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A Look at NFT Adoption and How This Emerging Technology is Being Usedby@gabrielmanga
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A Look at NFT Adoption and How This Emerging Technology is Being Used

by Gabriel MangalindanAugust 18th, 2022
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When people enter the future digital world known as the metaverse, they will be able to move about in a reality that is a combination of virtual and augmented reality. Creators can produce, distribute, and even sell non-fictional items (NFTs) that are used inside their virtual worlds. These NFTs are referred to as in-game assets, and players can earn tokens in return for their achievements in P2E games. The market for NFT tokens as a whole has seen a rise in popularity in 2021, reaching an estimated market valuation of more than $40 billion.

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Since Facebook's rebranding as "Meta" last year, the phrase "metaverse" has recently gained significant traction in today's society. When people enter the future digital world known as the metaverse, they will be able to move about in a reality that is a combination of virtual and augmented reality. 

As a result, creators can produce, distribute, and even sell non-fictional items (NFTs) that are used inside their virtual worlds. These NFTs are referred to as in-game assets. These sorts of projects are fascinating since they combine the limitless realm of digital worlds, also known as metaverses, with the financial benefits of NFTs. As a result of the incorporation of this feature into the game, players can earn tokens in return for their in-game achievements.

P2E games provide players with the opportunity to earn real-world currency by participating in the game. In addition, players can earn real-world currency inside the game by achieving certain goals, such as finishing a mission or collecting all the achievements available.

MEXC exchange launches a blue-chip nft index to lower investor’s entry barriers 

Compared with the beginning of April this year, ETH has dropped from 3579 USDT to a minimum of 881 USDT (currently, it has risen from the bottom to about 1800 USDT). If calculated in USDT, the price of most blue-chip NFTs will drop by at least three times. 

However, the prices of blue-chip NFTs such as Moonbirds, Clone X, Meebits, Doodles, etc., still stop normal users from participating. For example, the floor prices of Doodles and Moonbirds are 11 ETH and 23 ETH, respectively, but their gains will be 17248 USDT and 36063 USDT, respectively, after converting to USDT.

MEXC, the global one-stop cryptocurrency trading platform, has launched NFT Index to lower the threshold for participants to purchase blue-chip NFTs. This is the world's first NFT Index established by a cryptocurrency exchange.

What is an NFT Index?

To put it simply, MEXC uses the purchase of a certain amount of a certain blue-chip NFT (potential ones) collection as its value support and divides the purchased NFT into a certain amount for indexation. Users only need to trade like a spot to get a certain share of the NFT Index and enjoy related NFT rights simultaneously. 

For example, MEXC purchases NFT before Moonbirds airdrops the second-generation NFT. Hence, after MEXC receives the second-generation NFT airdrop, it will sell the second-generation NFT Moonbirds Oddities at a suitable price. The share of NFT Index positions will be distributed to NMOON holders accordingly.

In the same way, when an NFT officially issues a Token and airdrops it to NFT holders for free, MEXC will return the airdrop obtained to the holder according to the NFT Index position share. At the same time, its NFT Index can be bought and sold at any time and is also chosen to be redeemed when the share reaches a complete NFT exchange.

Take NMOON, launched by MEXC, as an example. The NFT Index is supported by #5816, #347, and #8298 Moonbird purchased by MEXCC and is split into 10,000,000 Indexes for free buying and selling purposes, and the purchase volume has reached 1,000,000 units. In addition, purchasers can contact MEXC to redeem a complete NFT weekly.

To date, MEXC has launched 9 NFT Indexes supported by Moonbirds, Clone X, Azuki, Meebits, Doodles, Invisible Friends, etc., including NMOON, NCLONEX, NAKI, NMEEBITS, NDDS, NIFRIEND, etc. It is not only the first exchange in the world to launch NFT Indexes but also the exchange with the most listed blue-chip NFT Indexes.

Why should you choose blue chip NFTs? The reason is that although the current NFT is the leading track in the cryptocurrency industry, its total market value has reached 24.53 billion US dollars. Still, exaggeratedly speaking, 99% of NFT projects have been eliminated by the market or will be eliminated. Therefore, the risk value of zeroing for the remaining 1% is low after a challenging time in the market. Hence with the detonation of the on-chain ecology of ETH 2.0, NFT offers a great opportunity to enter Web 3.0 and owns a strong market development space.

In addition to MEXC screening blue-chip NFTs and launching the NFT Index, it has also laid out the NFT track as early as the beginning of 2020. At that time, the NFT market was in the initial stage of development, but MEXC had already tapped high-quality NFT projects and launched them. As a result, projects such as GALA, AXS, SAND, MANA, CHZ, APE, etc., were first listed on MEXC in different periods. For example, MANA was launched in February 2020, and its highest gain hit 51,900% after launching, while other projects such as AXS, SAND, and APE hit the highest gain of 109,968%, 42,300%, and 4,900%, respectively.

According to incomplete statistics, with the rise of NFT track and NFT in SocialFi, GameFi, Metaverse, Metaverse, NFTfi, and the applications of other fields, currently, MEXC has carried out in-depth 4-year planning for more than ten sub-tracks such as public chain, Defi, NFT, DAO, etc. Among the more than 2,000 projects launched by MEXC, in addition to the public chain and Defi track, NFT track projects form a tripod pattern with its continuously increasing proportion.

The NFT market is still growing

The market for non-fungible tokens (NFTs) as a whole has seen a meteoric rise in popularity in 2021, reaching an estimated market valuation of more than $40 billion, and there are no indications that this popularity will wane at any time soon. 

On the contrary, non-fungible tokens are here to stay, and new applications for them and new iterations of these tokens are cropping up all over the place. NFTs also provide additional revenue via secondary sales. Whenever an NFT is resold, hand over an automated percentage of the purchase price to its original developer. This allows artists to share in the praise that their works will get in the future.

The proliferation of the metaverse has resulted in the development of a new application for NFTs. Because they make it possible to have ownership in these online environments, they will play an important role in developing this new world. And wherever there is actual ownership, there is the potential for commerce, which in turn encourages the growth of economic systems.

To some, owning virtual property in a metaverse via NFTs can seem completely insane. However, it's possible that if you compare it to purchasing internet domains thirty years ago, you'll have a better understanding of the phenomenon. 

At the time of acquisition, internet domains had very little value and were of little utility, but now they may be worth millions in the United States. The same principle applies to one's ownership of virtual property in metaverses. The value of these features may significantly increase if the technology and the related metaverse become widespread. 

Conclusion

NFTs continue to grow in popularity, and we're seeing increasing utilities for the emerging technology. There are many fascinating ways NFTs can be implemented into various protocols, and I expect to see more uses as time goes on.