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It’s hard to keep up with the pace of developments in the blockchain industry. But we seem to already be at a point where NFTs can grow and evolve.
Some NFTs have unique characteristics that can change as they grow and evolve. For instance, a gaming-related NFT can evolve to become a unique and very powerful figure that is highly regarded or useful in a given ecosystem.
And the more useful an NFT is, the larger its price tag is going to be. NFT evolution is already taking place in a variety of different ways.
Making Sense of NFTs
In one sense, NFTs can be compared to cryptocurrencies. Everybody is talking about them. Yet few know what they are in a technical sense. And just like the best way to get familiar with cryptocurrencies is to download a wallet and buy some cryptocurrency, the best way to understand NFTs is to purchase one and play around. You can do this at one of the many NFT marketplaces.
In other words, it’s certainly an area worth investigating, even if it looks a little ‘cartoonish’ right now with virtual figures. Plus, the sales figures these pieces of digital art are selling for are far from comical. Remember that you will soon be investing in real things. Over $2 Billionhas been exchanged on the Axie Infinity marketplace alone.
Other noteworthy marketplaces include OpenSea, Cryptopunks, Rarible, and SuperRare. Most of these are on the Ethereum Blockchain so you will need to invest in ETH to participate. You’ll also probably need a Metamask wallet but this is very easy to create.
A Growing Market - Utility NFTs
While many predict that the NFT market could bubble much like cryptocurrencies, the rise of utility NFTs could offset this. This is a special branch of NFTs that are tied to a specific function other than aesthetic appeal. Just because digital art NFTs are hot right now, does not mean we won’t see a wide variety of uses.
For instance, you might get to participate in a new game where there are 10,000 utility NFTs that denote ownership of the game itself. This gives gamers ‘skin in the game’ as they are contributing to the system with their investment and their participation.
And the NFTs themselves could grow and evolve as the game progresses. Kind of like investing in your own avatar that you use to play the game itself. And this is without exploring the concept of actually ‘breeding’ NFTs together to create a new one. This is what certain projects are doing and blows the doors wide open in terms of NFT evolution.
The Breeding of NFTs
At present, an NFT has yet to be ‘born’ on the Roaring Leaders blockchain. But it is the next milestone on its list. The Tinder marketplace for breeding NFTs has likewise is soon to go live. When a Male and Female Roaring Leader are bred, the new Roaring Leader “Cub” NFT is created as part of a separate collection. Breeding currently costs 600 $ROAR, the project’s native token. The platform also recently launched a live poker gamewith a DJ for a high price pool of $4,000.
That’s not all the platform has got going for it, however. It’s also home to what it claims to be the world’s first NFT mutual fund. This is another massive area that could be extremely lucrative, especially for early entrants. Roaring Leaders is comparable to
Even the Bored Apes Yacht Club will soon be breeding with the sister project, Bored Apes Wives.
The Future
The NFT marketplace is already quite strong, with nearly $7 Billion being traded on the OpenSea marketplace. A digital art NFT sold for $69 million earlier this year. Currently, digital art is where all the action is taking place. But while it may expand in this arena, it's not going to stay there.
Imagine being able to actually interact with an NTF. What if you could use a virtual reality headset to view a digital art NTF that you purchased? It might still be digital, but you would be viewing it in a 3D environment where you are physically moving around in.
From Static to Evolution
Miami-based AEXLABis already working on a 3D tactical shooter where you can interact with NFTs. The ‘VAIL’ 3D VR tactical shooter provides an environment where users can ‘physically’ interact with NFTs. It’s set to provide a new NFT angle by combining social gaming with cutting-edge virtual reality.
Like Roaring Leaders, the animal theme is evident with the release of the VAIL NFTs. These NFTs are pets that will be minted in the upcoming tactical shooter. Each NFT will have a unique appearance and its own unique behaviors within the game. This takes the concept even further than Roaring Leaders. The ‘VAILIENS’ will evolve to gain new traits over time in the VAIL VR world and also respond to touch and commands.
AEXLAB is not the only company with this concept.
The Era of NFTs
Multiple NFT marketplaces are emerging that are clearly not static in nature. And we are only at the beginning of a burgeoning ecosystem.
NFTs seem to have already evolved from 2D digital art into 3D VR figures before most people have even heard of them. Now they are becoming evolving entities in the same shroud of mystery. We are watching the foundation of a new digital era being laid. When the rest of the world catches up, they’re going to see the finished product. They won’t have seen the baby steps in between.
If you’re paying attention now, you’re one of the few who can say that you saw where it all began.
Disclaimer: The author holds tokens in some of the above-mentioned companies. The opinions in this article belong to the author alone and should not be considered investment advice.