The Metaverse and good non-fungible tokens (NFTs) are the driving forces behind the dramatic growth of the NFT market. Projects such as the Bored Apes, Crypto Punks, Azuki, Clone X and Doodles collections have steadily attracted collectors’ attention over the past year.As a result, these NFT projects have supported the NFT market. achieve It has grown over 20,000% and has sales of approximately $ 17 billion.
For the industry that was once the focus of the crypto / blockchain world, it’s clear that NFTs remain here despite previous criticisms of their temporary nature. However, given the recent downturn in the NFT market, investors and collectors are also looking for new frontiers that can leverage innovative applications of NFT technology in a variety of use cases.
Meanwhile, innovators have come up with creative new ways to apply NFTs in different industries. These new applications are increasing the usefulness of NFTs and we hope to take the next step in NFT adoption.
One of the specific sub-nitches that is gaining increasing interest in the NFT world is the Metaverse NFT.Report Release According to NonFungible.com, co-created with L’Atelier BNP Paribas, Metaverse NFTs account for about 3% of the world’s NFT market value, accounting for an astonishing $ 513 million.
The value of Metaverse NFTs grows exponentially as more companies build their brands within Metaverse. Here are some areas that will benefit from increased adoption of Metaverse NFT:
Virtual real estate: Margaret Mitchell once said, “The land is the only one in the world, the equivalent of anything. The only thing that lasts in this world is the only one in the world that is worth working, fighting, and dying. Thanks to the blockchain, Digital Land can evoke the same emotions and usefulness as Physical Land.
For example, PARSIQ, a blockchain company, has created a platform that allows landowners in Metaverse to earn rental income from digital assets. This protocol mimics the behavior of physical land by ensuring that both landowner and lessor obligations are negotiated, managed, and enforced by a set of smart contracts.
Virtual event: A few months ago, Snoop doggFamous West Coast Trapper, He announced that he would host an exclusive concert In the sandbox Metaverse. The event used NFTs to give concert attendees access to premium experiences inside and outside the Metaverse.
Later, several brands began looking for ways to leverage advanced technology to rethink the boundaries of a virtual world across multiple platforms.
By creating events that incorporate music, art and fashion within the corporate and conference environment, businesses can provide their fans with a unique experience, keep them in the ecosystem for a long time and increase their lifetime value. I believe I can do it.
Financial business: According to Trading Economics, the annual inflation rate in the United States is Rose It reached 8.5% in March 2022, the highest inflation rate since 1981.
Investors are feeling pressure from all sides, and there is a growing desire for assets that can generate returns that exceed inflation. Protocols that provide decentralized finance services powered by NFTs within the Metaverse provide investors with a means to obtain passive returns and other incentives.
Staking and yield farming are common ways to get passive yields in DeFi spaces, but they are relatively new in the Metaverse. However, as it becomes widely adopted, it provides a great opportunity for early supporters of the Metaverse project to earn life-changing income.
Exploring these new use cases is an exciting time while the market is sluggish. When the market is back to life, early adopters will extract alpha and probably move on to the next untapped frontier.
This article does not contain any investment advice or recommendations. All investment and transaction movements carry risks. Readers need to do their own research when making decisions.
The views, ideas and opinions expressed herein are for the author only and do not necessarily reflect or express the views or opinions of Cointelegraph.
Constantine Cogan Co-founder of BullPerks and GamesPad, partner of BitBull Capital, founder of Adwivo, former managing director of Wave Financial, entrepreneur, metaconnector, influencer, blockchain technology enthusiast, digital asset investor and top Thoughts Leaders in hedge funds, IT startups, venture capital, healthcare, agriculture, real estate and media / entertainment. Constantine has a PhD. He is a Master of Education in sociology. He is fluent in five languages.