What Does the Future for Non-Fungible Token NFT Look Like?
The Future for Non-Fungible Token NFT
Non-Fungible Tokens (or NFTs) are shaping up to be the hottest cultural phenomenon of the 2020s. There are a number of different kinds, each acting as a digital representation of an underlying piece of media or physical item with their own distinct style and use cases, and with the virtual asset space so young, it’s exciting to think about what they might look like and what they’ll be able to do in the future. This article will take a look at several areas within the NFT space today and speculate possibilities for where they may go as time marches on.
Avatar/PFP (profile picture) projects
Today:
NFT enthusiasts everywhere are sporting online profile photos of algorithmically generated characters from their favorite avatar projects as a sort of online persona carried throughout social media and the larger Metaverse. These users have a unique attachment to their NFTs and enjoy the personal brand they bring to their virtual presence, with some projects even allowing holders to give their NFTs custom names.
What could come next:
There are sure to be an increased number of NFT fans using their most prized tokens as their personal photos and identities across the Internet, especially those looking to show off a particular collection that has reached a high value and is generally agreed upon to maintain a high value over time (known as blue-chip NFTs). Right now, these are projects like Bored Ape Yacht Club (BAYC) or CryptoPunks, though it remains to be seen which new projects will rise up and become as famous as these top performers.
Digital collectibles and fine art
Today:
NFT art pieces are unique works that can be displayed throughout the Metaverse and even in real life thanks to digital screens. They’re giving many rising artists a way to gain massive exposure and earn income for their work in ways they never would’ve been able to before. We’re also seeing the beginnings of big brands entering the market, such as Budweiser’s “Budverse Cans” collection and Disney licensing their properties for various digital NFT collectibles through the mobile app VeVe.
What could be next:
We are likely to see more decorative digital collectibles from large companies and more virtual works of art by emerging artists arise throughout the collective Metaverse space. These virtual items will be able to be displayed throughout different metaverses, with each holder’s proof of ownership forever cemented on the blockchain. Many developers are also creating immersive virtual art galleries and museums where users can explore, examine, and purchase NFT art pieces. Some are predicting we may even see the rise of digital duplicate NFTs, that is, a free NFT received with the purchase of a real physical item — like a pair of shoes for example — so you can have your accessory in real life and a matching digitized version in the Metaverse. Aside from just looking nice, there are also many collectible NFTs that come with exclusive perks for their holders, which we’ll get into next.
Access passes and ticketing:
Today:
As mentioned above, many NFT projects including avatar projects and digital collectibles provide unique benefits to their holders such as exclusive access to special content, merchandise, additional NFTs, and even invites to events – both physical and virtual. In early February, crypto exchange FTX US partnered with music festival Coachella to auction off ten “Coachella Keys” NFTs that give owners real-world perks including two lifetime guest passes for every annual festival, access to special VIP areas and any virtual events produced by Coachella, and free merch items. Not just for big festivals, individual artists, bands, and their fans can also benefit from such tokens. American rock band Kings of Leon were one of the first bands to release an album as an NFT in March 2021, with one type of rare token in the collection granting holders lifetime access to four front-row seats at one show of every concert tour the band plays. Additionally, there are NFTs that are given out for attending events such as the NFL’s virtual commemorative tickets offered to attendees of Super Bowl LVI, complete with their custom seat section, row, and number. There’s even a newer type of NFT badge called a Proof of Attendance Protocol (or POAP) that anyone can create and are specifically made to be given to participants and attendees of virtual and physical events as a unique digital souvenir.
What could be next:
In the not-too-distant future, it’s probable we’ll see more NFTs that act as access passes for exclusive benefits, content, and events from brands, influencers, and celebrities. Perhaps a special McDonald’s Big Mac NFT will grant holders one free burger a day for a year, or a Cardi B fan pass NFT will include tickets to her next concert and a free item from the merch stand. Maybe a limited-edition NFT sold by Target will give shoppers a 5% discount on every purchase, or you’ll be able to scan a QR code at the midnight premiere of the latest Marvel movie and unlock an exclusive POAP to prove you were there. With NFTs, the possibilities are virtually endless.
Gaming
Today:
While not new, blockchain-based NFT games that combine elements of decentralized finance, cryptocurrency tokens, and virtual economies (also known as GameFi) are a fast-growing sector with a wide variety of games in different genres being developed and released. With titles like the creature collecting and turn-based battle game Axie Infinity earning billions of dollars and giving players the opportunity to earn a source of income for their gameplay, it’s no wonder game studios are working hard to create the next big hit in blockchain gaming. Despite some blowback from gamers, we are also seeing the emergence of NFTs in gaming from traditional studios such as Ubisoft, who created the Ubisoft Quartz platform in December 2021 that allows gamers to unlock NFTs of certain in-game items, starting with weapons and armor in the PC version of their online tactical shooter, Tom Clancy's Ghost Recon Breakpoint.
What could be next:
Play-to-earn (P2E) gaming is not going away anytime soon, and we’re sure to see an explosion of new titles and studios emerge that will revolutionize the space and foster a robust ecosystem of P2E titles. But it’s not just newcomers looking to capitalize on NFT gaming and the Metaverse. Major players in the gaming space are also preparing to gear up and fully dive in including Microsoft, Epic Games, Niantic, Nvidia, and more. Even fan-favorite Nintendo has expressed interest in exploring the Metaverse once it’s more developed, so it’s looking to be only a matter of time before we begin to see the arrival of P2E titles from some of today’s biggest franchises in gaming.
Closing thoughts:
Wherever NFTs go and however they develop in the future, it’s clear that they will play a major role in the incoming Metaverse that today’s pioneers are actively creating. As our lives become increasingly digital and our online identities becomes more intertwined with our sense of self, NFTs will be much more than just a simple investment, they will hold the key to a plethora of new opportunities and experiences in both the digital and physical world.
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