NFTs are an emerging asset class that is being used by companies to increase brand awareness, incentivize their users and capture data. NFTs can be used as a differentiator in the marketing mix. For instance, SUPERGUCCI is a three-part collection of NFTs created by Gucci in partnership with Superplastic. On the occasion of its founder’s 200th birthday, Louis Vuitton released Louis the Game. The game included 30 hidden NFTs and 10 NFTs created in partnership with Beeple.
What is an NFT Exactly?
A Non-Fungible Token (NFT) is a one-of-a-kind data unit held on a Blockchain. NFTs may link to a variety of Digital Assets, including photos, audio, and video files. Unlike Cryptocurrencies, NFTs are not fungible, which means they cannot be replaced by another token.
The Starry Night, for example, cannot be compared to The Potato Eaters. Both paintings are by legendary painter Vincent van Gogh, but they are distinct and unique in their own. These two paintings may not have the same value if sold, and they cannot be replaced with one another.
Whether music industry, gaming industry, fashion industry, the art world, or finance, Web 3.0 is steadily impacting every sector. In the gaming world, the Play-to-Earn method is picking up the pace (involving Cryptocurrency and NFTs) which could result in a whole new career field (e-sports with DeFi).
Games And The Metaverse
NFTs are used by Axie Infinity to purchase the rights to pets or Axies. Small-love potions (SLPs) are purchased or farmed to grow Axies. SLPs or Axies can be sold for Cryptocurrency, which can be then exchanged for fiat currency.
The Axie Infinity game became quite popular in the Philippines during the pandemic as it became a way for people to earn money. GameStop has partnered with Immutable X to establish an NFT Marketplace. The companies have launched a $100 million grant program (funded using Immutable X’s IMX tokens), where developers of NFT content from gaming studios, Web 3.0, and Metaverse gaming can participate.
The Blockchain, Metaverse, and DeFi can be the driving force of online gaming in the future. These technologies are capable of bringing up more jobs, faster growth, and new horizons for video game developers.
Careers like Research Scientists, Planners, Hardware Builders, and Cyber-Security experts may pop up to develop several platforms and products in the Metaverse. Blockchain, Crypto, and Solidity experts are already required in many platforms.
Jobs in multiple fields (focused on Web 3.0 and Metaverse) are going to increase in the future as the number of brands and corporations getting involved in Cryptocurrency and NFTs keeps accelerating.
With the amount of variety in technology absorbed without fail by many individuals, the world of today has a lot to offer. However, it is safe to conclude that humans have possessed belongings that signify our own life and identity for as long as humanity has existed.
As you can see, there is no doubt that online assets will become a new addition to Estate Planning. In the near future, people may rely more on monetary Digital Assets than traditional ones for financial support. This shift may intensify the complexity involved in handling one’s estate or Digital Estate!
Digital Estate Planning helps to maintain your Digital Assets which can be accessed by family members in a transparent manner after your death. Digital Estate Planning is crucial for every person with a digital footprint. With Clocr you can easily create and maintain a Digital Estate Plan!