Non-fungible tokens, aka NFTs, have become quite popular in the digital world. But do you know what they are exactly? The word “non-fungible” means that something is one-of-a-kind and cannot be replaced. Therefore an NFT is a digital asset such as a picture, song, video, art, or other item and is backed by blockchain technology. In this article, we will discuss the ever-changing world of NFTs and what the future might hold for them.
Over the past few years, the world witnessed the introduction of NFTs into the digital world. They gained such popularity and recognition that they drew the interest of celebrities and were even mentioned in movies, music, and advertisements. Even with all of this popularity and excitement surrounding NFTS, many still questioned whether they are sustainable or just one of the many fads of this digital era.
The Emergence And History of NFTs
Think back a little, when was the first time you heard about NFTs? The first-ever NFT, called Quantum, was actually created in 2014 by Kevin McCoy on the Namecoin blockchain. The world, however, didn’t start to catch on to NFTs until about 2017. They were more popular in the niche communities of gaming, digital art, and tech enthusiasts. It was the emergence of the Ethereum blockchain that enabled NFTs to evolve even more. The Ethereum blockchain technology offered solutions for token creation, programming, storage, and trading which were challenges presented with the Namecoin blockchain.
Fast-forward a few years to 2021, the COVID-19 pandemic actually helped to bring more eyes to the world of NFTs when most of the world was on lockdown and all people had to connect with was technology. Twitter (now referred to as X) is the platform where most NFT communities and enthusiasts gathered and with the pandemic, there were more people reading about and seeing this activity unfolding.
Another historic moment in the journey of NFTs so far is the sale of “Beeple, Everydays: The First 5,000 Days” for a whopping $69.3 million dollars. Since then there have been many more high-value NFT sales such as “Right-click and Save As Guy” by XCopy, for $7 million, and a CryptoPunk which went for about $11 million at auction. Thanks to collectibles and digital art like these, NFTs gained much traction throughout 2021.
As the NFT world continued to evolve there came the introduction of virtual worlds such as Decentraland as well as games like Axie Infinity. Soon many big brands started to show interest in NFTs and their application in their businesses. Some of these include Taco Bell, Coca-Cola, Adidas Gucci, and Nike. One of the most popular NFT collections to date is the Bored Ape Yacht Club (BAYC) which came about in 2021 during the cryptocurrency bull run.
Our very own Women Unite Original Collection (OC) was launched in January 2022 with all 222 tokens completely sold out. Minting at just $62 at the time, this gave community members the opportunity to 10x and some even 100x their investments. This was a very exciting and pivotal moment for the community as it catapulted us even deeper into the NFT world and all the possibilities it held.
What Does The Future Hold For NFTs?
There may be many questions unfolding now as to whether there is a future for NFTs or not due to the bear market of cryptocurrencies. One thing we want to highlight is the fact that NFTs are a part of the digital world — they are linked to cryptocurrency and if you take a look at the history and activity of the crypto world there is always a continuous up and down trend.
NFTs have already been revolutionizing the art and gaming industries and as things continue to develop and evolve in the space more industries will be affected by the potential applications of NFTs. Artists now have a new way to share their work and benefit financially as there are more methods to monetize their creations in the NFT space. Artists can now sell their creations globally which means more possibilities for increased income.
Even though NFTs initially came out as digital assets, their growth has shown that there are many use cases that could benefit owners, creators, and collectors. A notable use case is the introduction of royalties which enables artists to gain financially on the future sales of their creations, something which is not possible in the real world art scene. For the gaming industry, NFTs offer gamers true ownership of their in-game assets such as skins, avatars, and weapons.
As it relates to the Women Unite community, NFTs present a promising future for the financial well-being of community members. Each Women Unite token acts as membership to the WU Kingdom which houses personal development classes. The upcoming release of the Angel3000 tokens provides entry into the Metaverse and there are many new developments underway for the Women Unite Ecosystem.
Evolution of NFTs
There is nothing written in stone that says that NFTs have to stick to what they originally came into this world as. Using NFTs as an investment, trading them, and improving your financial status is definitely something to celebrate and be grateful for. However, this does not negate the fact that as things continue to develop in the NFT space despite the “low” period that they are in right now, there are so many different ways that they can be applied going forward.
There are companies and brands that are now using NFTs as a way to build their community and offer unique valuable experiences and content to their audience. To name a few are VeeFriends by Gary Vee, Gold Squad by Mason Versluis, and our very own Women Unite. You can join our discord community to learn more about us and what we offer as a brand focused on the empowerment of women and spreading love, compassion, and positivity throughout the world.
With the evolving technology there can now be NFTs which are tickets that act as proof of ownership allowing holders to enter a sporting event, live music concert, personal development event, etc.
In the NFT space utility is one of the most important aspects and the more that companies and businesses harness the power of utilities the more possibilities there are for increased earning potential.
As technology continues to evolve NFTs will become more versatile and integrated into different aspects of our digital lives. Even though there may be concerns surrounding investor protection, theft, and copyright fraud in NFTs, developments in the industry will see regulations that address these concerns.
With wider adoption when more people learn about NFTs and the technology continues to improve, it will become more accepted, widely used, and adopted into daily lives. One of the significant applications that we are most excited about is that of the metaverse, a virtual world where people can interact with each other. NFTs can be used to exchange virtual real estate, in-game objects, and other virtual assets in the metaverse.
What do you think the future of NFTs holds? Share your thoughts with us in the comments below and on our twitter account so that we can get the conversation going.
As we move forward in to the unchartered technology of the future, its important to have a tribe that helps to navigate and share the amazing experiences that are unfolding. Join the Women Unite community on the Iamverse Discord https://iamverse.com/discord