Non-fungible tokens (NFTs) are gradually shaping the future of the metaverse, a futuristic iteration of the internet where participants exist in a digital world through 3D virtual shared spaces. This rising crypto niche has caught the attention of creatives, given the opportunity to integrate their art with decentralized ecosystems. At the core, NFTs are digital collectibles that can be stored, shared or traded through emerging NFT marketplaces.
While still a nascent niche, the NFT market has ballooned over the past few months to become one of the essential pillars of the crypto ecosystem. According to the latest NFT report by DappRadar, the NFT market generated $10.67 billion in trading volume over Q3. This marked a 700% increase compared to Q2. Next year looks even more promising, given the rate at which innovations are happening in the NFT ecosystem.
So, what’s in it for retailers and institutions? For starters, most NFT innovations follow the fundamental nature of crypto ecosystems, which is a decentralized architecture. This means that NFTs offer everyone an opportunity to become part of the metaverse in one way or the other. However, like financial