The excitement at this year’s NFT T&T Track was incredible, with many people anticipating compelling insights on the Web3 movement, as well as the technological benefits of NFTs and metaverse.
NFT T&T Track
The NFT T&T Track is a gathering of industry leaders in NFTs, with the event engendering insightful discourse around how organisations are introducing NFTs as part of their strategies to enhance customer and employee experience, attract new talent and innovate their brand – among other use cases.
Why NFTs?
Who would buy a JPEG for $5,000,000?
This would be unthinkable in years gone by. Undoubtedly, the rapid spike in certain NFT values has been a point of confusion to many – with skeptics arguing that the NFT market is a bubble. Although value is subjective, it is undeniable that the use cases of NFTs extend far beyond digital art.
For instance, they may be utilised for real estate transactions, long-term monetisation of work by creators, as well as improved management of tickets and memberships. Using non-fungible tokens to bring actual valuables onto the blockchain, or on-chain, is an intriguing current use case for the technology.
Individuals and organisations are embracing a movement that revolutionises the digital economy and collectibles, giving rise to the true ownership of digital items with an immersive virtual experience.
The NFT Hype
Despite some of the inner workings, frameworks and functionalities of NFTs being fairly complex concept to grasp, the NFT movement has grown in popularity and visibility in the last year, with global companies and media outlets scrambling to on-board themselves with the tech.
It is essential for blockchain startups to be competitive and use these evolving technologies to their advantage. Particularly, this crucial time that the bear market has persisted. Finding someone to take care of your startup marketing plans, campaigns, and exchange listings so that you can focus on other core areas has become difficult.
A Look at NFTs
NFTs are tokenised representations of assets, items, and properties traded on a blockchain. NFTs have been available for a long time but have only really gained popularity fairly recently – mainly as a means for artists and producers to mint original artworks for a broad audience to purchase.
When taking a look at sales metrics on OpenSea, one of the most prominent NFT marketplaces, we can clearly see the meteoric rise of NFTs. Sales reached about $5 billion in January, up from around $8 million a year ago. This exponential increase can be attributed to a rising number of artists creating new works solely for the NFT marketplace.
Increasingly, though, it is being propelled by a growing variety of digital assets, which range from NBA highlights to a series of cartoon apes dressed in different outfits.
The cultural rise of NFTs has been astonishlingly quick considering the technology debuted in 2017 with the now-popular Cryptopunks and Cryptokitties.
The ever-increasing popularity of NFTs has resulted in projects like Axie Infinity, Bored Ape, SandBox, and play-to-earn gamification.
NFTs have upended the digital world and businesses – from art to gaming to finance, though we’re really just scratching the surface with regards to the technology’s potential. Twitter, Meta, and Reddit are all working on NFT projects, showing investors have faith in the technology.
So, what does the future hold for NFTs? Which industry will they next disrupt? And which NFT developments will characterise the coming years?
As startup founders, it’s well worth watching out for any movement in; Metaverse Destination Builders, Play-To-Earn, View-To-Earn Create-To-Earn & Gig Ecosystems, and Sustainability and ESG-oriented projects.
The Rise of Layer-0 and 0.5 solutions
There’s nothing more satisfying than finding a solution to a particular problem that contradicts popular wisdom. In terms of blockchain scalability, Layer0 and .5 solutions are anecdotically equivalent to this.
The majority of solutions to the blockchain scalability issue focused on either enhancing the consensus protocol, decreasing the block size, or scaling the network with side channels.
Layer0 solutions are the bottom layer and serve as an integration between the interface of Web2 and web3. Layer.5 supports L1s with “off-chain” computing and storage power, provides interoperable agnostic chains, and conforms to native chain rules of the base layer.
The Next Level
An interoperable interface for Web2 and Web3 integration, giving rise to distributed cloud solutions to accelerate NFT and Metaverse projects with an interoperable and agnostic future. NFT will have more added utility and offer more than collectivity as the feature unfolds.
NFTs will reshape the digital economy. As people increasingly spend their lives online, the manner it permits digital ownership has the potential to generate enormous value.
Irrespective of the future, one thing is certain: NFTs will continue to exist. Whether you are a collector, an artist, or a trader, the NFT market is nascent and rife with opportunity.
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