All I Want For Christmas Is An NFT
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
The holiday season is here, and so is the time to find the right gifts for your family and friends.
But what is the right gift?
Every holiday season, there’s a wide range of options to pick from - from cash stuffed in little wrapped boxes to eVouchers and physical stores to eCommerce outlets, the list just keeps getting longer every year.
However, this holiday season, gifts are taking a new form as non-fungible tokens (NFTs). NFTs are the talk of the town these days. Anyone who realizes the potential of NFTs will thank you throughout their life for such a gift.
What Makes NFTs The Perfect Gift?
According to Brandessence Market research, there has been a growth of 328% in NFT transactions over the first three quarters of 2021, bringing the total transaction volume to USD 2.5 billion compared to the USD 13.7 million in total NFT sales recorded during the first half of 2020. The pandemic and the rise of blockchain games accelerated the mainstream adoption of NFTs, swelling the total global market capitalization for non-fungible tokens to USD 7 billion and counting.
In 2021 alone, the cryptoverse witnessed several high-profile sales, including CryptoPunks, Beeple, and more. In a recent report, Morgan Stanley remarked that luxury NFTs could become a dominant sector of their own, potentially reaching a USD 56 billion market by 2030, primarily due to the expanding footprint of the metaverse.
Besides, NFTs are the gift that will keep on giving. Depending on the rarity and demand, the value of an NFT can grow spectacularly over time, just like fine art and wine. Take a look at the top NFT collections by trading volume listing on CoinGecko, and you’ll realize the true potential of NFTs and how it has made people millionaires overnight.
AAX, one of the leading global cryptocurrency exchanges, highlighted the many use cases for tokenization in a recent blog. NFTs are irreplaceable, immutable, and limited in quantity. They can be used to represent (tokenize) artwork, collectibles, personal data, memorabilia, in-game assets, real-world assets, digital identities, certificates, gift vouchers, and so much more.
Other than the monetary value, gifting an NFT is also easier and effortless than buying a physical gift. NFTs feature a range of prices - from a few cents to millions of dollars. Accordingly, the chances are that you’ll uncover one or more NFTs that fit your holiday shopping budget.
Finally, by giving someone an NFT, you will directly contribute to financial inclusion. By tokenizing the actual asset, one can create multiple revenue pools like using it to provide liquidity, renting it out, using it as collateral to access on-chain funding, and more.
So, if you plan on giving a gift that has an impact, try picking an NFT.
NFT Projects Focused On Thriving For The Foreseeable Future
There are hundreds of NFTs to choose from, covering a wide range of industries. Be it music, arts, sports, collectibles, gaming, or real-world assets like wine, real estate, or anything else - you’ll never run out of options.
One such project is the Starly NFT marketplace. While there are dozens of NFT marketplaces, Starly also doubles up as a launchpad, offering content creators the platform to build economies around their gamified NFT collections.
Unlike other platforms, Starly adds more value to collecting NFTs by organizing them randomly in locked packs, segregated in three different rarity classes, with each class consisting of 21 cards (11 common, six rare, and four legendary). Launched in September 2021, Starly auctioned its 9th collection on November 11th, generating more than USD 500,000 in a little more than a month.
Built by the team behind F3 and Ask.fm, Starly is built on the FLOW blockchain network and backed by Dapper Labs. The platform includes different social and gaming mechanics to create a more accessible end-to-end solution for all kinds of creators and their audiences.
The next project aiming to disrupt the blockchain gaming industry is SYN CITY. Built by gaming industry veterans from Disney, Ubisoft, Roblox, EA, and Gameloft, SYN CITY is the first mafia metaverse, delivering an entirely virtual organized crime and syndicate-themed game for the blockchain.
SYN CITY will be a 100% free-to-play, play-to-earn NFT game. The platform was the #1 collection after a successful IGO with Binance NFT, where it unveiled limited-edition NFTs and other in-game assets for the Binance community exclusively.
The game will also introduce the first-of-its-kind Mafia-as-a-DAO (MaaD) mechanics to incentivize each player. SYN CITY has already found support from prominent names, including Twitch co-founder Justin Kan and Goat Capital’s founder Robin Chan, A&T Capital, Hack VC, Animoca Brands, and Spartan Group.
NFTs are changing alongside the changing consumer patterns. As more and more blockchain games enter the market, the NFT ecosystem’s expansion may gain further momentum. Hence, without following your typical holiday shopping routine this Christmas, consider gifting NFTs that will open the doors to several financial opportunities for your loved ones.