It is still common for many people to see NFTs as primarily or even merely digital art.
For example, the most popular NFT project, Bored Ape Yacht Club, has been making headlines since its inception, thus becoming almost synonymous with the term NFT itself. And some naysayers can’t believe “JPEGs” are going for so much money and feel like the whole thing is a scam or a ponzi scheme.
Even so, there have been some notable sales in 2021 and 2022:
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- Everydays: the First 5000 Days sold for $69.3 million in March 2021
- Clock by Pak sold for $53.7 million in February 2022
- HUMAN ONE by Beeple sold for $28.9 million in November 2021
In fact, some reports say that NFT sales hit $27 billion in 2021, up from a mere $400 million at the start of 2021. That’s a 67.5x increase in one year.
Because of all this, there is a lot of speculation in the NFT industry, and many experts believe the NFT industry will be a $1 trillion market soon. Monetarily speaking, NFTs have a promising future. This prediction signals there is more than speculation going on.
The fact is, NFT technology has tremendous potential. Although the crazy sales seem to have slowed down and the wildest days of speculation have passed, NFTs will emerge as a powerful and leading technology.
After all, NFTs actually have certain properties with amazing potential for real-world applications and utility beyond just digital art, which will explore further below.
NFTs with Use in the Real World Are the Future
For instance, a community of individuals across the globe could use NFTs to tokenize a real estate asset in a city, like New York. They could pool their resources, make the purchase, and use an NFT to represent ownership of that property. This all stems from those aforementioned properties of NFTs that lower barriers to entry and inevitably empower smaller investors to enter the market.
But life is not only within four walls. When it comes to personal health and fitness, NFTs can help improve the quality of life there too. For example, STEPN, a Web3 lifestyle app, has users equip themselves with NFTs in the form of sneakers. By walking, jogging, or running outdoors, users earn game currency, which can either be used in-game or cashed out for profit.
Going even further beyond, parking tickets can be replaced by NFTs — which solves issues concerning fraud and counterfeiting. It’s also more eco-friendly, as NFTs are digital and don’t need to be printed. NFTs can also serve as tickets for bus and train rides, theatrical shows, music concerts, football matches and more.
There are NFT projects doing this already. For instance, Backstage aims to make NFT ticketing the main way to distribute tickets for the events and entertainment sector.
V3 Games Brings NFTs to Gaming
As blockchain technology develops, it becomes easier to integrate it into existing systems to make the most of it. Gaming is a huge, rapidly growing industry. That’s why V3 Games wants to make NFTs an integral part of the P2E experience.
The core of the platform is the V3 Games Marketplace. This Marketplace expands ownership of gaming assets, leveraging the power of NFT tech to:
Ensure authenticity and uniqueness of in-game weapons, assets, characters, etc
Provider greater tracking and transparency of ownership
Allow users to see the price history and data of assets
Enable cross-game and cross-platform use and trading
Thanks to NFT gaming assets in the V3 Marketplace, gamers can now understand how a gaming asset could potentially perform as an in-game asset or crypto investment. Perhaps even more importantly, they’re free to use the asset as they please. Gamers are no longer confined to one universe or game with their asset.
That’s the power that NFTs can bring to gaming. And at V3 Games, we’re making it happen now.
About V3 Games
V3 Games is the third epoch of gaming — the decentralization of gaming assets. The platform consists of a Marketplace, Metaverse, and Launchpad that unite the gaming industry for players, developers, investors, and influencers. V3 Games strengthens the GameFi ecosystem and takes the industry towards a more efficient, fair, prosperous, and sustainable future.