Augmented Reality Is the Next Frontier for NFTs
July 27 2022 - 7:37AM
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Augmented reality (AR) is shaping a new future for online
interaction and asset ownership. This technology was a futuristic
gimmick in sci-fi movies only a decade ago. However, recent
developments see it expand and fuse with other next-generation
innovations, such as non-fungible tokens (NFTs). This merger could
irremediably impact our understanding of the digital economy, asset
creation, trade, and control. This article discusses the emerging
markets of (AR) and NFTs and how their combinations could produce
limitless technological advances. Building Towards an AR Future
According to this report, the global augmented reality market
reached $25.33 billion in 2021. The document forecasts a compound
annual growth rate (CAGR) of 40.9% from 2022 to 2030. This puts AR
among the frontrunners in a fiery race between new technologies
aiming to become industry standards by the end of the decade. The
market for augmented reality experiences is also soaring on the
back of significant developments in blockchain technology,
including the metaverse. In fact, there are already over 1 billion
AR-ready devices worldwide – most smartphones can support AR
applications. This means that we are only mere steps away from an
AR-dominated world. All we need are innovative projects foraying
this yet untapped market. Meanwhile, experts predict the global
market for NFTs to reach a value of $122.43 Billion by 2028, at a
CAGR of 34.10%. For example, in 2021, the market reached $15.70
billion on the back of an industry boom that saw an obscure
blockchain-based asset rise to worldwide stardom. The increasing
popularity of NFTs is due partly to countless celebrities tapping
the emerging market. Furthermore, social media and influencers are
making their bid to keep the momentum going. Nevertheless, these
assets are more than just fancy profile pictures. Recently, several
industries, including retail, supply chain management, and fashion,
are using them in multiple forms. Most importantly, NFTs are among
the main tools of industry giants building the metaverse into
reality. Now, AR could provide the necessary boost to take these
efforts further and create lucrative customizing opportunities. AR
and NFTs in the Metaverse Companies in different fields are
investing considerable funds and resources into discovering the
optimal way of exploiting the potential of AR. One such endeavor
comes from Hololoot, the world’s first augmented reality (AR)
non-fungible token (NFT) generator, marketplace, and metaverse. The
Switzerland-based company released the mainet of its app on the
27th of July 2022, making AR and NFTs available to Android and iOS
users worldwide. Now, people can access existing collections of AR
NFTs via an innovative marketplace and explore the metaverse
through the AR viewer. Furthermore, they can even generate their
own assets from their existing 3D models. This technological
breakthrough takes new technologies from under their esoteric
cloaks and brings them closer to the masses. Hololoot is an example
of the initiatives spearheading the emerging AR NFTs and 3D
metaverse experiences sector. Soon, millions of people should be
able to access the metaverse without expensive virtual reality
headsets. Moreover, AR can become accessible, fun, and helpful to
individuals worldwide. Above all, it could prove substantially
profitable to entrepreneurs, influencers, and businesses. Final
Thoughts The combination of AR and NFTs is lucrative enough in its
current embryonic state. However, adding the possibility for people
to generate their own blockchain-based assets increases its
expedience. Simply put, regular users can create, own, sell, trade,
and exchange digital assets with minimal knowledge and no special
devices. This will help them place a firm foot into the future
digital economy and access new money-making opportunities.
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