Augmented Reality (AR), is changing the face of asset and online interaction. It was only 10 years ago that this technology was seen as a futuristic trick in sci-fi films. It has been merged with non-fungible tokens (NFTs) in recent years. This merger may have an irreversible impact on how we understand the digital economy and asset creation as well trade and control.
This article examines NFTs (and emerging markets) as well as how they could be combined to produce endless technological breakthroughs.
Achieving an AR Future: Building towards it
This report estimates that the worldwide augmented reality market will reach $25.33 billion by 2021. This report forecasts that the compound annual growth rate of augmented reality (CAGR), will be 40.9% between 2022 and 2030. AR now ranks among the leaders in an intense race to be the standard bearer for industry-standard technologies by the end the decade.
A significant amount of blockchain technology has led to a boom in the market for Augmented Reality Experiences. In fact, there are already over 1 billion AR-ready devices worldwide – most smartphones can support AR applications. AR is only a matter of time away. Only we will need innovative ideas to tap this untapped market.
At a 34.10% CAGR, experts expect the NFT market to grow to $122.43 Billion globally by 2028. In 2021 the market was valued at $15.70 billion, thanks to an industry boom in which a mysterious blockchain-based asset rose to global stardom.
NFTs have been tapped by many stars, which has led to their increasing popularity. Social media influencers and celebrities are also trying to maintain the momentum. These assets go beyond just profile photos. Many industries including fashion and supply chain management have been using these assets in multiple ways recently.
NFTs are, most importantly, a key tool for industry giants in making the metaverse real. AR may be able to provide the boost needed for these giants and offer lucrative customizing possibilities.
AR and NFTs are in the Metaverse
Different companies invest considerable resources and funds to find the most efficient way to harness AR’s potential. One such endeavor comes from Hololoot, the world’s first augmented reality (AR) non-fungible token (NFT) generator, marketplace, and metaverse. It released its mainet app in Switzerland on July 27, 2022. AR and NFTs will now be available for Android and iOS customers worldwide.
The AR viewer allows users to access AR NFTs from existing collections and allow them to explore the metaverse. You can create your own assets by using 3D models you already have. The technological breakthrough allows new technologies to be revealed from the shadows of their ancient cloaks, and makes them more accessible for everyone.
Hololoot represents one example of initiatives leading the AR NFTs, 3D metaverse experiences and sector. Many people will be able, soon, to use the metaverse even without costly virtual reality headsets. AR could be fun and useful for everyone. AR could be extremely profitable for influencers and entrepreneurs as well as businesses.
Final Thoughts
In its infancy, the combination of AR/NFTs can be lucrative. The convenience of being able to make their own assets using blockchain technology is a bonus.
With minimal technical knowledge, users can easily create, purchase, trade and exchange digital assets. It will allow them to get a foot in the future digital economy, and open up new opportunities for money making.