The Future of NFTs and the Metaverse

NFTs Metaverse
Published on: February 11, 2022
Author: NAI500

Is The Metaverse and The NFT Space Real?

Ask anyone a year ago what they thought of NFTs and the metaverse, and they probably would have stared at you blankly. Now, the NFTs and the metaverse are hot topics of conversation, not only in tech circles but in circles everywhere. 

There are different descriptions of what the metaverse actually is depending on who is asked; however, it’s generally accepted as an always-on virtual ecosystem where people can meet and interact. It takes ideas that may be familiar, like online gaming and virtual reality, and combines them to create an immersive, virtual world. People can socialize, work, learn, and play. 

In the metaverse, friends might meet in a virtual cafe before heading to a virtual concert, work colleagues may sit in virtual meetings rather than Zoom, and students from all over the world might attend lectures at an online university. 

Put into perspective, it’s not hard to see why the metaverse is being hailed as “the biggest disruption to how we live ever seen.” And with change comes new opportunities to make a buck. 

Some experts are already predicting the metaverse could be worth trillions in annual revenue, and NFTs will be a big part of monetizing this market.  

NFTs – non-fungible tokens that represent ownership of a unique digital asset – will play a huge role in this burgeoning digital reality. People are represented in the metaverse by their own unique digital avatars. And just like people enjoy buying flashy and unique items to get noticed in real life, they will want things that help them stand out in the virtual world. 

NFTs took off in 2021 as collectors raced to get their hands on rare and collectable digital artwork. Nike recently put out a collection of NFT shoes, represented by nothing but an image; the 600 NFTs sold out in minutes and raised over USD$3 million. This is just a taste of what’s in store for NFTs and the Metaverse. Soon, people will be buying virtual clothes and accessories to sport on their avatars as they hang out, explore, or go to work, all in the metaverse. 

Artists don’t trust Meta/Facebook.

The recent name change has done little to quell users’ distrust of Meta/Facebook. 

In a recent interview with Forbes, NFT artists from around the world expressed concern with safety and security on Meta platforms like Facebook and Instagram. 

Artists like Serwah Attafuah, an Australian native well-known for her Afo-abstract NFTs, have abandoned Meta platforms in droves, migrating to places like Twitter or leaving social-media networks altogether. Even the prospect of a virtual marketplace where they could display and sell their NFT art isn’t enough for many of these artists to come back. 

“To be honest,” said Attafuah, “I don’t really trust any of these platforms.”

Other artists, including Itzel Yard, the world’s best-selling female NFT artist, echo these sentiments. She recounts a story of someone “scraping” her Instagram account, taking all her art and selling it on OpenSea – an online NFT marketplace. 

Investment Bank Jefferies Sees NFT Market Reaching $80 Billion By 2025

Despite a few hiccups, NFT sales for 2021 reached nearly $25 billion. And as the digital world continues to converge with the real world, the NFT market will become an increasingly important – and profitable – outlet for brands and artists in the metaverse. 

In a recently released report, analysts from the Jefferies investment bank raised their NFT forecast to over $35 billion for 2022 and more than $80 billion by 2025. 

Analysts also highlight a growing trend in NFTs and Metaverse not seen before: A slow but unmistakable shift from Ethereum, currently the dominant NFT minting and metaverse building platform, to alternative networks, citing excessive gas fees and congestion as reasons for the shrinking market share. 

Rival investment bank JP Morgan expressed similar concerns in a report released last week. Ethereum’s share of the NFT market has dropped from 95% to 80% and continues to shrink. 

What Makes BCFN’s LastKnown.com More Attractive to NFT Artists?

A new but rapidly emerging entrant into the NFT space is LastKnown.com

Developed by Blockchain Foundry Inc. (CSE: BCFN), a North American leader in the design, development and commercialization of blockchain-based solutions, LastKnown.com has been making big waves in the NFT market. 

LastKnown is a multi-chain NFT marketplace featuring exclusive artists and innovative drops. Content creators benefit from working with an experienced team, creative development tools, and niche marketing services. Collectors can buy NFTs on the marketplace with popular blockchains like Ethereum, Syscoin and others. 

The NFT marketplace recently launched its first public sale, an exclusive NFT drop by Chairman Ting. The 888-piece Billion Buns collection sold out in less than a minute. 

Following the resounding success of its first drop, LastKnown.com newly announced the second of several artists to be featured on its platform. Award-winning artist Andrew Skuja will be releasing his “Babylon Misfits,” a collection of 1,900 unique characters on the LastKnow.com marketplace, on February 8, 2022. 

On January 21, BCFN partner Catbotica LLC dropped its one-of-a-kind Catbot NFT collection. The 12,000 hand-drawn generative Catbots sold out in 10 hours and raised 1,124ETH or nearly CAD$4.5 million at current prices. 

The entire Catbotica collection was developed and deployed using BCFN technology. Blockchain Foundry has been paid a portion of revenue from the sale in consideration of its contribution. It will also be allocated a minority equity interest in Catbotica LLC; a company formed to manage Catbotica’s ongoing development and NFT efforts.

Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.

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