Has the world unlocked the true potential of the NFT technology yet? The answer seems to be somewhere in between. Compelling use cases for NFTs are emerging worldwide, laying the groundwork for the long-term utility and value of NFT technology. While the prices of individual NFTs are still fluctuating, the market is approaching its maturity phase following the initial boom.
One of the pioneers creating real-world value using NFT technology is Swiss-created metaverse DecentWorld, which captured the attention of the digital community with its virtual map built on a real world example.
By roaming the platform, users are able to become the owners of digital copies of any street on the planet. In the first months following the platform’s launch, DecentWorld sales have already reached $19 million.
Next Level NFT Use Cases
The DecentWorld metaverse takes NFT use cases to the next level by being the first to recreate the real world in the shape of NFTs, opening it up to the digital community.
In the past few years, non-fungible tokens or NFTs have gained a real momentum. Up to now, the favored use cases for NFTs had been for creating collectibles, NFT art, and unique gaming elements. The innovative blockchain technology itself has not been the deciding factor for the success of NFTs, but rather the communities that have emerged around them.
Some believe that the long-term-relevance of NFTs will depend on whether they have enduring value and utility. Thanks to their non-fungible nature, NFTs particularly appeal to collectors and fans. However, the technology extends far beyond this dimension, enabling new commerce and brand engagement opportunities to be unlocked.
The DecentWorld creative team has a positive outlook for the future of the metaverse, which would itself be impossible without NFT technology.
"The metaverse is a cutting-edge technology, and many aspects are still not fully developed, like hardware. While developing a metaverse, you need to keep a long-term perspective in mind. We are not building for tomorrow, but for years, decades ahead," the team emphasized.
Unlike competing metaverses, DecentWorld chose not to create a new fantasy digital world, but to focus on the real world instead. Apart from creating NFT-based collectibles, the creative team envisioned a new use case for NFTs – the virtual ownership of real-world assets.
"By definition, the metaverse can only be one, yes? In that case, this perspective naturally leads us to create something, not like a fictional land, but something real - a replica version of our planet Earth," the DecentWorld team explained.
Building Digital Communities
The key to the value of NFTs spans across the ecosystem and engagement of the digital community. DecentWorld team points out that NFTs have vast potential in the commerce, sports, and entertainment spaces, representing a more profound and dynamic way to engage fans and generate new potential revenue streams for businesses.
"We made a very calculated decision to build around the real-world. An environment based on the real-world allows us to integrate many things more easily. So, say you have a business, like a shop or a bar; it has to have a location, even if it's an online business. Typically they also have an ‘analog’ presence, so it becomes much easier to integrate these businesses into our environment," the DecentWorld team underlined.
Considering that NFTs and their value are created by their use cases and the engagement of the digital community, the creators of DecentWorld aim to attain a fully decentralized platform on which the experience of e-commerce and entertainment has been reinvented. The platform is also continuing its development according to an ambitious and exciting roadmap, with huge updates scheduled for the rest of the spring and summer.