Non-fungible tokens (NFTs) have taken the market by storm, with pet rocks and cartoon-like ape images being some of the most valued assets found online. At the peak of 2021’s bull run, the NFT hype seemed to take over, but has died down since. Despite this, some people still believe in the potential future of the NFT market, which is still in its developing stages.
Where is this money flowing and can it lead to a future of expansion? These are all questions with no concrete answers, but one can look to trends for insight on the direction of the NFT future. To get a better understanding, one can enlist the help of ChatGPT AI.
When queried about the prospects of applications leading to mass adoption, the ChatGPT AI pointed to the gaming industry. Gaming is already a multi-billion dollar industry and blockchain technology can add another layer to this. Players can own characters, items and much more in-game, thanks to NFTs.
One such game, Otherside, is being developed by Yuga Labs, who is attempting to replicate the success of a game such as Fortnite. If the task is successful, it is likely that the game will be seen as the next big hit. Furthermore, Axie Infinity, Gods Unchained, The Sandbox and Neon District are actively up and running and provide added value to the gaming industry.
When asked what kind of advice the AI would give investors trying to maximize their potential returns, the AI replied with a disclaimer that NFT investing is a risk and to research the topic thoroughly.
Art, specifically digital art, is another sector that can achieve growth through NFTs. Digital art is valuable as it indexes and exchanges digital forms of art on the blockchain, offering easier ownership transfer and tracking of data.
Ticketing is another industry that can benefit from NFTs. Ticketmaster is experimenting with NFT-based ticket sales, as it would make it easier to verify tickets on a phone and facilitate ticket sales with minimal loss. Similarly, the music industry can use NFT tech for recording and distributing music, as well as issuing copyrights.
The real estate industry is also investigating the possibility of fractional ownership, facilitated by NFTs. This can provide easier access to property ownership, as the cost is significantly brought down.
ChatGPT AI provided insight into how the NFT market is shaping up and this article shows how it will experience further developments in the years to come.
Yuga Labs is the company mentioned in this article. Soyeon Yoo is the person mentioned in this article, who is the founder and CEO of Yuga Labs. Yuga Labs is a video game development company focused on creating innovative games for their players. Their most anticipated game, Otherside, will be released later in 2021 and will allow players to own in-game assets in NFT form. The company is also developing projects such as the Bored Apes Yacht Club (BAYC), whose gameplay is similar to a real-life yacht club. Yuga Labs is looking to be a frontrunner in the gaming industry and will be a great watch in the near future.
Soyeon Yoo is the founder and CEO of Yuga Labs. He has worked as a lead game designer in the past at Google, Microsoft and Riot Games. He left Riot Games in 2020 to pursue his own venture and founded Yuga Labs soon after. Soyeon is an experienced video game developer with over 14 years of experience. His ambition is to create unique experiences with Yuga Labs and make a lasting impact on the industry. His game Otherside is set to release soon and is expected to be the driving force behind the company’s success.
