Metaverse and unchangeable NFT tokens, from the niche industry to powerful multi-billion dollar businesses

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Last year was marked by the growing popularity of cryptocurrency-based games. One of the biggest innovations was the non-exchangeable tokens (NFT). In an article on the Cointelegraph portal, Anirudh Tiwari highlighted the dynamic changes that have taken place in this market over the past year.

New life of cryptocurrencies

Last year was a breakthrough for innovation in the world of cryptocurrencies. During this time, there has been a huge increase in the popularity of decentralized finance (DeFi), games and NFT tokens.

The most important feature of NFT tokens is their uniqueness, which allows them to be used for collection purposes. At first, they may seem like another speculative bubble, but they are becoming an important part of the cryptocurrency world and will probably become part of the mainstream.

Last year was the best year in the history of NFT

According to DappRadar, the value of transactions in this market reached $ 23 billion, and the capitalization of the 100 largest oil collections reached $ 16.7 billion. The origin of tokens with unique features coincides with the launch of the game CryptoKitties and the growing demand for virtual cats in 2017. At the peak of popularity in November 2017 The game had up to 140,000 users per day, and the number of daily transactions reached 180,000.but there was a sharp decline in the next few months. However, the game in question has begun a new trend. Tokenization has also spread to the art world. The digital painting by the artist nicknamed Beeple has been auctioned by traditional art galleries. Since then, the popularity of NFT tokens has spread to many other areas of life, including art, music, sports and games. Almost any asset, both digital and traditional, can be tokenized and in this form can be a carrier of value, and participation in it is unique.

Another dynamically evolving area is Metaverse –

a reality that combines a real and virtual world where activities such as the acquisition of virtual fields or the production of virtual objects can be measured. In October last year, virtual territories worth more than $ 106 million were sold. Big companies like Facebook have become interested in the reality potential of Metaverse.

The Cointelegraph portal reported the great popularity of virtual sites and other traded assets in the metaverse world. Internet users are increasingly striving for this reality, and virtual things are reaching dizzying prices. The reality of metaversion or p .. Read

GameFi is changing the gaming world

In addition to the reality of Metaverse and NFT tokens, the next breakthrough is changes in the gaming industry. GameFi is a combination of gaming and decentralized finance (DeFi) within an ecosystem. In 2021, the leading enterprise in this field was the game Axie Infinity, based on local AXS and SLP tokens. The game, which mainly collects and sells fairy-tale creatures, began in 2018, but last year its popularity peaked and its collection became a trade item for about $ 4. billion. This is the most popular collection in the short history of NFT tokens. In March 2021, the number of active users of Axie Infinity was around 20,000, and in December it reached 2.5 million. The highest daily turnover in June last year was $ 9.72 million. In the third quarter of 2021, this game alone accounted for 19.5% of total trade in the NFT tokens market. Axie Infinity was created in the Ethereum blockchain. Soon, games based on other blockchain networks such as Solana, Binance Smart Chain and EOS began to appear. Examples of such games are Splinterlands, Alien Worlds, Upland and MOBOX.

In 2021, the blockchain-based gaming industry generated more than $ 1 billion in revenue, of which $ 930 million went to Forte Labs.

It turns out that you can buy something that does not exist, or in other words, only in the virtual world. In March of this year. The digital JPEG image sold for about $ 70 million, and 20 million people watched Christie’s auctions online. This new sector of digital goods continues to grow as calculated. Read on

Virtual world for real money.  Why is the digital oil market worth billions?

Is the traditional game outdated?

However, the traditional gaming industry is not on track with the dynamic development of games based on blockchain technology. For example, Steam has banned such games on its platform. In response, more than 20 gaming companies and various groups have called on Steam to lift the ban.

But this is not easy for new industries

The South Korean government has blocked the release of new gaming consoles (P2E) and called for the removal of existing games from the Apple Store and Google Play Store.

There are also gaming companies that are open to innovative solutions

For example, Epic Games – known from Fortnite. The company says it is open to blockchain-based games that support cryptocurrencies and other digital assets.

Exchange metaverse?

The idea of ​​a metaverse attracts large companies that want to turn it into a profit. Mark Zuckerberg The idea to change the name of the popular social networking site Facebook to “Meta” has emerged. Other large corporations, such as Microsoft and Intel, are also looking to enter the market and create their own metaverse realities.

Pro-Shares – A company known in the United States as the first Bitcoin-based ETF, has announced plans to launch the first ETF aimed at the metaverse industry. This includes companies such as Apple, Meta and Nvidia. Pro-Shares has filed an application with the US Securities and Exchange Commission (SEC) under the name ProShares Metaverse Theme ETF. This fund will reflect the behavior of the Solactive Metaverse Theme Index (SOMETAV).

Even PricewaterhouseCoopers (PWC) Hong Kong, one of the largest consulting companies, became interested in this market and bought a plot of land in the metaverse Sandbox game. Ferrari entered the NFT token market by signing a contract with the Swiss startup Velas Network.

Such initiatives can make blockchain technology a part of business and everyday life. In the years to come, we will probably hear words like “DeFi”, “NFT” or “Metaverse” more often.

Finally, social media giant Facebook (FB) expanded last month and changed its name to Meta to reflect its ambition to build a metaverse that will allow virtual reality users to interact in online worlds, including gaming and shopping. Nvidia (NVDA), powers .. Read

Is Metaverse the future gold mine for companies?

Then what?

However, the idea of ​​Metaverse did not inspire enthusiasm Elon Musk – Head of Tesla and SpaceX. In late December, in an interview, he said that the metaverse version offered by Facebook was unlikely to work because people would not want to spend the whole day with a “screen in front of their eyes.” He added that “in the long run, perfect Neuralink technology can completely immerse us in the virtual world.” Neuralink, the co-owner of the mask, is working on chips implanted in the brain, which will one day allow access to virtual reality without additional equipment.

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