The NFT market
Last updated
Last updated
The success of next-generation metaverses, i.e. those that give users true ownership of the assets they use, such as Meta Life, is intrinsically linked to that of NFTs. Ensuring that players can enjoy true ownership of the elements they harness in a virtual world, whether for cosmetic purposes or to enhance their experiences, is a game changer for the industry. Precisely, it is impossible to conceive this kind of virtual worlds, in which the notion of ownership is a cornerstone, without non fungible tokens.
In this regard, the NFT market has been experiencing positive momentum for nearly a year and a half, suggesting exciting prospects for metaverses.
For the year 2021, the NFT market on the Ethereum blockchain is valued at nearly $44.2 billion, up from $825 million in 2020. In the first four months of the following year, more than $34 billion has been raised. It is also worth noting that, in 2021, players spent in the order of $4.9 billion on NFTs in games: that accounts for around 3% of the global gaming industry.
These elements not only suggest that the NFT market is still in its infancy but also that it still has a lot to offer to assets related to metaverses. This is particularly true for "lands" tokens, which are essential in most virtual worlds.
In this regard, the metaverse real estate sales hit $500 million in 2021, and this market could double this year. This is one of the markets in which Meta Life has the ambition and the ability to establish itself as a major player, due to the quality of its virtual world, both graphically and in terms of game experience.
The NFT market has witnessed a significant boom in late 2021 / early 2022, and it is predicted that its next booming cycle will be even greater, propelling projects in its curve.
