Non-fungible tokens have recently resurfaced in the public eye, thanks to a massive price increase seen across various collections. The 30-day average for sales of NFTs has climbed from $0.3 billion to $2.5 billion since August 1st. NFT collectibles, both old and new, have been at the forefront of this roughly tenfold surge in market size.
The investments in the industry value thousands of dollars for everything from CryptoPunks (minted in the relatively recent year of 2017) to Weird Whales (pixelated artwork of whales done by a 12-year-old in London).
As a result, NFT development has become a rage that even we couldn’t resist.
Even the realm of traditional painting is beginning to see the benefits of NFT technology. The State Hermitage Museum in Russia, founded in 1764 by none other than Empress Catherine the Great, recently garnered $440,500 from an auction of tokenized reproductions of masterpieces by artists such as Leonardo da Vinci and Vincent Van Gogh. The auction was held on the Binance NFT platform, and it marks a significant step forward for NFTs in gaining acceptance in established industries.
Our New Online Lives and NFTs
Given how important it is to all of our lives, it’s easy to forget that the World Wide Web has only been around for around 25 years. In those 25 years, digital technology has advanced tremendously. We’ve progressed from a small network of users accessed via giant desktop computers at roughly 30 kbps to a large section of the world have instant access to the entirety of human knowledge in their pocket. This has radically altered our lives.
Many investors and futurists characterize the Metaverse in various ways, but the underlying premise remains the same. The Metaverse is a framework for living a life that is extraordinarily connected. Of course, we are all connected right now via our phones, laptops, and desktop computers. According to adventure capitalist Matthew Ball, the Metaverse will emerge when more products, services, and capabilities integrate and blend.
The Metaverse’s Key: NFT Technology
Existing applications are only scratching the surface of NFT development. In the Metaverse, developers will be able to tokenize every digital asset, and most likely, NFTs will play a major role here. This means that items for sale, online objects, and even online real estate must all be ownable, sellable, and transferable within the Metaverse.
You’ll begin to grasp how NFTs can build a Metaverse that includes society all over the world once you realize the security that holding a digital property on the blockchain provides.
As indicated by the prices paid for some digital artwork, the concept of NFTs conferring ownership over digital goods has already been recognized by the masses. The Metaverse is merely the virtualization of that concept.
Some NFT projects are already pushing more and more into the realm of the Metaverse. Many people consider blockchain gaming to be the prototype for an all-encompassing metaverse. Many of Metaverse’s concepts have already been tested and implemented in blockchain gaming.
Axie Infinity is the largest game project in the space right now and one of the most significant NFT projects overall.
As the Axie gain experience, they become more powerful and, as a result, more costly. It is possible to buy them and in-game objects that can be used to improve Axie power.
In the universe of Axie Infinity, players will battle and interact with one another. Essentially, Axie Infinity is a virtual environment where people worldwide communicate through digital products. In some ways, it’s its own constrained version of the Metaverse.
Another project that dabbles in the Metaverse is Xplorer’s Studio, a set of 10,000 NFT astronauts released soon. An Xplorer NFT also works as a digital ticket to gain access to a group of online tools that will assist in the creation of an online persona. Zoom backdrops, an exclusive store, a digital community wallet, and other unique features are among the capabilities available. In addition, and maybe more importantly, after the NFT transactions are completed, Xplorers Studio will purchase land in a Metaverse.
The purchase of virtual land is a big step forward for the Metaverse concept. The Metaverse is still in its infancy. Companies working in NFT development and Mixed Reality apps are working on the underlying technology infrastructure. The Metaverse will begin to take shape when virtual reality advances, the internet becomes more widely accessible worldwide, and blockchain gains widespread usage.
The Metaverse and Blockchain collide in Web 3.0.
The Metaverse is the next step in growing our interconnected world, merging social, gaming, digital money, and search, among other things. Whether we like it or not, the transition to a Metaverse existence is underway.
While Facebook may have been the first large digital company to embrace the Metaverse, more social networks, and ecosystem actors are expected to follow suit. With its TikTok Moments, TikTok, for example, began experimenting with NFTs last month.
Unlike the explosion of NFTs in the digital art and collectibles space, the Metaverse’s evolution will take time because it involves connecting multiple worlds. This undertaking will necessitate the development, maturation, commercial accessibility, and seamless integration of numerous technologies, such as VR, AR, Blockchain/NFTs, and so on. While the move to a fully complete Metaverse experience may take years, with more minor incremental improvements over time, there’s no doubt that the entire world is moving in this direction — and that it will have a significant impact on our lives.
NFT Metaverse Development with Antier
Not deviating an inch from our focus, we are scaling our blockchain development portfolio to more products, and NFT development for Metaverse is just the right fit. It is an exciting beginning to a new revolution, something bigger and better than what we thought of blockchain.