{"id":49250,"date":"2023-04-22T02:00:23","date_gmt":"2023-04-22T02:00:23","guid":{"rendered":"https:\/\/egrowonline.com\/?p=49250"},"modified":"2023-04-22T02:00:23","modified_gmt":"2023-04-22T02:00:23","slug":"games-and-tokenization-are-driving-nft-industry-maturation","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=49250","title":{"rendered":"Games and tokenization are driving NFT industry maturation"},"content":{"rendered":"
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From tokenizing investment assets to game avatars, nonfungible tokens (NFTs) have an array of applications that go beyond digital art, with more projects coming online despite the market downturn in 2022.<\/p>\n
At the NFT.NYC 2023 conference, Cointelegraph\u2019s team learned first-hand from experts, projects, companies and the NFT community how the technology is shaping the digital world. Check out the highlights of the three-day event below:<\/p>\n
NFT games show signs of maturing\u00a0<\/h3>\n
After years of development, the first batch of NFT-based gaming projects are entering the market, paving the way for a world in which real life and games will be blended, companies and developers told Cointelegraph. <\/p>\n
\u201cTen years from now, I could be wearing my VR glasses or still using my phone, or probably using some new system interacting with the metaverse \u2014 but I\u2019m going to be able to port my avatar and my NFT items. […] As a user, I\u2019m going to start collecting more digital goods as NFTs, more than even physical goods, like clothing or watches or cars,\u201c explained Origin Protocol co-founder Matthew Liu regarding skins being interoperable across platforms. <\/p>\n
Alex Connolly, co-founder of Immutable, has noticed an increase in competition in the gaming sector as more projects and developers seek to address blockchain-based challenges, such as interoperability:<\/p>\n
\u201cWe\u2018re seeing a few alphas. There\u2019s been a few things that have been playable here at NFT.NYC. Building games is hard. It takes a while […] to make them good. But I think we\u2019re starting to see some of the best Web3 games that have ever been built. […] I can own my stuff and trade inside the game. I think that\u2019s really powerful.\u201d<\/p><\/blockquote>\n
Linus Chung, vice president of product at Origin Protocol, believes that companies trying to bring NFTs into their business should focus on significantly improving one pain point in people\u2019s lives that traditional methods do not solve: \u201cThe last bull market has definitely shown that people will go through all of the hoops of acquiring crypto, getting a MetaMask wallet because there is some carrot at the end of that tunnel that\u2019s way better than the traditional way of doing things.\u201d<\/p>\nNFT.NYC 2023 attendees at the Immutable booth. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n
Real estate NFTs<\/h3>\n
One real-world application of NFTs is the tokenization of investment assets, and the real estate industry is one of its primary targets, event speakers said. Fintech company Ripple, for example, is working with other businesses developing real estate marketplaces and tokenized NFTs, Emi Yoshikawa, Ripple\u2019s vice president of strategy and operations, told Cointelegraph.\u00a0<\/p>\n
\u201cReal estate is one of the big focuses of the market that we are very excited about. Obviously, it\u2019s a massive market, but it\u2019s very illiquid and also very inefficient. […] We are partnering with some companies who are building a marketplace to provide tokenized NFTs for real estate,\u201c she noted, before adding that Japan is one helping lead the tokenization market in Asia. <\/p>\n
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