While profile picture projects enjoy mainstream attention, NFTs are gaining momentum in the gaming world as they illustrate their viability, Rattray said. Notable projects are likely to survive in the long term, but it is clear that there is a lot of hype around NFTs at the moment. Despite this, the team behind the project noted that Axie Infinity is the most traded NFT collection in the third quarter, following a significant addition of players. There are countless potential uses for NFTs beyond just selling JPEGs, so if companies start writing contracts with NFTs or tying ownership of physical assets to NFTs, this could be a big market.
In addition to owning NFTs, Rattray has also been successful in earning passive income from Axie Infinity by providing loans, or scholarships, to aspiring players. Creators can buy and resell NFTs anywhere that integrates with the protocol and specify royalty rates for secondary sales. Buyers can find NFTs of music, video, images, GIFs and text for sale through linked Ethereum wallets such as MetaMask, WalletConnect and Coinbase. The company allows the sale of some NFTs on its traditional online platform, but that may be just the beginning if it opens up to cryptocurrencies and other digital assets.
DraftKings' system will run on Ethereum Layer 2, which is a scaling solution to handle the increased transitional load on the Ethereum network, and by the end of the year the company expects its NFTs to be transferable to external digital wallets. While The Pit is not focused on the metaverse, Rattray still believes in the vision and is investing in a number of NFTs and projects that tie into that vision. Speaking of Pokémon cards, Logan Paul has just sold some NFTs linked to a million-dollar box of Pokémon cards. These platforms allow you to monetise your land by developing your real estate, and some investors have made casinos, amusement parks and museums out of NFTs to monetise their land.
Some investments in non-fungible tokens (NFTs) have vastly outperformed cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) in recent months. For artists, NFTs offer a new marketplace where they can sell their work and create an automated way to recoup a percentage of resales through royalty agreements.
Leave a Comment