What Good is a Metaverse in Which You Do Not Truly Own Your Assets?

Too Long; Didn't Read

Non-fungible tokens (NFTs) were one of the hottest things in the blockchain ecosystem in 2021, representing more than $17 billion in trading. This year has been no different as the niche is still finding incredible success as more users, celebrities, and organizations adopt them. When it comes to NFTs - there is no doubt that they will continue to expand into new markets. Some of the big names that have recently joined the craze include Sylvester Stallone, Time Magazine, and Spotify. While this is great news not only for the NFT space but all of the blockchain ecosystem, NFTs are yet to have their true potential unlocked. No matter if you are not into NFTs yourself, chances are you have heard of them mostly in terms of collections. Projects like Bored Ape Yacht Club, Cryptopunks, Axie Infinity, and many others, as well as artists like Beeple and Pak, have gathered attention by offering a new way for collectors to hold their pieces. While NFTs are certainly great at digitizing collectibles, the attention on this aspect of them is taking the spotlight from some of its other applications... Which is not necessarily good.