Non-fungible tokens (NFTs) are all the rage. At the recent CoinAgenda virtual conference, Bad Crypto Podcast host Joel Comm held a panel on NFTs, exploring whether these tokenized assets will be the next boom in the crypto space.
Comm believes that non-fungible tokens, which are a type of unique cryptocurrency assets that are not identical to one another, are the next big crypto wave on the heels of ICOs and decentralized finance (DeFi). DeFi only grabbed the spotlight in June 2020 and has been on a roller coaster ride of late.
Olga Feldmeier, CEO of Swiss digital asset exchange Smart Valor, couldn’t agree more, saying on the panel discussion that NFTs such as digital art tokens are just “scratching the surface.” She expects that the tokenization of assets will cause a chain reaction across different industries, using the example of music where a musician can sell their own content directly via peer-to-peer without having to rely on a middle man. Feldmeier added that it won’t happen overnight but that the change toward a tokenized world will take place over the next five to 10 years.
NFTs and Gaming Go Hand in Hand
Gaming lends itself to digital collectibles like NFTs, which is an area that Uplandme founder Dirk Lueth knows well. During the CoinAgenda panel discussion, Lueth described Uplandme as a parallel world of NFTs and a metaverse, the latter of which can be defined in different ways, one of which could be a 3-D world, for example.
Uplandme gives gamers the ability to show their NFTs to other players, friends, etc. Lueth suggests doing so makes the cryptocurrency more exciting because it’s much easier to get passionate about something like art than it is a currency in and of itself. He said,
“These are the things which will drive the NFT space forward. But I think what we currently see, the first uptake, with all the collectibles, those cards, which is currently happening, this is only the starting point. I think in the future, it will go much beyond that when we start tokenizing anything in the world. So everything which somebody said cannot be eaten will be a token one day.”
Lueth uses the example of tokenizing a Picasso and bringing it into the metaverse.
King Swap NFT Airdrop
In one current example of where decentralized finance and NFTs can meet, a DeFi project called King Swap recently launched in DEX Uniswap. King Swap describes itself as a “high-yield liquidity platform that offers extensive staking rewards, digital collectibles and fiat conversions.”
The project generated $4 million in transaction volume in its first three days on decentralized exchange Uniswap. King Swap on Nov. 4 was hosting an airdrop for NFT holders, according to the project’s Telegram channel. Users can pick up NFTs in the King Swap “opensea” portal or “raribles” store.