Augmented reality (AR) is shaping a new future for online interaction and asset ownership. This technology was a futuristic gimmick in sci-fi movies only a decade ago. However, recent developments see it expand and fuse with other next-generation innovations, such as non-fungible tokens (NFTs). This merger could irremediably impact our understanding of the digital economy, asset creation, trade, and control.
This article discusses the emerging markets of (AR) and NFTs and how their combinations could produce limitless technological advances.
Building Towards an AR Future
According to this report, the global augmented reality market reached $25.33 billion in 2021. The document forecasts a compound annual growth rate (CAGR) of 40.9% from 2022 to 2030. This puts AR among the frontrunners in a fiery race between new technologies aiming to become industry standards by the end of the decade.
The market for augmented reality experiences is also soaring on the back of significant developments in blockchain technology, including the metaverse. In fact, there are already over 1 billion AR-ready devices worldwide – most smartphones can support AR applications. This means that we are only mere steps away from an AR-dominated world. All we need are innovative projects foraying this yet untapped market.
Meanwhile, experts predict the global market for NFTs to reach a value of $122.43 Billion by 2028, at a CAGR of 34.10%. For example, in 2021, the market reached $15.70 billion on the back of an industry boom that saw an obscure blockchain-based asset rise to worldwide stardom.
The increasing popularity of NFTs is due partly to countless celebrities tapping the emerging market. Furthermore, social media and influencers are making their bid to keep the momentum going. development, these assets are more than just fancy profile pictures. Recently, several industries, including retail, supply chain management, and fashion, are using them in multiple forms.
Most importantly, NFTs are among the main tools of industry giants building the metaverse into reality. Now, AR could provide the necessary boost to take these efforts further and create lucrative customizing opportunities.
AR and NFTs in the Metaverse
Companies in different fields are investing investing funds and resources into discovering the optimal way of exploiting the potential of AR. One such endeavor comes from Hololoot, the world’s first augmented reality (AR) non-fungible token (NFT) generator, marketplace, and metaverse. The Switzerland-based company released the mainnet of its app on the 27th of July 2022, making AR and NFTs available to Android and iOS users worldwide.
Now, people can access existing collections of AR NFTs via an innovative marketplace and explore the metaverse through the AR viewer. Furthermore, they can even generate their own assets from their existing 3D models. This technological breakthrough takes new technologies from under their esoteric cloaks and brings them closer to the masses.
Hololoot is an example of the initiatives spearheading the emerging AR NFTs and 3D metaverse experiences sector. Soon, millions of people should be able to access the metaverse without expensive virtual reality headsets. Moreover, AR can become accessible, fun, and helpful to individuals worldwide. Above all, it could prove substantially profitable to entrepreneurs, influencers, and businesses.
The combination of AR and NFTs is lucrative enough in its current embryonic state. However, adding the possibility for people to generate their own blockchain-based assets increases its expedience.
Simply put, regular users can create, own, sell, trade, and exchange digital assets with minimal knowledge and no special devices. This will help them place a firm foot into the future digital economy and access new money-making opportunities.