Blockchain technology in gaming and the metaverse is driven by NFTs where in-game assets offer a player its ownership, provable scarcity, interoperability, and immutability. The most played game on Ethereum, Axie Infinity, has attracted thousands of users to blockchain technology with over 90,000 active wallets and about 22,000 daily users. The Internet has email, social Media has Facebook, Gaming and Metaverse have NFTs.
People accept the value of rare digital arts similarly to contemporary conventional art, paintings, etc., valued in millions of dollars. For example, Mike ‘Beeple’ Winkelmann's digital artwork has been sold for a whopping $69.3 million, and the recent craze of CryptoPunks domination in collectible sales shows peoples' appetite for digital art. And this, this is just the beginning!
NBA Top Shots video of Lebron James dunking over his defenders sold for more than $200,000. Shawn Mendes launched a batch of NFTs like virtual guitars, necklaces, vests, and earrings on Open Sea which made him more than $600,000. Other big stars like Lionel Messi, Eminem, Snoop Dog and many more from the entertainment industry of sports and music are also joining the NFT ecosystem.
NFT projects are starting to move into DeFi and cross chain ecosystems. However, few projects are beginning to explore using NFTs as collateral in the DeFi platform, where you can lock your NFT in the smart contract and access a set amount of loan from the platform. An upcoming project called Vaulty Finance is trying to use DeFi tools like farming and staking in the Binance Smartchain. An Ethereum based project called NFTX explores the possibilities of giving the NFTs some use cases by fractionalizing the NFTs. ShoeFy is one of the early movers in this field, with its distinct characters from all the projects mentioned here.
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