Into the Metaverse – The Future of NFTs

It’s the tip of the Iceberg: NFTs are becoming much more than mere digital collectibles and their uses are just starting to expand into various industries, including gaming, metaverses, entertainment, education, real-estate, industrial design and manufacturing but also healthcare, music, digital identity, events, DeFi and of course, art. The use of NFTs in the gaming space is particularly noteworthy, building out the GameFi (Gaming Finance), CreatorFi (Creator Finance) and Play-to-Earn ecosystems and serving as an entry point into the Web 3.0 economy for all asset creators.

When Smart MFG recently announced the upcoming launch of the SmartMFG NFT marketplace, the first comprehensive NFT platform for creating, storing, and transferring industrial design and 3D gaming assets in the form of NFTs, the future of NFTs suddenly became even more exciting.

Smart MFG’s NFT platform is the first 3D NFT marketplace for metaverse builders, gamers, industrial designers, concept artists, and makers. It is a platform for them to create, exchange ideas, and sell or license 3D model NFTs for use in the Metaverse or physical world, and the platform will act as be the bridge from the digital to the physical universes

Since NFTs burst on the center stage in early 2021, they have come leaps and bounds with potential use cases broadening from digital art to real-world use cases. Their ongoing adaptations can even challenge our understanding of how assets in the real-world and digital world coexist and synchronize and inspire creativity and productivity in all the right ways.

In this article, we’ll be taking a look at the exciting future of NFTs:

  • The Importance of NFTs To Creators And Collectors
  • The Evolution And Future Of NFTs
  • The Smart MFG NFT Marketplace

The Importance Of NFTs To Creators And Collectors

NFTs are essentially cryptographic tokens that uniquely define an asset, anything from an image, a video clip, a representation of a physical asset or any online creation. NFTs can also track real-world innovations and assets such as real-estate, vehicles, music or even your own personal data. NFTs facilitate proof of ownership and, most importantly, provide evidence of their authenticity.

Since NFTs exist on a blockchain, they provide freedom of issuance, the immutability of records, and the open peer-to-peer exchange between different users. These characteristics make them highly valuable to many, particularly creators and collectors.

Creators

Copyright has been an issue for creators forever, and NFTs offer a unique opportunity for creators to carve their creative ownership in stone, generate royalties, and provide a global showcase for their work.

Creators have true creative freedom and protection from unscrupulous agents and mediators seeking to profit from the creativity of others. Furthermore, as NFTs expand into the industrial design and manufacturing spaces, a more comprehensive range of makers and creators will have the same opportunity to own their creations without the constraints of employers and contracts.

Collectors

NFTs provide collectors with authenticated certificates of ownership, proving that they own the original creation instead of recreations and copies – similar to the difference between owning an actual Rembrandt painting and a copy. .

Collectors pride themselves on this actual ownership, and they can either grow their collection or collect items of increasing value and sell them for a profit. Another important aspect here is that collectors can directly support the creators without interference from intermediaries and agents.

The Evolution And Future Of NFTs

NFTs are rapidly changing their functionality and are fast becoming valuable assets in the real and virtual world. Let’s take a look at some of the ways NFTs have evolved.

Loot

The increased popularity of what has become known as GameFi, essentially the gamification of financial systems and a way to earn crypto by playing games, has led to a fascinating NFT application known as Loot. Unlike most other NFT projects and games in general, which rely on founders and developers to design the games from the top-down, Loot takes a bottom-up approach.

Game developers are encouraged to design the game infrastructure around an already existing set of NFTs, in the case of Loot, 8000 different fictional lists of fantasy adventure gear. These games are entirely decentralized and up to the various communities that form around them to decide what happens, making Loot a genuinely unique concept and true to the community spirit of cryptocurrency.

Real-World Experiences

The rapidly increasing popularity of NFTs saw them move into the real world and create utility through access to in-person experiences and even services and luxury goods. Once the use of NFTs became popular in the digital art world, it caught the attention of the entertainment industry.

Celebrities and artists now use NFTs to sell exclusive items such as albums, autographed pictures, and fashion items. Since ownership and exclusivity are recorded on the blockchain, the actual value of these items can be determined.

Community Clubs

NFT Avatars are also being used to grant entry into exclusive online clubs of like-minded people. Much like the membership cards of yesteryear, these avatars provide the club gatekeepers with proof of identity and allow you access to specific groups.

The Smart MFG NFT Marketplace

Smart MFG is ablockchain company initially focused on Industry 4.0 Digital Transformation new data mobilization technologies such as IIOT (Industrial Internet of Things) to revolutionize the manufacturing industry in partnership with the leader in blockchain supply chain company, SyncFab, that services a suite of elite aerospace and defense global customers.

In April of 2021, Smart MFG announced the launch of the world’s first NFT marketplace solution for 3D assets focused on industrial design and metaverse assets in the form of NFTs. This platform is yet another innovative use of NFTs and will facilitate the tokenization and sale of work by 3D modelers, industrial designers, mechanical engineers, architects, and many other creators.

This exciting collision of worlds is also set to play a significant part in the development of the Metaverse, a set of virtual spaces where you can interact with other people who aren’t in the same physical space as you.! Investment firm Morgan Stanley sees the metaverse as an US8 trillion addressable market which is likely to become the “next generation social media, streaming and gaming platform”. The foundation of the Metaverse are 3D assets and as the Metaverse is built, 3D NFTs are playing an increasingly important role. Smart MFG’s NFT platform will be the first marketplace where all these creators can sell their licensed 3D NFTs for use throughout the Metaverse, gaming platforms and also manufacturing ecosystems.

The uses and functions of NFTs are continually expanding ,and as new uses to leverage their inherent benefits are discovered, new opportunities in all industries will jump on board, whether that is education, healthcare, even your own personal data will at some point become and NFT. Watch out for that, its coming to a theatre…. Metaverse near you!

ABOUT SMART MFG

Smart MFG Tech is a blockchain company focused on Industry 4.0 Digital Transformation and promoting new data mobilization technologies, including IIOT (Industrial Internet of Things) for use within the manufacturing industry. Smart MFG is launching a 2D & 3D model NFT marketplace for novelty & vintage Art & Architecture, Automotive, Space & Aerospace Engineering, Industrial Design and more. Smart MFG also offers Supply Chain DeFi programs using $MFG in partnership with a growing blockchain partnership ecosystem for Industry 4.0 digital transformation.

Smart MFG Tech promotes digital transformation of industrial manufacturing supply chains using blockchain as a key building block of Industry 4.0. MFG Tokens® incentivize collaboration and speed across supply chains and can be used to create custom rewards and compensate manufacturers for time and accuracy put into competitive tender bids.

The token integration use case applications in Manufacturing Supply Chains include digital record and digital asset tokenization, advanced supplier incentive programs and supply chain decentralized finance innovation. Supply Chain Companies interested in Smart MFG partnerships can submit your requests here: http://smartmfg.io/partners

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