for leveraging the benefits of unique ownership. At the same time, you can know “how is an NFT different than a JPEG” by reflecting on interoperability in NFTs. With the help of interoperability, non-fungible tokens can facilitate the seamless movement of assets across different spaces in the metaverse. 

  • Real Estate

The use of NFTs in the real estate sector also showcases some favorable highlights to invest in NFT projects. Non-fungible tokens provide proof of ownership, and in the future, NFT-based property deeds might become a common practice. As of now, the sale of digital property in the metaverse through NFTs has been gaining momentum. It is only a matter of time before non-fungible tokens serve as vital tools for representing property ownership on blockchain networks. 

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Utility NFTs – The Future Of NFTs

by with No Comment NFT

The trend of non fungible tokens grabbed the attention of the whole tech community in 2021 with a 70 million dollar art auction. Experts are wondering whether utility NFTs can offer the next big leap in advancement of the NFT landscape. The total trading volume of NFTS was $200 million in 2020. As of the first quarter of 2022, the same number has climbed to more than $12 billion.

Quite an exciting improvement, isn’t it? The massive growth in the market value of NFTs has invited many discussions on the possible utilities of NFTs. What are the possible use cases for non fungible tokens now and in the future? The following discussion will help you determine the scope for utility of non fungible tokens along with practical examples.

What is Utility NFTs?

The domain of NFTs is still in the early stages of exploring any value-based real-world use cases for NFTs. Non-fungible tokens are cryptographically unique and can serve more than just images on a blockchain network. The value of an NFT utility token can transcend the mere boundaries of investment into the transformation of how we work, interact, and play. 

The simplest definition for a utility NFT would paint them as non fungible tokens with applications beyond the representation of unique digital assets. One of the significant traits of top utility NFTs would refer to the facility of privileges, rewards, or rights to owners, which they wouldn’t have found generally. Let us assume the following simple example for understanding a utility NFT.

Imagine that you have planned a concert with around 800 available spaces with 800 paper tickets. All the tickets are unique and different from each other in terms of the ticket number. However, every ticket piece serves the same utility, i.e., entry to the event. Now, NFT utility ideas might imply the suggestion for issuing 800 NFTs rather than 800 paper tickets. Each NFT would be unique and offer the same utility of entrance to the event. 

Working of Utility NFTs

Any individual interested in utility NFT projects would obviously seek clarity regarding how utility non fungible tokens work. The technical specifications imply that the working of utility NFTs is almost the same as that of regular NFTs. Utility NFTs also features cryptographic security like common NFTs, and they are also unique digital assets on a blockchain. On top of it, immutability and transparency benefits of blockchain technology can help NFT owners in verifying provenance of their NFTs. 

How to Convert Standard NFTs to Utility NFTs?

The most striking highlight in a discussion on utility non-fungible tokens would obviously focus on adding utility to standard NFTs. Many of you must be wondering about how to add utility to an NFT for a specific purpose. Do you have to build a separate NFT with new and advanced technology to ensure desired utility? No. You can add utility to a specific NFT or an NFT collection in many ways. 

The approach for introducing utility in non-fungible tokens depends more on reforms in the application of the technology rather than changes in the technology. A simple example of utility tokens from the music industry can help you develop an idea about adding utility to non-fungible tokens. Kings of Leon released their album as an NFT collection in March 2021. 

The band also used conventional platforms such as iTunes and Spotify while offering different utility NFT variants in the album. The album included an NFT featuring digital artwork and a digital music download option, which owners can redeem for a limited edition vinyl copy. Another NFT variant in the album release also facilitated top seats at Kings of Leon concerts and shows. Interestingly, the NFT music album release fetched around $2 million in sales. 

The example of adding NFTs with a new approach in a music album reinvented the way buyers discovered utility with non-fungible tokens. You can notice how utility NFTs helped in offering more than just a music album to the buyers. Music enthusiasts, the target audience of such utility non-fungible tokens, can redeem the NFTs for real-life vinyl record copies of the album. In addition, the music utility NFT owners can also get exclusive rewards like best seats at shows of the band. The example of Kings of Leon music album release as a series of NFTs presents a solid case for utility non-fungible tokens.

Special Highlight of Utility NFTs

The discussion on future of NFT turns towards the evolution of utility in non-fungible tokens. On the other hand, it is important to note that the advocacy for utility is not explicit. As a matter of fact, many players in the domain of popular culture and business have capitalized on the utility aspect of NFTs. 

The striking aspect of the evolution of utility NFT projects refers to the fact that many NFTs have developed utility long after they were launched. The Bored Ape Yacht Club NFT collection is the best example of an NFT collection launched without any specific utility. Over the course of time, BAYC NFTs have served many use cases such as rewards of ability for minting new NFTs or offering passes and tickets to exclusive events. 

The important highlight of utility NFTs focuses on the fact that the use of non-fungible tokens extends beyond the scope of visual art. If you look at the future, you cannot expect NFTs to still serve as a tool for flexing your cool NFT collection. Even if NFTs are in the initial stages, the possibilities for adding utility to them in different sectors have become clearly evident. 

Applications of Utility NFTs

The uses of utility tokens also account for a significant share in determining the future of utility in non-fungible tokens. Here are some of the notable sectors which are gradually opening up to the prospects of adding utility in non-fungible tokens. 

  • Gaming

The foremost contender for understanding how to add utility to an NFT is the gaming sector; whether it is the metaverse or play-to-earn games, the applications of NFT blend effortlessly with the domain of gaming. Gaming NFTs such as play-to-earn game NFTs showcase a new approach to exercising ownership over in-game assets and collectibles. One of the best examples of gaming NFTs is evident in the Axie Infinity game.

  • Virtual Real Estate

The growth of virtual worlds has also propelled the demand for virtual real estate. Many popular metaverse projects such as Sandbox and Decentraland have introduced the concept of virtual real estate with varying use cases. Virtual real estate is one of the popular NFT utility ideas as it can support many use cases such as advertising and hosting new experiences in virtual worlds. NFT applications can also work in actual real estate for representation of physical properties with the land deed data.

  • Social Spaces

The applications of utility in the future of NFT would also help in guaranteeing secure access to exclusive communities and social spaces. A new breed of NFT utility tokens, known as access NFTs, could offer real-time access to communities and content in the virtual and physical worlds. The Bored Ape Yacht Club is one of the best examples of an NFT collection with a utility token. The utility token offers exclusive membership to a special yacht club. 

What can users get for their utility tokens in the special yacht club? The membership of the club can grant you access to some exclusive spaces within the Bored Ape Yacht Club community. For example, you can access the Mutant Apes Yacht Club for alternative and quirky versions of their Bored Apes. Other perks of the membership include access to collaborative art space and a Bored Ape Kennel Club to fetch pets for your Bored Apes.

  • Fashion 

The evolution of the metaverse and web3 technologies would also drive the move towards digital fashion. How can an NFT utility token work in the fashion industry? Improvements in the NFT utility prospects could help in conducting virtual fashion shows alongside exclusive shopping experiences. Virtual fashion for avatars in games is only the beginning of the utility for non-fungible tokens in the fashion industry. 

Examples of Utility NFTs

The scope for introducing utility NFTs across different sectors is not limited to a few selected industries. As the market for NFTs matures, businesses can come up with new ways to leverage them in various use cases. At the same time, it is also important to note whether there are any utility NFT projects working now. Is utility NFT a myth? The following examples present a suitable answer to the question.

  • Crypto Baristas

Crypto Baristas is a collection of NFTs which is all about the “complete caffeine experience” for all owners. The Crypto Barista NFT holders could receive discounts at online stores or future café locations as well as on merchandise.

  • VeeFriends

The VeeFriends NFT collection has been launched by Gary Vaynerchuk. The utility of the NFT collection is that holders can use them as tickets for the VeeCon conference. In addition, VeeFriends also includes collectibles with different advantages, such as mentoring sessions from Gary. 

  • GainForest

The next interesting entry among utility NFT projects would refer to GainForest. It is an international non-profit based in Switzerland, focused on using blockchain technology for safeguarding rainforests. People donating to GainForest can receive NFTs representing the actual forest locations. The NFTs could help the owners in tracking the health of the forest and minting governance tokens. 

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How To Transfer NFTs To Another Wallet

by with No Comment NFT

The spontaneous rise in discussions regarding NFTs and their potential right now has helped in drawing attention to the technicalities. Non-fungible tokens arrived on the mainstream media in the early months of 2021, with an NFT art piece sold for almost $70 million. Now, people don’t view them as some magic assets. On the contrary, everyone wants to learn how NFTs work and methods to transfer NFTs to another wallet. 

Crypto enthusiasts jumped on the NFT bandwagon immediately and have explored many promising value advantages. However, beginners must know how to transfer NFT to another wallet to ensure that they can ensure safer storage of their NFTs. It would also help NFT investors take better control over what they want to do with their digital assets. The following post offers an outline of the best practices for transferring NFTs to another wallet.

Methods for Transferring NFTs to Other Wallets

NFT owners must know about the option of NFT transfer to wallet of their choice for different reasons. For example, some NFT owners may want to transfer their NFTs to another wallet for trading purposes. On the other hand, you can also seek to transfer an NFT to another crypto wallet by exchanging it in return for another asset. 

Interestingly, you can find different methods to transfer NFT to wallet of your choice, depending on the sending and receiving wallet. In some cases, you must also know the methods for transferring NFTs from marketplaces to your crypto wallets. Here is an outline of the different scenarios for transferring NFTs to different wallets, with unique sender and recipient wallets.

Sending NFTs to another Wallet

The first and most common scenario for any NFT owner would be to send NFTs to another wallet from their wallet. Crypto wallets such as the Phantom Wallet by Solana and the popular Metamask wallet are quite popular choices for holding NFTs. Before you seek the individual methods for transferring NFTs, you must know the general steps for moving NFTs from one crypto wallet to the other. Here are the simple steps which show how to transfer NFT to another wallet, regardless of the choice of marketplace or wallet. 

  • Access the NFTs tab in your crypto wallet and choose the NFT you want to transfer.
  • Select the “Send” option and provide the public address or the ENS of the recipient. 
  • Provide confirmation for the transaction. 

All these three steps are a common highlight in NFT transfer to wallet of your choice. The steps can help in ensuring safe transfer of NFTs to the recipient wallet you want. However, it is important to identify the most critical factor in ensuring a successful NFT transfer process, the recipient’s address. 

Before you confirm an NFT transfer transaction, you must check the public wallet address of the recipient. A small mistake in the recipient wallet address can send your valuable NFT to the wrong wallet permanently, with no chance of recovery. Therefore, you should be careful and double-check the public wallet address of the recipient before transferring NFTs to the concerned recipient.

Notable Use Cases of NFT Transfer to Wallets

The common method to transfer NFT to wallet of your choice can feature slight variations in the different use cases. How can you define use cases for transferring NFT between wallets? The best answer to the question would reflect on sending NFTs from popular NFT marketplaces to the popular crypto wallets. As of now, the most renowned wallets for NFT holders are Metamask and Phantom Wallet. 

You need to find out how NFT transfer works for these wallets. At the same time, it is also important to reflect on the best practices for transferring NFTs between two different wallets. On top of it, you might also want to learn about the steps for transferring NFTs from marketplaces to hardware wallets. Here is an outline of some of the top practical methods for NFT transfer to different wallets. 

Transferring NFT to Metamask from OpenSea

OpenSea is the biggest and most popular NFT marketplace right now. If you want to know how to transfer NFT from OpenSea to Metamask, you can use the following steps.

  • Sign in to the OpenSea NFT marketplace with your account credentials and browse the NFTs in your collection.
  • Select the NFT you want to transfer.
  • Enter the public wallet address where you want to send the NFT. You have to provide the Metamask public wallet address in this section. 
  • Provide confirmation for payment of fees to ensure the NFT transfer process. You can do so by selecting the “Confirm” option, and OpenSea marketplace will transfer NFT to wallet immediately. Remember that the transfer process proceeds only after fee payment. 

Transferring NFTs to Phantom Wallet

Another popular choice of crypto wallets among NFT owners points at the Phantom Wallet by Solana. The Phantom Wallet has been tailored for assets that exhibit compatibility with Solana blockchain. Here are the steps for sending an NFT to the Phantom Wallet without any complexities.

  • Access the Phantom Wallet with your credentials and select the “NFT Collectibles” option. 
  • Choose the NFT you want to send to a Phantom wallet address. 
  • In the next step, enter the public wallet address of the recipient Phantom Wallet user to confirm the NFT transfer process. 
  • The NFT transfer process would also require a network fee. You can confirm your affirmation for paying the network fee by selecting the “Send” option. 

Transferring NFT to Metamask from Binance 

The practical methods for transferring NFT from marketplaces to popular wallets are not the only benchmarks for NFT transfer between wallets. The answers for how to transfer NFT from OpenSea to Metamask or to the Phantom Wallet offer a generalized idea of the process. In addition, you need to learn about transferring NFTs from one wallet to another. Let us take the example of transferring NFTs from Binance to Metamask wallet with the following steps. 

  • Sign in to your Binance NFT account with the credentials through User Center. 
  • Choose the NFTs for transfer. You can select the token ID of the NFT if you want to transfer multiple NFTs from a single collection. The product page can help you find the token ID when you click on the NFT. 
  • Review the NFT’s network and provide the transfer fees in the native currency of the network from your wallet. The prices for transfers can vary considerably according to the extent to which the network is busy. 
  • Enter the public Metamask wallet address to which you want to transfer the NFT and click on Send. 

You can find the NFT in the new Metamask wallet, with the transfer taking only about a few minutes. 

Transferring NFTs from OpenSea to Ledger

The discussion on transferring NFTs between wallets generally rounds up on sending an NFT to the Phantom Wallet or Metamask. On the other hand, you must also identify the steps for transferring your NFTs from an NFT marketplace to a hardware wallet. Here are the simple steps for transferring NFTs from the OpenSea NFT marketplace to a Ledger hardware wallet. 

  • Confirm that the Ledger hardware wallet device features an updated version of Ethereum app. In addition, you must also verify whether blind signing is active on the device. 
  • Access the OpenSea marketplace and connect your Ledger hardware wallet by using Metamask.
  • Open the Metamask browser extension with your credentials for accessing your Ledger Metamask account. 
  • Now, choose Metamask from the wallet on the OpenSea website you can find in the Metamask window itself. 
  • All you have to do is connect the Ledger Metamask account with OpenSea. Metamask helps in effective integration of OpenSea with your Ledger Ethereum account. 
  • Access the OpenSea website and select Profile option, where you can find the Ledger NFT collection and the transferred NFTs.

Important Concerns while Transferring NFTs between Wallets

The simple methods to send NFTs to another wallet make it easier for anyone to deal with NFTs. However, you must be careful of certain risks during the process of transferring NFTs between wallets. First of all, you should never disclose your secret recovery phrase to any individual. In addition, you must be careful about the correctness of the public wallet address of the recipient in NFT transfer transactions. Most important of all, remember to wait for confirmation of payment before transferring an NFT to another wallet. 

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Metaverse, NFTs, And Blockchain Gaming In 2022

by with No Comment NFT

The significant value advantages of innovation in technology are evident in the benefits of blockchain. It has encouraged the development of decentralized networks and applications alongside ensuring accessibility of digital services. Most important of all, the growth of blockchain has also resonated with the rise of metaverse, NFT’s and blockchain gaming. 

The interest in metaverse blockchain gaming and NFT trends is gradually rising, especially considering how these industries are evolving. For example, NFTs have just been limited to the domain of artwork and digital collectibles, and the metaverse was just a term from a science fiction novel. 

Now, NFTs can serve many use cases, including digital identity management and metaverse projects are real. At the same time, blockchain has also induced promising changes in the gaming industry, particularly with decentralization. The following discussion helps you discover the top trends which would define the future of blockchain gaming, metaverse, and NFTs. 

Understanding Metaverse, NFTs, and Blockchain Gaming

A basic understanding of metaverse, NFTs, and blockchain gaming is essential to identify how they relate to each other. As a matter of fact, you can find many overlapping similarities in metaverse trends and the ones for NFTs and blockchain gaming. All of them have one thing in common, i.e., blockchain technology. 

Metaverse is an open and shared three-dimensional virtual environment that can facilitate interactions with different digital services and other users through digital avatars. On the other hand, you can also identify many other interpretations of the metaverse. However, the metaverse is still in the experimental stages, and the future of metaverse depends on various factors, including the development of hardware and standardization of user experiences. 

The next important term in the scope of this discussion, non-fungible tokens, or NFTs, are innovative technological interventions. Based on a blockchain network, NFTs provide the opportunity for tokenizing almost anything, including virtual or physical assets. The NFT trends are quite significant for defining how they can revolutionize asset ownership. 

Finally, the arrival of blockchain in the gaming industry has also pointed out many promising value advantages, especially with control of asset ownership. Gamers would have control over the gaming experiences they create in a blockchain-based game. Interestingly, NFTs have been one of the integral components in blockchain-based gaming, particularly for ownership of in-game collectibles and other assets. The play-to-earn or P2E gaming revolution has been inducing large-scale transformations which can set the foundation for blockchain gaming future with a good start. 

The overview of basics pertaining to the metaverse, blockchain gaming, and NFTs show that they have some common elements. Metaverse would rely on blockchain technology for decentralization, while the foundation of NFTs is based on blockchain. Similarly, blockchain-based games use NFTs and are gradually developing as metaverse platforms. Therefore, it is important to learn how these three technologies will move ahead in the future. A detailed overview of prominent trends for each one of them can serve as a conclusive impression of their future. 

Trends for Metaverse

The discussion on metaverse trends must start with an impression of their potential. Virtual concerts are a great hit, especially with almost 27 million people participating in the virtual concert of Travis Scott on Fortnite in 2020. The numbers pertaining to the metaverse also predict that it would evolve with a market opportunity of almost $800 billion by 2024. 

With almost 32.8 million shipments of AR and VR devices expected by 2024, the adoption of metaverse would become easier. In addition, big tech companies are investing huge sums of money in metaverse development projects. One of the promising examples for the future of metaverse would refer to the $10 billion investment in Meta. All of these predictions and trends imply the possibility of a favorable foundation for the growth of the metaverse. Let us take a look at some of the notable highlights in the future prospects for the metaverse. 

  • Metaverse Becomes Mainstream

One of the most significant highlights regarding the metaverse is that people are beginning to talk about the metaverse. It all started happening when Facebook announced a rebranding to Meta, with a vision for developing the metaverse. As a result, discussions around the metaverse started gaining mainstream attention. Subsequently, the boost in popularity of VR gaming has also offered proof of the prospects for increased public awareness.

  • More Money on Metaverse

The investment of $10 billion by Meta announced in 2021 was only the beginning. Meta has directed more humongous investments subsequently for metaverse development. On the other hand, metaverse trends also focus on the expenses on metaverse-related projects by Microsoft, which amount to almost $70 billion. 

For example, Microsoft acquired Activision Blizzard. In addition, it also acquired Weta Digital for almost $1.6 billion. The growing interest of big players and many other corporate entities in the metaverse serve prolific indications for future developments in the metaverse. 

  • Metaverse Virtual Worlds

Metaverse virtual worlds also account for one of the formidable mentions among top metaverse blockchain gaming and NFT trends for the future. Virtual worlds are the most prominently visible highlights of the metaverse. The three-dimensional virtual worlds can provide immersive experiences with different activities such as creating art, socializing, or playing games. 

For example, Horizon Worlds by Meta serves as a platform for exploring social interactions in a three-dimensional world. On the other hand, Decentraland has also emerged as one of the popular virtual worlds in the metaverse. Virtual parcels of land have been selling for millions on Decentraland, thereby implying the favorable potential for metaverse virtual worlds in the future.

  • Metaverse Entertainment

The interactive nature of the metaverse makes it an easy candidate for entertainment activities. It can help in bringing people together to celebrate events, whether they are cultural festivals, weddings, or concerts. Many popular stars have conducted virtual concerts with some notable names, including Twenty-One Pilots, Justin Bieber, and Ariana Grande.    

  • Corporate Solutions in Metaverse

The future of metaverse would also focus on productive implications other than the scope of entertainment and relaxation. Metaverse would open up many opportunities for collaboration in virtual workspaces. Virtual meetings are the best example of the use cases of a metaverse in the corporate world. Augmented reality can also play a vital role in improving physical locations through metaverse-related augmentation. 

Trends in NFTs

The transition towards a digital landscape with virtual real estate and marketplaces through the metaverse provides some valuable advantages. At the same time, the non-fungible token or NFT market has set some new precedents for the future of digital assets, virtual markets, and the interactions between users. The global trading volume of NFTs in 2021 amounted to almost $23 billion. Some of the other NFT trends point to the rising number of artists and different applications of NFTs. Here are some of the significant highlights expected in the domain of non-fungible tokens. 

  • The NFT and Metaverse Equation

Non-fungible tokens came to the mainstream with the first NFT game, CryptoKitties. Many other businesses and developers have capitalized on the idea of leveraging tokens for financial incentives. The evolution of non-fungible tokens has also developed them as important assets for the metaverse. NFTs can work as tools for facilitating exchange of assets with verifiable proof of ownership in the metaverse. 

  • NFTs and Digital Identity

The most promising application of NFTs, which would determine the future of NFT, refers to the PFP revolution. Do you know about CryptoPunks? The algorithmically created pixelated artworks were distributed for free to everyone with an ETH wallet. Now, the cheapest image in the CryptoPunks collection would cost around $40,000. At the same time, the most expensive one amounted to almost $23.7 million. 

NFTs can provide a viable tool for representing digital identity as the picture would serve as a form of digital identification. With the help of an NFT, the owner could access close communities, among other benefits. The initiatives of Twitter for an NFT verification mechanism also indicate the prospects for the adoption of NFTs in digital identity use cases. As a matter of fact, PFP or profile picture NFTs have considerable potential for becoming major components in the metaverse and web3. 

  • AI NFTs

Not only humans but AI would also take a chance at the world of NFTs. The most striking entry among NFT trends would refer to the creation of NFT paintings through AI capabilities. For example, an algorithm named GAN created $400,000 worth of artwork. It is also important to note the possibilities for a rise in innovative use cases of NFTs such as iNFTs. The iNFTs would basically have the accents of an AI personality or as a virtual entity with which you can interact. You can notice the possibilities for integration of the capabilities of personal assistants in NFTs. 

  • Evolving Use Cases of NFTs

The prospects for the future of NFT always depend on how effectively non-fungible tokens can adapt to new use cases. NFTs can transform the artwork space with the opportunity for fractionalization. Therefore, NFTs could help in encouraging community-shared ownership of expensive artwork pieces. The applications of NFTs in the world of music, especially with NFT music albums, showcase the possibilities for the growth of NFTs in the future. 

They can offer a better channel for artists to connect with their audience and reap the justified financial remunerations for their work. Most important of all, brand NFTs are also one of the significant NFT trends which can influence the future course of the industry. Big brands such as Burger King, McDonald’s, and Nike are capitalizing on NFTs, and it is definitely one of the top trends in the emerging use cases of non-fungible tokens. 

Trends for Blockchain Gaming

The formidable growth of play-to-earn gaming is one of the notable metaverse blockchain gaming and NFT trends to look out for. It has basically opened up the possibilities for the expansion of blockchain-based gaming. The blockchain gaming industry registered a humongous growth rate of almost 2000% in the last year. 

In addition, investments in blockchain-based gaming projects amounted to almost $4 billion in 2021. Apart from the popular play-to-earn alternatives, blockchain gaming has also included free-to-play games, which can encourage the adoption of blockchain-based games. The primary emphasis of blockchain gaming trends would revolve around the value advantages of blockchain in gaming. 

Decentralized systems complemented with cryptographic security can deliver secure gaming experiences. Similarly, support of other technologies such as NFTs can help in offering the assurance of true ownership over in-game assets and experiences. Here are some of the notable trends to look out for in blockchain gaming.

  • Play to Earn Gaming on Rising 

Play to Earn or P2E games have been the biggest highlight in blockchain gaming future predictions. As a matter of fact, P2E games have served the foundation for strengthening the blockchain gaming industry. Many notable examples, such as OP Games, show the use of web3 gaming arcades for purchasing, ownership, and trading of in-game assets. 

OP Game converts the assets into collectible NFTs, which the owners can use in environments outside the OP Games ecosystem. In addition, the platform has also introduced fractionalized NFTs, which can help players to exercise co-ownership over assets they like. On top of it, the play-to-earn gaming platform also presents vital insights into the governance of P2E gaming platforms by leveraging its native DAO. 

The example of Axie Infinity also shows how blockchain gaming trends could influence the future of web3. It encouraged the use of NFTs in blockchain-based games while also offering the excitement of an arcade game. Players could breed creatures and fight in battles for rewards in the form of tokens. The characters are encoded as NFTs, which are under the ownership of players with specific distinguishable traits. 

Another example of a play-to-earn gaming platform would refer to Vorto Network, which is an online marketplace. Players could utilize a crypto wallet for purchasing in-game digital assets and items. The Hash Rush game on Vorto Network provides an immersive experience to players with a real-time strategy mission. It is one of the formidable examples of driving a creator economy through P2E games. 

  • Confluence with Social Media

The next important highlight for blockchain gaming future would refer to the convergence with social media. Blockchain-based games can also serve as an alternative or hybrid social media networks. For example, the Near Lands game features an open-world pixelated land-based design. Interestingly, the community experience of the game is a more prominent highlight of the game rather than its gameplay. 

Players could develop items and characters over the course of their adventures in the open world of the game. The example of Reality Chain is also another reason to consider favorable prospects for the future of blockchain gaming. Reality Chain tries an attempt at creating a multi-chain, social gaming metaverse, launched recently on Octopus Network. 

Final Words

The different metaverse blockchain gaming and NFT trends show that they have the adequate potential for revolutionizing the future. However, the major aspect which you must note in the trends for metaverse, NFTs, and blockchain gaming is the role of blockchain. Blockchain offers the foundation of decentralized networks to build these solutions while the individual functionalities make them support each other. 

For example, the immersive design of the metaverse is an ideal requirement for blockchain gaming. On the other hand, the uniqueness of NFTs helps in using them as proof of digital identity in metaverse platforms. All these interconnected technological marvels would definitely impose a conclusive impact on the growth of the web3. Explore the world of web3 and how to use these technologies to your advantage.