We all understand what classical art is, but there is something new in town. Now what was once hand-painted art pieces have transformed into NFT – which is something that exists in crypto-currency blockchains.
It is all part of our new evolving metaverse.
Non-fungible tokens (NFTs) “are a new type of virtual asset that has fuelled much of the growth in the metaverse,” claims Reuters.
Metaverse is a new technology term that means to extend beyond the universe.
The term covers a wide variety of virtual realities, from workplace tools to games and community platforms.
Many of the new platforms are powered by blockchain technology, using cryptocurrency and non-fungible tokens (NFTs), allowing a new kind of decentralised digital asset to be built, owned and monetised.
According to Reuters, “the NFT market has surged during the pandemic with $2.5 billion in sales for the first half of 2021, compared with just $13.7 million a year ago.”
This type of artwork has existed for a few years now, but recently the market has exploded. Many client NFTs can be looked at as collectables like stamps or watches.
They all have different functions, and some brands like Nike are even using NFTs to promote their shoes, or bands are using them for people to find their songs.
However, the most popular use of NFTs at the moment is situated in video games. People can essentially collect characters or buy them with cryptocurrency to be inserted back into the game once more.
“Warriors of Aradena sold out in 30 minutes where we made over $1 million,” said Thomas West, the CMO and founder.
An example of a successful collection that is making massive limelight at the moment is the MaKaVerse NFT.
Following the playbook of popular NFT avatar projects like CryptoPunks, Pudgy Penguins, and Bored Ape Yacht Club, each Meka avatar is unique, with its colour palette and composition.
They belong to one of “four factions“: Originals Meka, Mirage, F9, and Gadians. The project gained huge traction leading up to its launch; its Discord channel gained over 200,000 members.
What caused the Meka drop to become so hot? It’s most likely a combination of factors, ranging from the appealing robot-suit concept to the growing buzz surrounding previous collectable NFT projects.
Every image on OpenSea right now is an animated placeholder ahead of a collection-wide reveal which was planned for 11 October 2021.
According to Decrypt, “the project reported having the holders of 172,876 unique wallets register for the raffle.”
While some see the NFTs as a booming billion-dollar industry, others speculate that it could quickly fizzle out.
Even though this world is living in a metaverse, the MeKaVerse collection is only just one example currently making millions – who knows what lies ahead for our online marketing phenomenon.