Let's Start with an Explanation. What Are NFTS?
We have already explained extensively what the Metaverse and NFTs are in theory. Therefore, at this point, we'll only give a very brief explanation: NFTs are based on blockchain technology, similar to cryptocurrencies. As with these currencies, when NFTs - be they JPGs, GIFs, MP3s or videos - are sold, information about who owns what is stored in a decentralized directory called the blockchain. While the digital artwork itself can be duplicated in the same way, the recorded information in the blockchain clearly distinguishes the original from the copies. Falsifying this information can be only be done with difficulty. By making it possible to determine who owns which NFT at any given time, this can also be used to provide ownership of NFTs with benefits in real, non-digital life. Thus, NFTs already serve as tickets to stadiums, parties and many more.
NBA Top Shot: Video Trading Cards for Basketball Fans
This NFT project is probably known by everyone who has ever dealt with metaverse projects from sports. Because already since 2020 the NBA relies on the digital video trading cards, the NBA Top Shots. Each digital video trading card shows a significant moment in NBA history, which can be collected and traded in the form of NFTs. The most expensive moment to date sold for $387,600 and features a dunk by LeBron James of the LA Lakers from the February 06, 2020 in a match against the Houston Rockets. Eleven days earlier, Lakers legend Kobe Bryant had died in a helicopter accident. With his dunk LeBron James paid tribute to his late friend.
Flowers for Society: Revolution for Sneakerheads
Flowers for Society is a project that wants to turn the sneaker market completely upside down. Founder Till Jagla wants to solve a problem that has led to discussions among sneakerheads for years. The hype created by many new drops and releases ultimately leads to bots and resellers buying the sneakers. True fans and collectors, on the other hand, have little chance of obtaining the most coveted sneakers. This is exactly where Flowers for Society comes in. With an NFT project.
Whoever bought the first sneaker from Flower for Society, the SEED.ONE, received an individual NFT as a gift. In the future, this allows to participate in further sneaker releases, limited editions and exclusive collaborations. Here, those who own an NFT are really not allowed to participate. Of course, but also the NFTs themselves can be resold.
F1 Delta Time - Formula1 Video Game with Collectible Factor
F1 Delta Time is an officially licensed Formula1 video game that has been on the market since 2020. Like in classic racing games, teams, and players compete against each other. However, in F1 Delta Time, the winners receive prize money in the form of REVV tokens, a cryptocurrency with an equivalent value in real money. The market capitalization of the token has already exceeded one billion euros at times. In the game, users can use these tokens to buy items such as faster race cars, better tires, drivers, and racetracks in the form of NFTs, which in turn can be traded on the secondary market. The idea is definitely working, as back in 2019, long before the huge NFT hype of the past few months, the 1-1-1 virtual race car was sold for 415.9 WETH (the equivalent of $110,000). At that time, it was the highest price ever paid for an NFT.
Sorare: Fantasy Soccer Manager on the Blockchain
Of course, there are already suitable NFT projects for soccer fans. In the fantasy soccer manager game Sorare, players can assemble a virtual team based on digital player cards, just like in the well-known fantasy football. These cards, of course, can be bought, sold and traded as NFTs. The better your team, the more of the various competitions for attractive prize money and rewards you can win. In the process, Sorare has already obtained the official licenses of more than 230 clubs from 39 leagues. Among them clubs like Real Madrid, FC Liverpool or Paris Saint-Germain. With investors and partners, such as Antoine Griezmann or Gérard Piques, the project has long had prominent support.
On the internal transfer market, ticket prices are reaching dizzying heights. As recently as January 30, 2022, a unique ticket of Borussia Dortmund striker Erling Haaland was sold for a whopping €610,000.
Nike: Pioneer and Gatekeeper
Nike has also already taken its first steps in the NFT market. The sporting goods giant has patented a method to verify the authenticity of sneakers using an NFT system, which Nike calls CryptoKicks. When a customer buys a pair of CryptoKicks, they simultaneously receive a digital token that ensures the authenticity of the shoes, even as they move from buyer to buyer. "When a consumer purchases a genuine pair of shoes, a digital representation of a shoe can be generated, associated with the consumer, and mapped to a cryptographic token, with the digital shoe and cryptographic token together constituting a 'CryptoKick,'" the patent states. However, an exact launch date for CryptoKicks was never communicated. Now, however, Nike bought the company RTFKT at the end of 2021. The company was only founded in early 2020 during the Corona pandemic and is focused on NFTs, sneakers, and the Metaverse. With the acquisition, Nike is taking the next step in Web 3.0. It was only in mid-November 2021 that Nike introduced "Nikeland," a virtual world in the online game Roblox. So it can be assumed that CryptoKicks or Nike NFT sneakers will soon become reality or virtual reality respectively.
The presented projects show that the Metaverse and NFTs have long been reality and are no longer a distant future. It is not to be assumed that the development will slow down or even stop in the coming years. Quite the contrary. Companies and users are seeing and finding more and more added value in the virtual, networked world of the metaverse. In addition, the companies that have already entered the NFT market are increasingly trying to link pure digital assets, such as artwork, music or videos, with real-world assets. This, of course, makes owning NFTs much more attractive and makes them much more valuable.
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