NFTs are a type of network that combines business and the metaverse.
The Hype Circle for Emergency Technologies report, which was recently released by Gartner, identified NFTs as a key emerging technology. Also known as non-fungible tokens, NFTs, according to the report, have the ability to drive innovation.
This led to feelings of euphoria among both NFT fans, as well crypto enthusiasts this week.
NFTs and the MetaVerse
At the same time, Visa also purchased CryptoPunk, enabling them to enter the MetaVerse space. Following this, Facebook also took the decision to start offering NFT features through their Novi wallet. This will help Facebook expand on its traverse goals as well.
Even artists and footballers are stepping into the crypto space. Take, for example, Messi, and his creation of the NFT art ‘Messiverse’.
NFTs are digital tokens that are used to showcase ownership of a digital item – like an image or a video. Both owning and trading these NFTs can easily be tracked through public blockchains.
The Passion Economy
NFTs will play a key role in the development of the passion economy. With the help of NFTs, both creators, as well as collectors will find themselves at an advantage. Since NFTs are traceable, that makes tracing royalties through them much easier.
NFTs can even be clubbed with tickets, such as concert tickets, improving traceability there as well. The more the ecosystem around NFTs develop and grow, the more use cases will come to the forefront. As this happens, both cryptocurrencies and NFTs will play a role in the development of future commerce.