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The Boundless Possibilities of NFTs in the Crypto Space

Cryptocurrency May 23, 2022 04:30AM ET
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The Boundless Possibilities of NFTs in the Crypto Space

Non-Fungible-Tokens are tokenized versions of unique assets like works of art, pieces of music, trading cards, real-estate and more, that can be traded on a blockchain, the digital ledger technology behind cryptocurrencies like Bitcoin and Ethereum. NFTs are unique cryptographic tokens designed to offer unique, indestructible proof of ownership.

The recent surge in the popularity of Non-Fungible-Tokens has led to the explosion of the NFT market. A recent study revealed that NFT transactions skyrocketed from $40.96 million in 2018 to $338.04 million in 2020. That is an increase of over 8x in two years. In 2020, the NFT market was valued at $100 million. At the end of 2021, this increased by 220x to $22 billion. Today, the NFT market is valued at more than $35 billion and is expected to exceed $80 billion by 2025.

The excitement around Non-Fungible-Tokens started with blockchain-based NFTs like Beeple artworks that sold for millions, CryptoKitties, CryptoPunks and Axie Infinity – a P2E Vietnamese video game. It took the staggering $69.3 million sale of Everydays: The First 5000 Days by Beeple in the Q1 of 2021, for NFTs to gain global recognition and popularity. In Q4, 2021, the Larvalabs creation, CryptoPunk NFTs became really popular as they emerged as one of the largest NFT sales -- Cryptopunk #9998 sold for a staggering $532 million. These NFTs have sparked the interest of everyone in the crypto world, thus fueling an increasing demand for them. Consequently, it has led to the rapid explosion of NFTs across the worlds of music, games, arts, sports and so on.

Non-Fungible-Tokens are already disrupting various industries including gaming, art and music, sports and so on. In fact, several groundbreaking NFT projects have emerged to offer unconventional approaches to the artistic world. Some of these approaches include merging the real world and the metaverse, resolving issues with land ownership, creation of new markets and forms of investments like real estate trading, and so on.

New and unique NFT projects, such as Naughty MOAI, demonstrate in a cheeky and naughty way the application of NFTs in merging the real world and the metaverse. Naughty MOAI – the Moai-themed NFT collection generated by powerful creative algorithms, is a set of 6,000 generative NFT figures inspired by the MOAI legend of Easter Island. They are termed “Naughty” to depict their unconventional blends of style, beauty, and personality which are unapologetically authentic and refreshing. Each NFT in the collection comes with beautiful expressions, clothing, cultural elements, emotions, and shapes. These NFTs make visual references to additional key cultural references like singers and thinkers, that have impacted the cultural sectors for centuries.

The project intends to establish a creative ecosystem and also identify new ways for artists to mingle with the real world using Metaverse activities. Every Moai will become its own digital avatar in the new Naughty MOAI Metaverse. They will be able to interact with the community in a virtual world comprising virtual stores, VR/AR experiences, and digital/physical merchandising.

MOAI aims to develop an immersive virtual universe based in blockchain virtual hubs like the Sandbox or Horizon Worlds where NFT holders can convert their Moai into metaverse avatars. By extending the use case of Naughty Moai into the Metaverse, users are then enabled to communicate with each other via Virtual Reality and/or Augmented Reality, which is only available for the MOAI community. Holders will also be able to interact with the game environment on a deeper level, thus facilitating the purchase of virtual properties.

By utilizing the MOAI IP, new games and features will be built. MOAI NFTs and tokens will provide holders with unique access to newer developed applications which can include among other role-playing (RPG, ARPG, and more) games and party games, real-time strategy (RTS), as well as simulator games. Plus, MOAI NFT holders can benefit from the project's potential utilities such as access to MOAI Tokens reserved for NFT holders, seniorities in VR/AR Web3 game plays, voxel assets in the Moai metaverse, staking reward, 3D toys and collectibles, DAO participation, whitelist priority to all future drops, and also IRL items and licensing possibilities.

MOAI intends to increase the value communities get from holding onto an NFT establishing collaborations within the creative sectors and other imaginative-driven projects to build an unprecedented real-life and digital experience.

NFT is rapidly transforming the world beyond the art industry and opening opportunities for new business models that didn't exist before. Creators can now own and control their own intellectual property while also having the flexibility to run their business. Artists can attach stipulations to an NFT that ensures they get part of the proceeds every time it gets resold. This way they can secure recurring royalties on artworks or pieces of music as the digital asset increases in value.

Through NFTs, musicians are able to provide enhanced media and special perks to their fans. Furthermore, NFTs have the potential to fully revolutionize markets like property, for instance. NFTs could also be used to provide solutions to existing issues of land ownership.

Utilizing NFTs, most play-to-earn games have built virtual economies by adding in-app purchases, essentially tokenizing assets that can be purchased within a game. These games are fueled by NFTs, digital assets that represent in-game assets. As such, players are allowed to use these NFTs as characters/avatars and other tradable objects in games to earn additional revenue.

Notably, the endless possibilities of NFTs has led many investors and creators to become more and more interested in NFT space. Well, the NFT craze is definitely not coming to a halt any time soon as it is yet to deliver more unprecedented opportunities for creators, investors and enthusiasts alike.

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The Boundless Possibilities of NFTs in the Crypto Space
 

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