We are moving towards Web 3.0, which would be a more advanced version of the Internet. In this new version of the internet, everything is planned to be decentralized and owned by the people participating in it. The most obvious way to bring that forward is by using Cryptocurrency.
Since 2017, people became more interested in Cryptocurrencies and Blockchain. They saw huge growth in ICOs, Bitcoin’s, and Ethereum’s value. But even though the term Fungible Tokens is unknown to the majority of people who are not part of the Cryptocurrency community, Non-Fungible Tokens (NFTs) have been making headlines due to their multiple unanticipated uses.
The recent ones are the Blockchain Wedding (where the wedding vows became a part of an NFT) and the Metaverse marriage (where a couple is seeking the help of metaverse to involve a greater number of guests virtually in their marriage events).
What is an NFT?
An NFT is basically a representation of any kind of real asset. It can be a share in a company or a digital art piece, for example, Cryptokitties (the best-known one), CryptoPunks, BAYC, and many others.
These tokens are created on distributed ledgers like Ethereum. Their popularity is increasing every year and many companies worldwide are using them for marketing purposes. These businesses do everything from selling the assets to producing physical collectibles based on them to even running gaming platforms where users can interact with one another directly.
It is assumed that more people are going to accept the products of Web 3.0 and DeFi with time. People have already started to be creative with what they can do with Cryptocurrency and NFTs. Following are some trends that will increase user participation in Web 3.0
Dolce & Gabbana’s custom-made digitally wearable attracted more than $300,000 for every piece in Ethereum. In collaboration with Mythical Games, British fashion label Burberry designed a character capsule of NFTs that was offered for $400,000 as in-game purchases to Blankos Block Party players.
Layer 2 and Sidechains
Non Fungible tokens can become more interactive and composable if more platforms start providing near-zero gas fees. For instance, Immutable X, the first layer 2 (built on top of an existing blockchain system, Layer 2 describes a secondary framework or protocol) for nfts on Ethereum provides zero gas fees.
The Polygon Sidechain (sidechains link to another blockchain, which is referred to as the main chain) is actively used in OpenSea to create NFTs for free, which helps reduce fees to make NFTs.
3LAU’s Ultraviolet, a collection of 33 different NFTs sold for $11.7 million during a three-day auction. Grimes sold The WarNymph collection, Vol. 1 consisting of ten exclusive digital artworks, some of which are accompanied by original songs, for $5.8 million.
Electronic DJ and producer Steve Aoki released Dream Catcher, his first NFT compilation, which sold for $4.25 million. There are many examples of NFTs being welcomed in the music industry.
Games like DeFi Kingdoms, My Neighbor Alice, Mobox, Axie Infinity engage users with NFTs. For instance, My Neighbor Alice is a multiplayer world-building game that allows players to purchase and possess virtual parcels of land in the form of NFTs.
Mobox NFTs (or MOMOs) help players to harvest, combat and earn Cryptocurrency. Within the MOBOX metaverse, participants can also exchange their MOMOs, stake them for MBOX token farming, or use them as collateral.
In case of sudden incapacitation or demise, your Digital Legacy should be protected and transferred to the Beneficiaries securely. To prepare for such events, you can opt for the best solution which is a Digital Estate plan. Planning for your Digital Assets will ensure that you leave behind more than just physical treasures, instead, you can leave behind a legacy of experiences.