Digital collectibles have proliferated widely. Music, art, limited releases of digital items endorsed by celebrities, and gaming assets have all been subject to this digital collectible revolution.
ETMarkets.comDigital identities and investments have always been making progress – thanks to the strides that technology has made, especially over the last decade. However, nothing has been as impactful as the blockchain technology. To be specific, non-fungible tokens, or NFTs as they are commonly known, have been instrumental in transforming the perception of digital collectibles.
Digital collectibles have proliferated in all directions and dimensions. Music, art, limited releases of digital items endorsed by celebrities, and gaming assets have all been subject to this digital collectible revolution. However, just like any technology, there is always an auxiliary aspect of an advancement that proves to be one of the biggest driving forces for it to be adopted by the masses, which includes but is not limited to investors and business pundits.
We have seen something like this happen to the Internet when social media came into the picture. While the Internet had quite a lot of utility, social media was the biggest catalyst in driving mass adoption. One of the reasons that contributed to the success of social media was the fact that it was a place where people could engage and interact with each other. Parallel to this, it also offered an advertising opportunity for brands to reach their target audience.
Extrapolating the results of the age-agnostic litmus test, it can easily be taken for granted that creating an ecosystem that brings together masses and advertising opportunities is bound to stand the test of time.
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S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.
View Details »NFTs have already seen mass adoption, and they have been spreading their tentacles in all territories. The spread has been so intense that digital collectibles and digital entities, owing to the possibilities of provenance and identifiable uniqueness — thanks to the inherent immutability of the Blockchain — has given rise to complete digital worlds called the metaverses.
Metaverses have made digital indulgences more immersive. Metaverses have played a crucial role in making digital interactions more unique, and it was no longer about speculating if you had interacted with the person who they claim to be in the digital space. All these factors have given the digital space a fillip like never before, and it is only justified that metaverses, gaming ecosystems, and brand digital playgrounds become perfect spaces for advertising products and services.
There are different ways in which a product or a service can be advertised in the metaverse. One of the most prominent methods that has been adopted by brands like Jump.trade in their games like RADDX Racing Metaverse is the concept of digital lands.
Digital lands hold a massive spectrum of advantages for both brands and individual users.
Unlike classic advertising spaces, the digital land, once purchased, becomes a permanent property of the owner unless they intend to sell it. Therefore, it becomes a lucrative advertising proposition for the purchaser of the land… Be it a brand or an individual.
Digital lands can be garnished with elements like hoardings, buildings, videos, and a variety of other digital embellishments that can enhance the quality and depth of advertising in the metaverse.
Digital lands are, in essence, NFTs. This means they can be traded like any other digital asset. It implies that a digital land is purchased and there is a tonne of interaction in the game or the metaverse as a whole. A person who purchased it early can probably consider selling it to a brand for a big price.
The metaverse is expected to be valued at about $54 billion by 2023, and it is expected to spike up to a staggering $800 billion by 2028. With so much capital and people interactions possible in the metaverse, digital lands will be a perfect complement to the intensity of interaction. After all, advertising is all about establishing your presence in a place where that is intense engagement.
Considering the fact that metaverses have shown great potential to be complete and self sustained digital universes, it is only obvious and logical to expect digital lands to play a crucial role when it comes to both monetizing and optimizing the interactions in the metaverse, especially when they are built around great games and stories.
The digital space has become a lot more immersive, and the possibility of people living parallel lives in a digital world does not seem too distant to fathom anymore. Just like how the real world has the lithosphere to be the vital component, digital world will have digital lands to be as crucial as the real land if not more… Just because the possibilities in the digital space are wilder and a lot more imaginative.
(The author is COO and Co-Founder at Guardianlink)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)Thursday, 16 Mar, 2023Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »
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