The NFT revolution is going mainstream

Updated: Nov 3, 2021

Recently non-fungible tokens (NFTs) have been making headlines everywhere, from crypto forums and news sites to even the most traditional news sites. Its quite extraordinary to witness NFTs having achieved what even Bitcoin has struggled to do in 12 years: they have managed to bridge the world of cryptocurrency and traditional finance.

In recent weeks, we have surprisingly seen the likes of Visa venture into the NFT space and, as their popularity continues to gain momentum and acceptance, could it be possible that NFTs will be the gateway to mainstream adoption of digital assets?

It is somewhat surprising that a relatively new and little known area of the digital asset sector is garnering so much interest with investors that have not delved into the world of cryptocurrencies before. NFTs have been able to bridge this gap by appealing to a wider demographic than any other digital asset so far, with links to the creators, sports, and online gaming industries it is opening up NFTs up to literally millions of new users.

NFTs are effectively meta data stored on a blockchain that certifies a digital asset to be unique and not interchangeable. This allows NFTs to represent unique one-of-a-kind digital items such as digital art, which can include photos and videos, and even tweets. NFTs are also beginning to make some in roads into the world of online and mobile gaming.

The digital gaming revolution

The gaming industry is a prime example of how NFTs have the potential to create new revenue streams for the world of digital assets. Research conducted by Newzoo, shows that the online gaming market is on trakc to surpass $200 billion in revenue by the year 2023, with the market growing to more than 2.6 billion gamers worldwide.

This massive segment of the world’s population and that could very well become brought into the world of digital assets via NFTs, and during the course of 2021 was are starting to see evidence of this happening.

For example, the mobile game Axie Infinity has exploded to become one of the most valuable NFT collection ever, having generated over $2 billion in total sales to date.

Axie Infinity is a Pokémon-style game created by the Vietnamese developer Sky Mavis. It has around 250,000 daily active users from all across the globe. The game centers around cute furry creatures called Axies, which players breed, acquire, train, use to complete challenges, and do battle with online. The object of the game is to obtain small love potions (SLPs), which can be used to breed new Axies that can then be deployed within the game. What makes this game different from others online is that the Axies are in fact NFTs, and gamers ear