Prior to venturing in Web3 gaming space, Anshul has been a pioneer in mobile gaming with his Mobile Gaming Premier League (MGPL) which garnered 2.2 Mn users. He, later, pivoted to an interactive video gaming platform; one more time his thought was ahead of the times. His experience with these initiatives has led him to finally arrive at the idea of building a gaming metaverse. Anshul is passionate about building innovative gaming products, where communities can see large benefits for themselves to create thriving digital ecosystems.He is an innovative and inspiring leader and focuses on achieving fruitful results in the highly competitive gaming environment.
The buzzword NFTs was the focus of the year 2021. (Non-Fungible Tokens). An easy way of understanding NFTs are tokens used to indicate digital ownership of items like art, collectibles, music, and films, among other things. Blockchain technology is used to buy and sell these digital objects, which cannot be duplicated. As a result, counterfeiting and tampering with NFTs will be more difficult.
NFTs are currently a popular word in technology circles, with most company founders and venture capitalists publicly discussing the tremendous prospects that exist in the Web3.0 arena. Although blockchain and NFTs are well-known in the West, the concept is still relatively new in India, despite the increased attention it has garnered in recent quarters.
Many crypto enthusiasts believe that Web3 is the Internet’s future and that blockchain-based companies will overtake web2.0 in the next few years. Web 3.0 refers to a digital environment in which ownership and rewards will play a central role, enabling digital items to be unique. Also, the Covid-19 pandemic has boosted digitization in general, which could aid in the acceptance of NFT and blockchain technology development.
Here are a few NFT trends and applications that will be seen across several industries in 2022 and beyond:
Growing penetration of NFTs
NFTs will be used for a lot more than just digital art in the future. We are already seeing this trend worldwide where the community is demanding more utility out of NFTs than just being collectibles. Being a great art has now become a hygiene factor. Utilities being added to NFTs include access to conferences and real-life events like Gary Vaynerchuck has done with Vee friends, financial rewards and access to games like Zionverse has done with Lakshmi NFT in the Indian NFT gaming space, entry into private discord lien Bored Ape yatch club has done.
In India, there is still a lot of emphasis on digital art, but that trend will soon fade as the focus shifts to more immersive experiences. Big brands are also jumping on the NFT bandwagon by transforming the real-world utility of digital assets.
The use of NFTs in the arts
The emergence of NFTs provides enormous opportunities for artists, as they can claim entire ownership of their works and earn royalties passively from secondary sales. There is no standard value for any art, therefore artists can establish their own percentage rates as well.
Social ventures supported by NFTs as they move from generative art to support individual artists, culture, heritage – we are seeing interest from the community to support indie artists and art which is part of the culture. Users want to become part of communities that provide an immersive experience of story-telling and also have a great social cause.
Imagine NFTs helping regional art in India where buyers can not only support the artists but also immerse in 3D worlds to know more about the history behind the art and create comics, animations from it. Totality Corp is launching Kalakar DAO to do just that.
NFTs as personalised data layers
A big trend we will observe will be that NFTs will be a layer to own and share data on-chain. Users will have ownership of their search history, order history, buying preferences, and users will have the autonomy to decide which ecosystems to give access to this data. NFTs being nonfungible will be used for such storing information as some of this can be sold to others. Therefore, it gives consumers another way to monetize the data they’ve put in the layer while maintaining complete control over the information they choose to share.
As people get more familiar with NFTs and the debate over the metaverse and a decentralised Web 3.0 future evolve, the applications of NFTs will almost certainly be limitless. As web3 evolves over time it provides a rich experience in the virtual existence. In a burgeoning digital-centric economy, NFT tendencies are expected to continue to climb at the current rate. These NFT tendencies may become much more pervasive around the world in 2022, with NFT development expected to accelerate.
The continued rise of NFTs, rising interest in them, and their ever-expanding applications indicate a dynamic environment where the future is full of possibilities.