The digital world has grown exponentially in the last two years running on massive waves of Covid-19 disease. Technology has melted into the world of blockchain, cryptocurrencies, and NFTs, with 2021 being the peak year for them all. While bitcoin hit its highest level in November last year, NFT’s sales were recorded at USD 17.7 billion in 2021 from USD 82.5 million in 2020 (according to NonFungible.com and and L’Atelier BNP Paribas). This search of events has prompted businesses such as the game to find opportunities on the blockchain.
But much of the excitement melted away this year and then back to nosedive when markets started to fluctuate when the war in Ukraine began. The price of cryptocurrencies, a major contributor to NFT markets around the world, has fallen sharply, with bitcoin struggling to stay above the USD 20,000 mark and Ethereum remaining at around USD 1,000. . As a result, total NFT sales reached 16,000 (USD 14 million) on 17 June 2022, first touching 118,000 (USD 780 million) on 1 May.
According to DappRadar, June is the first month for NFTs to record less than USD 1 billion in sales from now on last year. NFT sales have fallen as much as 75 percent since May, and suggest it could reach its lowest levels in July. Some highly demanded NFTs in May saw their prices drop by 30 percent in the past month.
Sales of NFTs are up for the month, but the expectation to win forecasts from last year is still at a critical juncture as we face bear markets.
“This so -called downtrend of the NFT/Crypto ecosystem can help in two ways – one, to bring good NFT systems and use them to light, and those with a weak roadmap will dry., to make the NFT world stronger, demanding. Second, at the moment, there is a connection between cryptocurrency and NFTs because it is important that we work entirely on blockchain “, explains Ramkumar Subramaniam, CEO and founder, GuardianLink.
“Once there is a separation between the two, NFT will become a asset in its own right,” Ramkumar said.
Today, most NFT markets accept cryptocurrencies for sale. However, not all NFTs rely on cryptocurrency, but blockchain helps with provenance, transfer, and account maintenance.
But what is the value of Nfts?
Non-Fungible Tokens (NFTs) are unique digital tokens that can be bought and sold online. Their shares are secured on the blockchain, as are cryptocurrencies. But unlike crypto, each independent form of NFT charges its own price. Think of NFTs as an available digital image sensor. But these NFTs can include music, photos, video clips, memes, gifs, business cards, avatars, and more. Therefore, obtaining an NFT is the same as obtaining the original copy of an artwork. And just like art, the owner can expect to increase his or her wealth over time.
Last year, when Beeple’s NFT launched its film “Everydays: the First 5000 Days” which sold for USD 69 million at Christie’s (a 255 -year -old store), it became he was one of the three largest filmmakers. The artwork is a column of 5,000 photographs created by Winkelmann for his series Everydays.
“The physical world has character and dignity, while the digital world has the versatility of transmission. One thing that unites these two worlds is the concept of non-fungible signals ( NFTs) ”, said Ramkumar Subramaniam.
In addition to NFTs being the quintessential bridge, it is also expected to support the value of innovation in the future of Web3. And the metaverse, which is supposed to be the actual expansion of Web3, is designed for NFTs to be the source of global warming. In addition to buying real estate, people can also get involved in buying private goods such as cars, planes, yachts, and more through NFTs.
“It’s endless. You can integrate it into the metaverse, art, and music industry.” Shared Sunny Bhanot, co-founder and CTO of Rario.
NFTs are available in sports
Beyond the metaverse, the world of sports is where NFTs find their greatest demand. Why? Sunny Bhanot explained the best. “I remember a lot of people appreciating the bats signed by Sachin Tendulkar. Maybe because of that, they should go to the game or wait outside his house and do things “They have the power to approach it. With NFTs, fans can do that from the confines of their home and prove its authenticity,” he said.
Sports as a center have everything that can add value as an NFT. For example, in a game, you need properties that are visible, independent, and have certain properties. In addition to this, sports and NFTs can have a symbiotic relationship. “In fact, sports collectors are coming to the digital realm to be completely filled with non-fungible brands,” Ramkumar said.
The NFT craze was first burned in the form of sports while companies and ticket sellers were selling digital tickets in the form of NFTs. Some people are converting ticket stubs to NFT, and these digital stubs have become a valuable asset over time. In a world where physical scraps are sold as souvenirs for half a million dollars, non -perishable NFT scraps can be a huge asset to players.
The collected NFTs further work in enhancing traditional fungi, and combining them with fungible signaling will help to increase the levels of fungible signaling. While social media has provided a level of engagement for players today, the metaverse and NFTs can help power the next generation of content. .
“If you look at the collectors, he’s the player who got that token bag or the football from a movie game and whatever. So a Manchester United fan can be sitting somewhere Indonesia has to have a data collection to see a proof and a piece of truth ”, explained GuardianLink CEO.
“NFTs are not limited to people’s engagement to a specific area; they encourage people’s engagement to be broad,” he said.
In a cricket-crazed nation like India, it’s safe to say there are plenty of opportunities for NFT markets related to the game, and teams like Rario have seen this. “Before NFTs came on the market, thought -provoking gaming options like Dream 11 completely changed history by making it possible for fans to enjoy the sport throughout the year. in their own way.Playing at a deep level, our NFT is from the availability of opportunities to the player cards.The Rario NFTs also act as a gateway to independent events. , games, and meeting your favorite cricketer and more, ”said Sunny Bhanot, who founded Rario with Ankit Wadhwa in 2021.
The world of NFTs in cricket and other sports opens up possibilities for the future. Some sports teams in the West have also experimented with giving fans their favorite stars in a virtual setting during a game. The jury isn’t in the mood to embarrass the sports stars, though!
With one of the youngest young people in the world, India has the highest number of cutting technologies in the class. There is a growing number of crypto enthusiasts in the country, as well as interest around NFTs. Around the world, VCs have continued to host NFT projects and continue to make their money with the bear market, demonstrating their potential.
“In the years to come, NFTs will make a big difference in people’s lives. It’s seen, and we can already see the move from NFTs to just being made and sold. This means that when the metaverse goes to the mainstream, NFTs will turn to demand again, requiring a large amount of their market will only increase in size ”, says Sunny Bhanot.
Despite its many naysayers, NFTs promise a long -term commitment. Perhaps they will be seen to be involved in the growth of the metaverse and begin to play an important role in our daily lives. As they say, time will tell.