New Innovative NFT Use Cases that Might Change the World

The transaction volume of the entire NFT market crossed US$16 billion in November 2021. In 2020, it was only US$355 million, which shows how impressive of a run NFTs have made to create a new asset class in the crypto industry. At the beginning of 2021, the market was mainly dominated by sports highlights and trading cards. But in the second half of the year, we saw NFTs take new forms, which created multiple market segments such as virtual real estate, gaming avatars, and fashion. Seeing the growth and evolution of NFTs, investors started to see long-term value in NFT and metaverse-based projects. As a result, many NFT gaming companies that aim to create virtual worlds raised tens of millions of dollars. An example is True Global Ventures which invested US$10 million into a metaverse leader, The Sandbox which is launching their Alpha access at the end of November 2021. The goal here is to take NFTs beyond digital art and status symbols. As the underlying technology, blockchain, of NFTs allows for greater transparency and trust in ownership, it can be used in creating new business models or making the existing ones more efficient. Though it is still relatively early in NFTs, we might just witness the birth of new use-cases that can change the whole world. Some are already making that difference: Generative NFT Art Becoming More Innovative Generative NFT Art gives artists the ability to generate different variants, but making s...