Humanity has always been innovative when it comes to development, but the world of crypto and NFTs in the past decade has completely changed how the world defines evolution. In this article, the focus is on the advancements of the NFT sphere, and how they might just be the next major step towards a better future.
What are NFTs?
To fully understand the points below, everyone has to be on the same page about the basics. Non-Fungible Tokens (NFTs) are essentially one-off cryptocurrencies that can’t be tampered with, copied, or duplicated. All NFTs are issued and registered on their respective blockchains, which is Ethereum in most cases. Thanks to this, they gain attributes such as publicly verifiable ownership, exchangeability, and security. With all that in mind, it’s no surprise that NFTs have become increasingly popular fairly recently, as the world began to recognize the untapped potential of this unique class of cryptocurrencies.
How it started: Bored Ape Yacht Club
Now that the foundations are set straight, the attention can shift to the early, widely adopted NFTs which were essentially the first globally known examples of the sphere: the Bored Ape Yacht Club (BAYC). Simply put, BAYC is a collection of digital art pieces registered as NFTs that depict various bespoke Apes with a somewhat common theme. Initiatives like this started to grab the attention of crypto enthusiasts first, before eventually securing worldwide awareness and many celebrities as BAYC NFT owners.
The flaws of conventional NFTs
While collections, such as the Bored Ape Yacht Club, were important in the beginning, their limited use cases might turn against them in the long run. The real valuation behind these NFTs is basically the status they convey, if one knows the astronomical prices associated with them. Also, while they do offer some level of belonging and exclusivity, the NFTs themselves are directly unusable.
The new generation of NFTs
As with anything, the first solution is rarely the best. With the flaws and limitations of the current leading NFTs in mind, it’s not hard to see why the next generation’s arrival was inevitable. The latest developments within the sphere reveal the new direction, which is leveraging the powerful characteristics of NFTs and turning them into life-like digital avatars that actually function as full-blown virtual humans. For instance, pax.world, the industry’s flagship project, not only introduces its bespoke, sophisticated NFT avatars, but does so in its own metaverse, which opens up numerous opportunities for all participants. With it, NFTs get actually useful utility, such as virtual, face-to-face social interactions, events, professional meetings, and many more. These came exactly when needed, as the pandemic hit and prevented such happenings in the real world.
Final thoughts: the dawn of a revolution
Non-Fungible Tokens (NFTs) are rightfully considered one of the greatest and most disruptive technological advancements of human history. However, what started with relatively limited collections, such as the Bored Ape Yacht Club, has evolved to be life-like avatars within full-blown metaverses, introduced by pax.world, receiving unmatched use cases and practical benefits along the way. The only question left is: was this the crucial next step towards a better, more liveable future?
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