What does the future of NFTs hold?

What does the future of NFTs hold?

Many people continue to debate the actual value of non-fungible tokens (NFTs), there’s also much debate about whether they’re here to stay or are just a passing frenzy. On the other hand, there are many who believe that NFTs are on the up and up. So what does the future for NFTs hold? What industries will they disrupt next? And what trends will NFTs shape in the years to come? The list of the innovations that NFTs and blockchain technology have ushered in is longer than we can summarise but we’ll give it a try.

Don’t know what NFTs are? Check out our NFTs, the Metaverse and Web3 explained blog for all you need to know.

Any information herein is not intended as financial, tax, legal, investment, or other advice. NFA (non-financial advice) as they say! ;) Please do your own research (DYOR), before making any decision or taking any action regarding your finances and investments.

Could NFTs change the way we game?

Blockchain technology and NFTs have incredible potential for the gaming industry, and NFTs are even showing potential for changing the way in-game marketplaces operate. Games like Axie Infinity and The Sandbox are making waves with the P2E (play-to-earn) model that allows gamers to literally do that, play and earn.

There are hundreds of games built entirely around NFTs. And of all the P2E games on the market, Axie is certainly one of the most popular. The game draws its inspiration from Pokémon, and is based on buying, breeding and training Axies for battle.

What’s really interesting about this game is that the Axies themselves are NFTs. So the utility for investing in Axies goes beyond just owning a character, you can play with it and earn “Smooth Love Potion”, a cryptocurrency which can be traded on the secondary market for traditional currencies. This is something that is in the pipeline for FoodGangz too, keep an eye out on our page to find out more about our P2E strategy.

But the trend really stirring up the pot in the world of gaming is the metaverse. Many are touting the metaverse as the future of online interactions. The metaverse is a digitally shared space which combines virtual and physical reality. So where do NFTs fit in all of this? The more our lives shift to online, the more we’ll need secure ways to prove ownership of our identities and digital assets. This is where NFTs come in. What NFTs enable in the metaverse is the same non-fungibility of assets we see in the real world.

What drives the value of assets is scarcity and utility. And NFTs allow creators to introduce both scarcity and utility into the metaverse, meaning a unique economic system can grow within it. As dystopian as it sounds, NFTs could usher in a whole new world economic order!

NFT fragments, what are those?

Some NFTs are incredibly expensive, making them inaccessible to most. As of writing this, the cheapest CryptoPunk can set you back an incredible $178k. But there’s a new trend that is making high-value NFTs accessible to more investors; fragmentation. Fragmentation is the breaking down of an NFT into smaller pieces, allowing many people to own a part of an otherwise expensive NFT. Kind of like buying shares in a company.

What’s interesting here is that NFT fragments are fungible, meaning they can be traded for an identical item. The idea of fragmentation also extends the utility of an NFT in interesting ways. For example, the infamous doge meme (which was bought for a woofing $4 million) was recently fragmented by its owner, allowing users to buy a stake in doge for a little less than a dollar. And as is with any kind of shareholding, investors can vote on all decisions about the NFT, trade their fragment of the meme, and essentially own a piece of internet history.

Could NFTs encourage us to be kinder to the environment?

The environmental challenges that blockchain faces is one of the main hurdles that will determine the developmental trajectory of this new technology. In response to the environmental concerns associated with NFTs, new platforms are being explored as an attempt to curb excessive energy consumption. While Ethereum uses significant amounts of energy on a PoW (proof of work) mechanism, it is preparing to release Ethereum 2.0, a version that is said to be kinder to the environment. Where Solana is becoming the most energy-efficient PoS (proof of stake) protocol in terms of energy used per transaction, using 0.166 watt-hours (Wh) of electricity per transaction

All these technologies are still in their infancy, but their response to the environmental impact that they have can be a blueprint that other tech companies can follow.

To conclude, the potential uses for NFTs will probably evolve with the times and technological advancements. Some experts claim that a decade from now, all purchases we make will be accompanied by NFTs, others believe that traditional contracts will be a thing long forgotten and replaced by smart contracts. It’s hard to tell whether NFTs are the next big investment or a bubble waiting to burst. We’re still in the early days of NFTs, with a lot of room for them to mature and develop in the years ahead.

Many have come to associate NFTs with jpeg images, memes of cats and gifs of Lebron James dunking, but they are so much more than just that. NFTs have changed and disrupted traditional business models from gaming to investing, they have transferred power back into the hands of people, and most importantly, they have given creators more financial control over their own creations. The blockchain technology that NFTs are based on has so much potential and we are excited to explore its endless possibilities!

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More than rare collectibles, FoodGangz is an organization developed by 3D design and marketing specialists with the community being at the center of it all.

FoodGangz utility spreads across 2 primary channels:

Value creation through our tokenomics and NFT staking platform presenting passive income-earning opportunities on the SOL blockchain; Miyuna’s Arcade, an exclusive, collaborative community space fueled by our utility token $GANG;

Discord: https://discord.gg/foodgangz

Twitter: https://twitter.com/FoodGangz

Website: COMING SOON

FOODGANGZ FOUNDATION

We’re on a mission… $1 USD from every primary and secondary FoodGangz NFT sales goes towards the FoodGangz Foundation (FGF), a humanitarian organisation on a mission to combat the world hunger crises by providing funding support to various charitable channels for food and other assistance specifically in emergency situations.

Just $1 can provide up to 10 meals. Through our monthly donations, we can all positively impact the lives of millions of hungry families, children and homeless.

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For a closer read on what the future looks like for NFTs, have a look at some of our references.

Online Retail. 2022. 11 exciting NFT trends shaping the future of non-fungible tokens https://queue-it.com/blog/exciting-future-nft-trends/#medical-NFTs

Lars Aboleda. 2022. The Future of NFTs — Everything You Need to Know. https://napoleoncat.com/blog/what-is-the-future-of-nfts/#:~:text=NFTs%20hold%20massive%20potential%20for,are%20getting%20rewarded%20for%20it.

Kanishk Singh. 2022. What Does The Future Hold for NFTs? https://tecake.com/what-does-the-future-hold-for-nfts/

https://www.threekit.com/the-rise-and-rise-of-nfts

https://storm2.com/what-the-future-holds-for-nfts/

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A journey created together, as a community. 🤍 Welcome to FoodGangz. 🤍 4,444 NFT collectibles on the Solana blockchain.

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FoodGangz

FoodGangz

A journey created together, as a community. 🤍 Welcome to FoodGangz. 🤍 4,444 NFT collectibles on the Solana blockchain.

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