The global financial system has adopted digital assets significantly. Investors are putting huge amounts in cryptocurrencies, DeFi tokens, and stablecoins. However, metaverse 101 is a game-changer. It has empowered creators and end-users. They have more control over the distribution of content. As a virtual world where people interact via digital avatars, the Web 3.0 era is offering abundant opportunities for monetization. COMEARTH, the globe’s first e-commerce metaverse on the Polygon blockchain takes a look at the future of digital assets and their impact on the creator economy.
It was American graphic designer Beeple who kickstarted the NFT trend in a big manner. His collection named “Everyday’s: The First 5000 Days” was sold for a whopping $69 million. Today, many NFT marketplaces have a separate category for selling artwork. This indicates that there is a high demand from investors for purchasing portraits, paintings, caricatures, and illustrations. Moreover, artists are generating more revenue by selling their collection of images via auctions. It is a viable alternative to showcasing their work in exhibitions and galleries.
It is no secret that streaming platforms and distribution giants were exercising control over the works of musicians. NFTs have come as a breath of fresh air. Independent artists, as well as award-winning rappers and singers, are releasing their albums and tracks as crypto collectibles. They also receive royalties for every secondary sale of their digital copy. Artists are pocketing revenue by selling tickets and passes for their concerts, shows, and live performances.
Trading cards, kits, merchandise, memorabilia, and rare moments are driving the future of sports NFTs. Leading teams, famous leagues, and acclaimed athletes are tokenizing and distributing their collectibles on various marketplaces. Fans are making aggressive bids during drops. The value of sports NFTs varies depending on the level of rarity, extent of scarcity, liquidity, and the popularity of the athlete.
From Free-to-Play, the gaming industry is focusing more on the Play-to-Earn (P2E) phenomenon. Players are getting rewards in digital currencies and also have ownership over the in-game assets. Games based on Player-vs-Player
(PVP) and Player-vs-Environment (PVE) is witnessing huge success. The future of NFT-based models will depend on factors like interoperability, cross-chain compatibility, and the usage of 3D visual assets.
The sale of digital garments and virtual sneakers for record prices is a testament to the fact that the fashion industry is bullish on NFTs. Moreover, celebrated designers and promoters of new-age brands are coming out with their collections and apparel on various marketplaces. Further, more attention will be on creating a phygital experience for customers. The trends for the future would revolve around digital models, virtual runways, personalized avatars, and 3D wearables. Thus, stakeholders like fashion designers, celebrities, brands, organizers of ramp walk events, and photographers will have to unite to take this forward.
Amidst an intense debate over the pros and cons of centralization versus decentralization, more domain names are getting sold as NFTs. Adoption is expected to increase due to the preference for human-readable names and censorship-resistant websites. For instance, Ethereum Name Service (ENS) offers secure domain names for wallets, Decentralized Apps (DApps), browsers, and websites. They can own the username and store the data securely. Further, ENS domains can be traded on secondary markets and Decentralized Exchanges (DEXes).
Undoubtedly, blockchain technology triggered the usage of digital assets. Aspects like decentralization, irreversibility, and transparency will play a crucial role in managing digital identities.
Brands that have geared up to enter metaverse 101 must focus on community building. This will help the target audience understand their efforts in the Web 3.0 space. Hence, they can concentrate on creating products that are valuable to customers in the virtual world.
The metaverse has opened up possibilities that were not available before. From virtual concerts to 3D holograms to exclusive lounges to hyper-realistic avatars, it has become a digital double of the physical world.
While digital assets changed how people dealt with their finances, metaverse 101 will transform interaction by operating through virtual spaces. While its impact transcends industries, the full potential of the metaverse is not yet known.
As applications and use-cases based on the metaverse evolve, it will create 2 parallel realities. This will throw up challenges related to privacy and security. Going forward, metaverse 101 will require uniform standards. This will pave the way for the virtual world to become a catalyst for adoption. Keen to move ahead in the experiential economy? Have a chat with our team and make your vision for an immersive world come true.