NFTs find true utility with the advent of the Metaverse in 2021
Nonfungible tokens have one of the biggest innovations that have spread across the cryptoverse in 2021. The Metaverse is set to push its utility further in 2022. The growth of NFTs has shot to the next level in terms of popularity and finding acceptance from the crypto community and the mainstream alike. Nonfungible tokens (NFTs) that were initially thought to be a bubble are now expanding their coverage across the cryptoverse.According to a report by DappRadar, the NFT market has had its best year, generating over $23 billion with the floor market capitalization of the top 100 NFT....
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NFTs are perhaps the most misunderstood blockchain-related product. Since they entered mainstream consciousness in 2021, they have been invariably associated with digital art. But NFTs have utility beyond the high-end art world. Digital collectibles are on the rise, with athletes especially interested in using NFTs to crystallize iconic moments in sports history. In the gaming world, many developers are working on incorporating NFTs in video games as playable items. Lastly, the greatest application of NFTs is yet to come in the metaverse. In this article, we will explore the world of NFTs....
The transaction volume of the entire NFT market crossed US$16 billion in November 2021. In 2020, it was only US$355 million, which shows how impressive of a run NFTs have made to create a new asset class in the crypto industry. At the beginning of 2021, the market was mainly dominated by sports highlights and trading cards. But in the second half of the year, we saw NFTs take new forms, which created multiple market segments such as virtual real estate, gaming avatars, and fashion. Seeing the growth and evolution of NFTs, investors started to see long-term value in NFT and metaverse-based....