Non-Fungible Tokens are getting a massive response globally, and the year 2021 is marked as the year of the NFT boom. The sales volume surged unexpectedly, making people notice NFTs. From Cryptopunks and Bore Ape Yacht Club to Azuki, NFT Trading Platforms are seeing Bidding wars raising their actual worth over and over. With the user base of the blockchain increasing, NFTs are also getting updates side by side. NFTs minted today are now coming up with Utilities which is considered the first-ever update. Be it Gary Vee’s NFTs giving access to member-only meetups or Italian Soccer Club Como 1907’s NFTs providing access to home matches, NFTs are reaching their fullest potential.
Like the World Wide Web (web 2.0) getting an upgrade to Web 3.0, NFTs are also trying to get an update. Let’s say hello to NFT 2.0! The one you will see everywhere in the near future.
The NFT boom!
NFTs came into existence in mid-2014. But in the last few years, it hit the mainstream just like how Pete Maverick hit the best in his Hypersonic Scramjet. Though there are no certain reasons why the popularity of NFTs surged in 2021, there are a number of contributing factors that made a lot of people move into NFTs. Be it the adoption of NFTs by pop stars or the launch of NBA Top shot, the final interpretation is people got into NFTs for what it is and what they gave them.
Cryptopunks, the first NFT art, Cryptokitties, the first NFT game, NBA Top shot, the first NFTs of highlight Videos, Jack Dorsey’s 1st Tweet NFT and more contributed to the popularity of NFTs. They demonstrated that anything digital can be NFTs and invited a lot of independent artists to monetize their creations. Be it a music piece or a real estate property; everything can be NFT now.
Even during its peak, there were comments saying NFT is a bubble. Even then, there are instances that prove they are not. This is because people got their own misconceptions about this hot trend. Where people thought NFTs were just art, there came NFTs with utilities. That is, when someone buys an NFT, it comes with an added perk. It became a pass for membership-only utilities, which further opened a lot of possible utilities in turn.
Introducing NFT 2.0
While the first version of Non-Fungible Tokens is getting utilities and capturing people, on one side, NFT 2.0 is getting ready to open a plethora of opportunities. NFT 2.0 will come out as a tech that would allow people to interact and play with their features. Unlike NFT 1.0, the future NFTs can change their characteristics, nested with other NFTs, they can be co-owned, and there are many more to add on.
Though there are several instances that are taking up these updated versions of NFTs, they are yet to achieve their complete useability.
NFT 2.0- the future!
Web 3.0 is the next generation of the internet that is coming up with decentralized data sharing. Metaverse will be the next big tech that is expected to hit billions of users, just like smartphones and the internet. Using web 3.0, Metaverse is trying to come up with a virtually real digital world where people can co-exist in the form of 3D avatars. Non-Fungible Tokens, with their ability to own digital assets and much more with NFT 2.0, will bring a whole new experience. The upgraded NFTs can be nested so that one NFT can own other NFTs.
So if you are going inside a metaverse as an Avatar, which is an NFT, you can own other NFTs as well. The competency of NFTs is vast, and they can come up with surprises in the future.
Upshot
Though NFTs were introduced to find out the response on what the market thinks about owning digital assets, they are now getting utilities that are overcoming the difficulties of conventional techs. Blockchain has now received a global audience, and everything that happens in and around blockchain and crypto is hitting the news. On the other hand, people are also eager to get to know about the new technology. NFTs are, on the other hand, earning their way into anything and everything from flight tickets to certifications. NFT trading platforms are now flooding the market in different genres. It is not an exaggeration if someone says you will be getting your personal Identity in the form of NFTs!
