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Blockchain is arguably starting to make it into the mainstream. The banking sector has embraced blockchain technology with open arms, and the logistics sector and even the administrative industry are beginning to follow suit. As such, people are now looking elsewhere for the next big thing. Some of the most interesting up and coming industries for blockchain use cases are the music and art sectors.
With some of the Yield Farming profits dropping and the most intense DeFi hysteria waning, another digital asset has been gaining traction that may be able to kickstart the blockchain space: namely, non-fungible tokens (NFTs). Non-fungible tokens could be the future of music and art, gaming, and even real estate. But, since the terms “fungible” and “non-fungible” can be somewhat confusing, let’s dig into what it all means.
The video game industry is a multi-billion dollar sector, with an estimated 65% of American adults playing games. Moreover, by 2025, the video game market is estimated to become a $300 billion industry by 2025. Out of all of these prospective gamers, the blockchain firm Enjin hopes to lasso some of these gamers from traditional gaming and bring them over to the blockchain.
Decentraland is a decentralized, virtual reality (VR) platform where users can both create and monetize their content and applications. The digital land on their platform is simply called “LAND.” Specifically, it is a non-fungible digital asset maintained by Ethereum smart contracts. Decentraland split up their digital land into parcels so that users can purchase it using the MANA token.
Non-fungible tokens (NFTs) are famously gaining popularity in the gaming and collectible space, and is one of the latest booming areas of the crypto industry. However, the use cases for NFTs stretch far beyond gaming and collectibles. In fact, developers are creating entire virtual worlds using NFTs, and we are still very much in the early stages of adoption. Moreover, NFTs can be used in a wide variety of sectors, from the art industry to within music, fashion, and much more.
You may have heard of the “Exeedme” blockchain-powered gaming tournament platform and the XED token. In short, Exeedme is a blockchain gaming platform that seeks to revolutionize the industry by giving gamers, developers, and organizers a place to monetize their skills. They plan to do this through the power of decentralized finance (DeFi) and non-fungible tokens (NFTs).
