Today, non-fungible tokens (NFTs) and the concept of the metaverse have become increasingly popular among consumers. However, it’s become difficult to determine what is accessible for the average customer and brand today, as opposed to what’s merely a projection of a distant reality.
Making the Transition to the Metaverse
As the new year approaches, many brands and consumers alike are wondering what the near future holds for us in terms of NFTs and the metaverse. This is particularly the case now that Facebook has officially shifted its business to adjust to this future reality. Both of these concepts are still relatively new and will continue to develop. But 2022 holds some likely developments that are more directly foreseeable.
One element holding the virtual world back is the inability to connect worlds. A majority of virtual environments are still relegated to specific objectives, games, and communities. However, with the introduction of what’s called “the metaverse,†there’s likely to be more interconnectivity between virtual worlds and the real one. More immersive virtual reality and augmented reality experiences are likely to become a big part of connecting worlds; however, NFTs are equally instrumental in making the metaverse a reality.
The accessibility of and the ways people interact with and purchase NFTs will facilitate a smoother transition into the metaverse. From more affordable NFTs to their presence in gaming and compatibility with physical products, there are several key ways NFTs are shaping the future of many virtual experiences.
As we move forward into a largely uncertain future, there are some certainties that are becoming clearer as we progress. To give you a better idea of what you can expect, the following are some specific, tangible predictions for the NFT market in 2022.
1. Ultra-low-cost NFTs will arrive in the gaming category
The gaming category will see incredibly affordable NFTs arrive. This would enable microtransactions for many types of games, including everything from Fortnite to Roblox and other online platforms. In the meantime, today’s NFT market still focuses on costly transactions for collectible and rare items. But this won’t always be the case.Â
In the near future, we can expect to see NFTs in a new, more affordable market that’s accessible to the general public. At the same time, these NFTs will be just as authentic as their more expensive counterparts.Â
In terms of games, NFTs would consist of many in-game designs that people could essentially rent. For instance, someone may want to download a Fortnite skin for their character. By purchasing an NFT in the game, the player wouldn’t actually own the design. But they would be able to use it for their character while Fortnite developer Epic Games still owns it. In another game, a player may want to purchase the NFT for a unique weapon design. Ultimately, the possibilities here are nearly endless.
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2. NFTs will get less decentralized as they gain popularity
Many people may remember when Napster began as the first digital music mainstream marketplace, albeit full of pirated content. Not too long after Napster came along, more centralized music streaming services arose with much higher efficiencies at scale, including Spotify and Apple Music (i.e., iTunes). Today, there are multiple different music streaming services available to the public, including Spotify, Pandora, Amazon, and SoundCloud.
This same type of progression from anarchic decentralization toward more efficient centralization may also take place with NFTs as they become more popular among consumers. Over time, NFTs are likely to become prevalent on a myriad of platforms to make them more easily accessible. In the process, the prices will gradually begin to decrease with so many NFTs on the market. In turn, NFTs will become ubiquitous and far more affordable to the average consumer.
3. NFTs will come to physical stores, allowing customers to buy digital replicas of physical goods
Many consumers today also want to replicate the physical experience on digital platforms in a variety of ways, particularly when an avatar is involved. This is where NFTs will come into play in physical stores.
For example, a gamer may want to purchase a virtual model of a T-shirt they purchased in real life. Then their player could wear it in a game. This would make their avatar feel more like a true representation of them while effectively duplicating the physical item.Â
As this replication of physical and digital goods becomes more desirable to the public, many physical stores may want to add the option to purchase physical items, their NFT counterparts, or both. Down the road, many brands, including clothing retailers, are likely to capitalize on the NFT market with a combination of physical and virtual products. This would enable shoppers to make their virtual world more seamlessly integrated with the real world.
It may seem unclear how some businesses might jump onto the NFT bandwagon. But there are plenty of ways different industries can use them. For instance, Taco Bell has raked in thousands of dollars in NFTs through art inspired by their menu. Companies like this show how easy it is for nearly any business in any industry to profit from NFTs and other virtual products.Â
Selling these items help increase profitability. It also keeps customers consistently engaged with brands, ensuring that these brands stay top-of-mind among their audiences. It also gives people new and exciting ways to connect with brands beyond their base offerings. Over time, as we shift toward the metaverse, those virtual products are ultimately going to increase in value.
Increased Connectivity With NFTs and More
These are merely a few of the many changes we’ll be seeing in the future as the real and virtual worlds become increasingly intertwined. Eventually, our virtual experiences will become effective counterparts to real-world experiences. NFTs and many other elements will allow for more individuality among consumers and increased profitability for businesses. If businesses want to succeed in the future, they’ll do well to keep up with the latest industry trends and get deeply involved in this ever-evolving metaverse.
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