A Deep Dive into NFT Ecosystems That Are Shaping the Future of the Metaverse
October 14 2021 - 2:25PM
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Non-fungible tokens (NFTs) are gradually shaping the future of the
metaverse, a futuristic iteration of the internet where
participants exist in a digital world through 3D virtual shared
spaces. This rising crypto niche has caught the attention of
creatives, given the opportunity to integrate their art with
decentralized ecosystems. At the core, NFTs are digital
collectibles that can be stored, shared or traded through emerging
NFT marketplaces. While still a nascent niche, the NFT market has
ballooned over the past few months to become one of the essential
pillars of the crypto ecosystem. According to the latest NFT report
by DappRadar, the NFT market generated $10.67 billion in trading
volume over Q3. This marked a 700% increase compared to Q2. Next
year looks even more promising, given the rate at which innovations
are happening in the NFT ecosystem. So, what’s in it for retailers
and institutions? For starters, most NFT innovations follow the
fundamental nature of crypto ecosystems, which is a decentralized
architecture. This means that NFTs offer everyone an opportunity to
become part of the metaverse in one way or the other. However, like
financial markets, one has to pick the right horse to thrive as a
future metaverse investor. A few NFT ecosystems have stood out,
offering the perfect starting point for interested newbies and
veterans looking for better options. The next section of this
article will feature some of these upcoming NFT marketplaces,
narrowing down into the value proposition of each ecosystem.
1. Drops As it stands, NFT owners can barely generate more
value from their idle collectibles. The Drops NFT ecosystem is
designed to address this challenge by introducing a platform where
collectible owners can borrow and lend against their NFTs. With
Drops, anyone who owns an NFT can place it as collateral and access
a loan of up to 80% of the floor value of their NFT. NFT owners can
do this through Drops permissionless lending pools, where NFT
owners have the option to choose or create a lending pool that
suits their needs. So far, the Drops NFT lending platform enjoys a
total value locked (TVL) of $3 million, a figure that will likely
rise as more NFT holders look for value addition options. It is
also noteworthy that Drops features a staking program where NFT
owners can stake the native token, DOP, with the current APY at
74.99%. Drops is one of the NFT innovations changing the game for
new entrants and veteran NFT holders. Fundamentally, this platform
is solving liquidity issues and reducing the selling pressure of
NFTs by offering users alternative ways to preserve or add value
through their digital collectibles. 2. WiV NFT Marketplace
WiV combines the traditional wine industry with the NFT ecosystem;
at the core, WiV Technology focuses on increasing the liquidity in
the wine market by enabling stakeholders to represent their finest
products as digital collectibles. The WiV NFT marketplace does this
by tapping into the uniqueness of each wine product, enabling wine
producers to create an indistinguishable collectible that
represents their product on a blockchain. Besides a customizable
NFT marketplace, WiV’s decentralized architecture allows WiV NFT
owners to buy and sell the minted wine collectibles to anyone
worldwide. The platform also features a customizable digital wine
cellar inventory where WiV NFT owners can display their fine wine
collectibles. Notably, the WiV NFT ecosystem is compatible with
other chains, including Ethereum and Polygon network. As more
people adopt NFTs, WiV is among the platforms setting the stage for
adopting physically-backed digital collectibles. This trend will
likely continue, given the keen attention from potential
brick-and-mortar industries, including real estate. 3. Unifty
The current state of the NFT ecosystem is still complex for both
newbies and veterans looking to leverage the many opportunities.
Unifty started as a solution to manage and organize digital
collectibles but evolved to become a full-stack NFT platform that
provides building tools for creators. This NFT ecosystem allows
anyone to mint an NFT collectible without any coding knowledge.
Some of the NFT-focused innovations supported by Unifty’s
infrastructure include NFT farms, marketplaces and bridging
solutions. Creators who use the Unifty platform to mint NFTs are
only required to pay a one-time deployment fee, after which they
can create a decentralized application that suits their NFT needs.
The creators are also entitled to a lifetime revenue share of the
digital collectibles sold via Unifty’s custom NFT marketplace and
other tools. As for the platform’s governance, Unifty’s native
token NIF is a core part of its decentralized ecosystem. This
native token exposes Unifty NFT creators to network incentives,
including discounts, balance offsets, and bridging to other
blockchain networks. So far, over 350 NFT farms have been created
via Unifty, while close to 600 NFT-oriented contracts have been
deployed. Wrap Up NFTs will probably be the most significant
drivers towards crypto adoption; the trend has gained popularity
amongst celebrities, athletes and billionaires such as Dallas
Mavericks owner Mark Cuban. According to Cuban, NFTs present a
game-changing opportunity for creatives, “If you’re a professional
photographer, you should be putting your stuff [on] Rarible (an NFT
marketplace), and same with music or music video, instead of it
being on YouTube, put it where you can tokenize it and keep on
getting paid.” noted the billionaire during a podcast with The
Defiant. Going by the recent developments, the future of a
metaverse-based world seems inevitable. Nonetheless, digital
collectibles still have a long way to go before most people in the
world can make sense of this life-changing technology.
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