Non-mushroom tokens are not a new phenomenon in cryptography, as the advent of blockchain technology has provided a useful baseline for creating a growing digital collectibles economy.
Amid growing interest in digital art, in-game tokens and other forms of cryptocurrency, NFT metavers are experiencing a mass marketing boom. Within the ecosystem, there are many intersections between different industries such as arts and crafts, games, and virtual real estate.
The decentralized economic injecting drug addict also helped provide more fuel for the NFT fire in 2020. The governing tokens and liquidity recovery protocols seem to facilitate closer interaction with the NFT markets, which positively impacts the liquidity of the NFT market.
Rare NFTs turned out to be an asset in the game
Earlier this year, game analysis service Newzoo estimated that the industry will surpass $ 150 billion in revenues by the end of 2020, with more than $ 200 billion over the next three years. On many platforms, including PCs, mobiles and consoles, game developers have seen an increase in sponsorship after months of lockdown due to the COVID-19 pandemic.
Without a doubt, the intersection of the gaming industry and the blockchain provides one of the most compelling propositions for NFTs. Even the most informal player is familiar with in-game tokens such as FIFA Points and FUT Coins, or exchanging items for money in the personal marketplace, as in PlayerUnknown’s Battlegrounds.
Outside the game, these assets usually have little value. However, with the help of blockchain, it is becoming increasingly possible to encode these assets in the game. The new technology also provides a useful baseline for creating a marketplace for in-game NFT trading.
With NFTs as coins in the game, real ownership of these digital assets becomes possible, and the balance of power shifts from the gaming companies to the players themselves. Real ownership opens up the potential to enter the market for popular niches such as online card games.
This way, players can earn real money from the time they spend exploring these diverse gaming worlds. NFT Markets allows users to exchange valuable in-game assets for money or even for popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
Blockchain as a common core team can also create the potential for inter-platform interaction in the gaming space. Users will be able to transfer assets such as rare collectible cards or unique shields and skins to different games if the games – especially if they are created by the same developer – use the same blockchain implementation.
Gaming platforms like Enjin are already working on cross-platform blockchain gaming. Back in April, the company announced a Ready Player One-style multiplayer event called Cyborg’s Quest, featuring eight different Ethereum-based games with a $ 50,000 prize pool tied to the competition.
In addition, the competitive gaming world has already become a major industry. Earlier this year, market experts predicted that global esports revenues will exceed billions of dollars by the end of 2020.
An artist who is starving? Chasing and selling symbolic art
According to Nonfungible.com, the total NFT sales on the Ethereum network have exceeded $ 130 million. The art sector alone contributed about $ 8 million to this figure.
However, as Cointelegraph previously reported, several signs indicate that NFTs represent a major breakthrough in cryptography. Blockchain does find useful applications for identifying the source of valuable art. The consistent nature of decentralized ledger technology provides a framework for monitoring and tracing ownership of works of art to ensure the authenticity of the item in question.
Blockchain is also gaining ground in the online art market. Earlier in October, auction house Christie’s sold a digital image of the Bitcoin token for more than $ 130,000. The news marked a milestone in NFT’s artistic adventure, when a famous auction house first sold a non-mushroom symbol. Arthur Sychev, founder and CEO of virtual reality platform Somnium Space, determined that the art industry is ripe for blockchain disruption and told Cointelegraph:
“Art is one of the largest and fastest growing applications of NFT. The intersection of Proof of Possession and Rarity makes it ideal for Made in Heaven. It’s the same with physical goods. Buying a digital copy and getting an equivalent has become a big business part of the ecosystem. ”
Speaking to Cointelegraph, AI artist Pindar Van Arman described the adoption of NFT as a true source of copyright protection for art producers. According to Arman, “Without him, [NFT] could have made unlimited copies of their work.”