The next NFT growth cycle will be fueled by increased use of Metaverse NFTs.
The Metaverse will unleash a trillion-dollar deal that will fuel the next NFT investing bubble by combining virtual events, land, and financial services.
The tremendous expansion in the NFT market is fueled by metaverses and blue-chip nonfungible tokens (NFTs). In the last year, projects like the Bored Apes, Crypto Punks, Azuki, Clone X, and Doodles collections have consistently piqued collectors’ curiosity. As a result of these NFT projects, the NFT market has grown at a rate of over 20,000 percent, with a sales volume of almost $17 billion.
Despite initial criticisms of their transitory nature, it’s evident that NFTs are here to stay in the crypto/blockchain world, where they once occupied a tiny sliver of attention. Given the current calm in the NFT markets, investors and collectors alike are looking for new horizons where they can profit from the inventive use of NFT technology in various applications.
On the other hand, inventive new ways to use NFTs in numerous industries have been devised by innovators. These new applications have boosted the usability of NFTs, and I believe they will be the catalyst for NFT adoption in the future.
The market for NFTs
Metaverse NFTs are one sub-niche of the NFT industry that is garnering a lot of attention. According to a report issued by NonFungible.com in collaboration with L’Atelier BNP Paribas, Metaverse NFTs account for around 3% of the global NFT market value, or $513 million.
The value of Metaverse NFTs will skyrocket as more businesses establish their brands in the Metaverse. Here are a few places where increasing Metaverse NFT use will be beneficial.
“Land is the only thing in the world that amounts to anything,” Margaret Mitchell famously said. “It is the one thing in the world that lasts, ‘Tis the only thing worth working for, fighting for — for dying for.” Digital land may elicit the same passion and utility as physical land thanks to the blockchain.
PARSIQ, a blockchain business, has developed a platform that allows Metaverse landowners to receive rental money from their digital assets. By ensuring that both the landowner and the renter’s obligations are negotiated, managed, and enforced by a series of smart contracts, the protocol mimics the behavior of actual land.
Snoop Dogg, the famed West Coast rapper, revealed a few months ago that he would hold an exclusive concert in The Sandbox’s metaverse. NFTs were used to provide concertgoers with premium experiences both inside and outside the metaverse.
Following that, some businesses began to investigate how modern technology may be used to rethink the boundaries of virtual worlds across multiple platforms.
Companies feel that by combining music, art, and fashion in a corporate or conference setting, they can provide their followers with unique experiences that will keep them in their ecosystem longer and increase customer lifetime value.
Financial services: The annual inflation rate in the United States climbed to 8.5 percent in March 2022, according to Trading Economics, the highest rate since 1981.
With investors under pressure from all sides, there’s a growing demand for assets that can deliver returns over inflation. Within the Metaverse, protocols that provide decentralized finance services powered by NFTs provide an opportunity for investors to receive passive returns and other incentives.
In the DeFi domain, staking and yield farming are already popular ways to make passive yields, but they are relatively new in the metaverse. However, when they become more widely adopted, they provide incredible chances for early backers of metaverse projects to earn life-changing sums.
While the market is in a slowdown, it’s an excellent opportunity to investigate these potential use cases. The early adopter will have extracted the alpha and will most likely move on to the next uncharted frontier once market exuberance returns.
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