Why does the NFT market need 5G?

Why does the $50 billion (and growing) NFT market need 5G?

2021 is the year of NFTs, and big names are joining the industry. However, as the industry grows, 5G may be able to power it to new heights.

What was once the niche interest of a few cryptocurrency investors has now become a global phenomenon, and NFTs, i.e. non-fungible tokens, are finally being considered more than “JPEGs”. Adopted by major brands and celebrities, NFTs are being bought, sold and talked about like never before. However, this nascent industry is still evolving, and 5G could propel it to new heights.

What are NFTs?

NFTs can be anything because at their core, they are just a technology that allows data to be permanently recorded in a secure and public way: on the blockchain. While cryptocurrencies are also stored on the blockchain, NFTs are unforgeable.

what does that mean? When something is “fungible”, like dollars or a cryptocurrency (like ether) stored on the Ethereum blockchain, one unit is always worth another. A non-fungible token represents a unique, indivisible asset. Its relative value depends on a number of factors, including scarcity, access, authentication, and more. NFTs can be used to authenticate and prove ownership of goods or services, access an event, or even membership in a club or community. They can also exist as purely digital entities.

As NFTs continue to evolve from the material of SNL skits into technologies we may use in our daily lives, many perceptions around them may change. As we have seen just last year, sales records for NFTs have continued to be refreshed as a growing means of buying and selling art and other collectibles. They are immutable proofs of authenticity, proof of provenance that help artists or their estates receive royalties in perpetuity.

5G could be a natural partner for the NFT market as its low latency, lightning speed and load capacity can provide, among other benefits, the ability for art owners to experience complex assets beyond the interactive and immersive nature of static images .

Why does the NFT market need 5G?

Beyond Art: Experiential NFTs

There are many use cases for NFT technology beyond the buying and selling of art, and new concepts are constantly emerging. For example, experiential NFTs that focus on experience and engagement rather than valuation have emerged in industries such as sports, fashion, and gaming.

In June 2021, during VCT Game Changers 2021, Verizon launched its first NFT public beta with esports partner Dignitas, a gaming event focused on elevating women and marginalized groups within the esports community. NFT is an AR (augmented reality) screenshot of the Dignitas team in the first-person shooter (FPS) game “VALORANT”, where each member’s victory dance is cast into NFT. During a live autograph event held through Verizon’s video conferencing platform BlueJeans, athletes interacted with fans and signed autographs for randomly selected participants. Once NFTs are signed by athletes, now every victory dance has their autographs.

From JPEG to AR and Mixed Reality

NFTs that incorporate augmented reality (AR) and other mixed reality technologies require a lot of bandwidth to minimize load times and create a more immersive experience, which is where 5G can play an important role. “While AR has been around for a while, 5G has the potential to really change that experience,” said Dante J. Pacella, a technology fellow at Verizon. “Because 5G can provide lower latency, you’ll be able to interact with more immersive assets. real-time interaction.”

This is especially important at events in the public domain, Pacella said: “If there are any kind of modifications to the environment in AR, you want to see those as close to real-time as possible. Once you’re on set or once you’re highly immersive The content needs to be updated, and it can get a better experience with 5G.”

Why does the NFT market need 5G?

The potential impact of 5G on NFTs goes well beyond being able to see AR devices in higher quality. The ability to experience lower latency and faster load times in virtual experiences unlocks currently untapped potential in the mixed reality space. As companies plan to launch a variety of wearables and products designed to facilitate mixed reality experiences, users will increasingly rely on 5G networks to experience the full potential of evolving technologies such as NFTs, especially on the go or at events middle.

Events and the future of Web3 IRL

5G can also make IRL interactions easier for those of us involved in the NFT ecosystem and “on-chain communities”. Lower latency and higher speeds allow certain processes to happen almost instantly. From using NFTs to access virtual and IRL events, to paying seamlessly with cryptocurrencies to experiencing extended reality artworks, the accessibility of our data when stored on-chain is highly dependent on our access to a reliable network.

Why does the NFT market need 5G?

As we move more and more into a Web3-enabled world, NFTs and Metaverse experiences will likely move beyond VR headsets and computer screens into our immediate environment. We can buy NFTs in near real-time through AR filters on our phones or wearables, and over the past year we’ve seen the integration of NFTs at mainstream events like SXSW and Art Basel.

During 2022, we’re sure to see more of these events – and future events will be more complex and immersive. As Pacella puts it, “with 5G connectivity, there are more opportunities for more immersive, real-time, interactive experiences”.

About the author

David Cash is the founder of Cash Labs, a company focused on the delivery and experience of NFTs. Their work has appeared internationally, including on Vogue, MTV and Netflix. Cash has written a masters thesis on NFTs and Decentralized Finance (DeFi), he is currently the lead curator of Decentraland’s Metaverse Fashion Week, a Metaverse contributor for Vogue Singapore, and a NFTS for Outlier Ventures. Editor-in-chief of WTF, and advisor to many top organizations and artists in the NFT/Web3 space.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-does-the-nft-market-need-5g/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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