NFTs are just getting started. The Metaverse will be the catalyst to make them more than just profile pictures.
Within the cryptoverse, the NFT collectibles frenzy first began in 2017 with theand the subsequent demand for these digital cats. At its peak, the blockchain game recorded a maximum of 140,000 daily users and 180,000 daily transactions in November 2017, but this traction was quickly lost over a few months. Since then, the collectibles domain has gone on to have renowned collections like CryptoPunks, Bored Apes Yacht Club and NBA Top Shots.
Since then, the scope of NFTs has expanded to include art, music, games, sports and Tweets — just about any digital or real-world asset — that can be tokenized while still holding their value and providing unique ownership.The prime watershed moment for NFTs that followed the Metaverse narrative is through GameFi protocols. GameFi is defined as the combination of gaming and decentralized finance within a single ecosystem.
The daily active users of the game grew from 20,000 users in March of this year to 2.5 million users in December of this year, marking a 125x increase in less than nine months — a remarkable feat for a game that gained hype only this year. The game has recorded $9.72 million in a single day in June, surpassing a record Tencent held at the time. In the third quarter of 2021, the game accounted for 19.5% of the total NFT trading volume in the same period and $2.08 billion of trading volumes.
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