Home
News
We have seen that the way technology has evolved in the last 20-30 years was never like that throughout history. Although creation, discoveries, and development have been there, the changes happening in the form of technology today are so much more rapid than ever before; here, every passing day, every hour, is bringing a change in technology, our vision towards its use case.
Take internet technology, for instance; it was initially a network of computers linked to each other to share data and information. So that internal network of computers to share information is termed the Internet. Today the form of the Internet we know today is almost the same as its primary, but the volume of its usability and reach has gotten to the level unimaginable. It doesn’t seem to stop sometime soon. In every possible aspect of life, the Internet has caused disruption, and it’s almost not possible to imagine our lives without the Internet. Let’s not go there now, for today we will see the current scenario of all new forms and features of technology. Let’s view NFT, Metaverse, and cryptocurrencies, how they have come along, and further where they will go.
NFT – Non fungible Tokens, the usual term as NFT, originated around 2015 on Ethereum Blockchain. Back then, although it was a relatively new concept and gradually kept growing, last year it had seen massive growth in terms of new NFTs and crypto market capitalization.
NFT are any piece of art, visual or picture, anything available digitally, with a unique identity. So a digital form of any piece that will form and remain on Blockchain can be accessed with the help of its generated unique codes and belong to only one person or one owner.
The reason why NFT became so popular is nothing complicated, and it’s just their unique identity that makes their scarcity then create an urge of want and eventually sold at a very high price. NFTs like Pak’sPak’s ”the merge” which sold for approx $91.8 million, is the most expensive. Other than being available on different platforms like Opensea, NFTs are becoming part of gaming and Metaverse and getting a lot of attention because of their relevance. Soon with the passing time, NFTs growth will be seen, and with the Metaverse on its rise, it will hold a good position in the upcoming time. At present total NFT, the crypto market cap is about $22 Billion.
ALSO READ – IMPACT ON CRYPTOCURRENCY AFTER MARK ZUCKERBERG’S NAME-CHANGE ANNOUNCEMENT
Altcoins – Altcoins are cryptocurrencies other than Bitcoin. So every cryptocurrency we see out there belonging to various Blockchain networks are Altcoins, be it Ether on Ethereum, DOT on Polkadot, BNB on Binance, SOL on Solana, and thousands of others. Cryptocurrencies have also changed traditional transactions, finance, and investment.
Although Bitcoin is the first cryptocurrency that ever existed, its popularity and trust among people are apparent; other than that, every altcoin is there with its unique and different features and use case; however, the Market cap held by them can see the difference. After the downtrend in the last few days, the market cap of Altcoins alone is approx $1.2 Trillion.
Cryptocurrencies are not time-bound; they perform well every year linearly. The only thing that happens uniquely is the origin of any new cryptocurrency, which may come with new features or use cases. So development in Altcoins will continue as this field of Blockchain is open to everyone for everyone, so anyone who will have a unique idea or might face issues with the existing forms will come along with his concept, and we will get a new cryptocurrency.
Metaverse – Here comes the hot and exciting topic of the time, Metaverse. And it deserves it too because of its features and the changes it could bring in existing technology, the way we see the world and even our very own lives. The concept in itself feels so outstanding compared to today, where we see people online, buy the stuff online, work even online, and a lot more.
All these things will be carried further, and we will be doing all those things in a parallel world that will be more interactive, responsive, and near the actual one. So many Metaverse projects are in the developing phase, including so many giant companies. Decentralized organizations like Axie infinity and Decentraland are working heavily to create their Metaverse. Other than them, Central organizations like Facebook have changed their name to Meta to take its business model on its Metaverse, Microsoft, Nvidia, and so many others.
Since it’s a developing technology in its early stage, it will soon affect the existing ways of almost every aspect of life directly or indirectly.
Who’s going to own 2022!
The answer for this can’t be given clearly because it is not a race after all; it’s a journey in which all those technologies will play their roles. The Internet evolved, and we have got Blockchain; based on Blockchain, we got cryptocurrencies in which we started trading digital assets like NFTs. We will see all of them playing their roles in the development of Metaverse and then will be responsible for its relevance.
Someone who will need land or space in Metaverse would need to buy it using cryptocurrencies. Like people who like to collect paintings and collectibles in the real world, they would have NFTs in the Metaverse. The other transaction in Metaverse for any services like buying stuff, traveling there, playing games, you will need to pay for it in crypto. So it’s clear that we are seeing the booms in NFT and Cryptocurrencies now and then, but we will see their usage and relevance in Metaverse in the long term. And this long term might be as long as 8-10 years.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
