NFT.NYC: Games and tokenization are driving NFT industry maturation

2 years ago

From tokenizing concern assets to crippled avatars, non-fungible tokens (NFTs) person an array of applications that spell beyond integer art, with much projects coming online contempt the marketplace downturn successful 2022.

At the NFT.NYC 2023 conference, Cointelegraph's squad learned first-hand from experts, projects, companies, and the NFT assemblage however the exertion is shaping the integer world. Check retired the highlights of the three-day lawsuit below:

NFT games amusement signs of maturing

After years of development, the archetypal batch of NFT-based gaming projects are entering the market, paving the mode for a satellite successful which existent beingness and games volition beryllium blended, companies and developers told Cointelegraph.

"Ten years from now, I could beryllium wearing my VR glasses oregon inactive utilizing my phone, oregon astir apt utilizing immoderate caller strategy interacting with the Metaverse, but I'm going to beryllium capable to larboard my avatar and my NFT items [...] As a user, I'm going to commencement collecting much integer goods arsenic NFTs, much than adjacent carnal goods, similar covering oregon watches oregon cars," explained Origin Protocol’s co-founder Matthew Liu astir skins being interoperable crossed platforms.

Alex Connolly, co-founder of Immutable, has noticed an summation successful contention successful the gaming assemblage arsenic much projects and developers question to code blockchain-based challenges, specified arsenic interoperability:

"We're seeing a fewer alphas. There's been a fewer things that person been playable present astatine NFT.NYC. Building games is hard. It takes a portion [...] To marque them good. But I deliberation we're starting to spot immoderate of the champion Web3 games that person ever been built [...] I tin ain my worldly and commercialized wrong the game. I deliberation that's truly powerful."

Linus Chung, vice president of merchandise astatine Origin Protocol, believes that companies trying to merge NFTs successful their concern should absorption connected importantly improving 1 symptom constituent successful people's lives that accepted methods bash not solve. "The past bull marketplace has decidedly shown that radical volition spell done each of the hoops of acquiring crypto, getting a MetaMask wallet due to the fact that determination is immoderate transportation astatine the extremity of that passageway that's mode amended than the accepted mode of doing things."

Real-estate NFTs

One of the real-world applications of NFTs is the tokenization of concern assets, and the existent property manufacture is 1 of its superior targets, lawsuit speakers said. Fintech institution Ripple, for example, is moving with different businesses that are processing existent property marketplaces and tokenized NFTs, Emi Yoshikawa, Ripple's vice-president of strategy and operations, told Cointelegraph.

"Real property is 1 of the large focuses of the marketplace that we are precise excited about. Obviously, it's a monolithic market, but it's precise illiquid and besides precise inefficient [...] We are partnering with immoderate companies who are gathering a marketplace to supply tokenized NFTs for existent estate," she noted, earlier adding that Japan is 1 of the countries starring the tokenization marketplace successful Asia.

At https://t.co/4d3FZVkwKM this year, the absorption was truly astir existent satellite utility. I gave a cardinal enactment presumption connected “The Future of NFT Capabilities” to present #XLS20 connected #XRPL arsenic an organization people ledger that is perfect for existent satellite plus tokenization. It’s lone the… pic.twitter.com/GApF1sE5BS

— Emi Yoshikawa (@emy_wng) April 14, 2023

A decentralized system powered by NFTs

Speaking astatine NFT.NYC, Solon Labs CEO Maxwell Lyman noted that portion galore projects, blockchains, and coins are decentralized, their infrastructure relies connected centralized ecosystems, exposing them to information and censorship risks.

"All of these protocols, they're decentralized connected the backmost end. There are astute contracts unrecorded connected the Ethereum blockchain oregon immoderate respective blockchain they're hosted on. But if you look astatine their beforehand end, they are hosted connected centralized servers, an AWS server, oregon thing equivalent," explained Lyman, adding that "We are a shot tract distant from getting to a constituent wherever the abstraction is really decentralized."

NFTs whitethorn play a important relation successful achieving existent decentralization, according to Lyman. "There's thing that I telephone planetary idiosyncratic capitalism that's going to beryllium enabled by the proliferation of non-fungible tokens. It's the capableness of anyone successful the satellite to beryllium capable to power and monetize their idiosyncratic information, their activities, oregon their creations."

Uncertainty astir NFT regulation

During the event's panels, ineligible experts pointed retired that NFTs are facing the aforesaid regulatory uncertainty arsenic the broader crypto industry, peculiarly successful the United States, with a large question successful the abstraction being whether NFTs tin beryllium considered securities.

Katrina Paglia, main compliance serviceman of Pantera Capital, said the task steadfast is relying connected caller enforcement actions from the Securities and Exchange Commission (SEC) to gauge regulators' views connected integer assets:

"We bash a batch of scrolling of the SEC enforcement actions that person travel retired precocious due to the fact that with each 1 of these things [...] You glean a small spot much accusation astir however they are reasoning astir applying for the Howey Test. Until we really get the clarity that the manufacture desperately needs and wants, we're benignant of relying connected that for now."

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