Tue, 12 Apr 2022 10:35:10 +0000
NFTs are perhaps the most misunderstood blockchain-related product. Since they entered mainstream consciousness in 2021, they have been invariably associated with digital art. But NFTs have utility beyond the high-end art world. Digital collectibles are on the rise, with athletes especially interested in using NFTs to crystallize iconic moments in sports history. In the gaming world, many developers are working on incorporating NFTs in video games as playable items. Lastly, the greatest application of NFTs is yet to come in the metaverse. In this article, we will explore the world of NFTs beyond digital art and bring your attention to some of the coolest projects in this space, and perhaps more importantly, introduce the best platforms you can use to access NFT products.
Most people’s introduction to NFTs was in 2021, when digital artist Beeple, sold his artwork 5,000 days at Christies for a staggering $69million. Since then, NFTs have been a staple of mainstream culture, with digital artists increasingly using the technology as a way to directly interact with their clientele. But enough about art – what else are people doing with NFTs?
Digital collectibles are perhaps the second best-known NFT product. Everyone has of course heard of Bored Ape Yacht Club, a collection of computer-generated images of lackadaisical primates that totaled over $180 million in sales in a single week in February according to Business Insider. But NFTs are also big in sports. In 2021, Tyson Fury, the lineal boxing heavyweight champion partnered with FOMO labs to create an NFT collection. The creme de la creme of the collection, ‘Lineal’ by Tyson Fury sold for nearly a million dollars, becoming the highest-selling boxing-related NFT ever sold.
FOMO Lab, the leading IP specialists, FomoVERSE architects and creation studio has brought to market a myriad of futuristic NFT collections to the space. Over in the auto world, the Miami Crypto Experience also partnered with FOMO labs to put the first-ever Porsche on the blockchain. NFTs are also disrupting the music industry through an innovative melding of blockchain technology and music: PVLACE of 808 Mafia also linked up with FOMO Labs to create a collection that included original musical compositions accompanying the NFTs.
But the full extent of NFT utility will be demonstrated through the metaverse. In a cross reality space, a myriad of use cases for NFTs appears as digital admission tokens and more. The applications are endless, but what the NFT space needs is a platform that can bring together these functions in an accessible and productive setting. FOMO Lab serves as a one-stop-shop for all aspects of the NFT ecosystem, from a launchpad for assisting in the growth of new crypto projects, to a multi-chain NFT marketplace – The Avenue Marketplace – which has interoperability across different blockchains. This type of holistic approach to creating an NFT ecosystem is the kind of forward vision needed to truly push the boundaries of what blockchain technology can achieve and to provide users with ownership over their digital assets.