Throughout 2021, non-fungible tokens, or NFTs, have been in the limelight. The capacity to digitally represent a unique object and have irrefutable evidence of ownership appealed to consumers, resulting in the space’s exponential expansion. Specifically, art and collectable NFTs have exploded into widespread popularity at a breakneck pace — quicker than even the most starry-eyed crypto bull could have imagined.
When you invest in anything, you want to know that others will have a tough time forging or stealing it. This is a significant selling point for NFTs, which are very difficult to copy and supported by the remarkable security provided by blockchain technology. Due to the technology’s continued growth in popularity and public interest, several different kinds of tokens are available, and firms are scrambling to develop new and inventive uses for the technology.
Just as blockchain technology enabled digital money creation, NFTs now ensure the legitimacy, uniqueness, and ownership of unique goods. As more of us work remotely, eschew consumerism, or just decrease our travel loads, the benefit of digital collecting rises. Rather than requiring a wall to exhibit your artwork, you can just see it on your smartphone after downloading a cryptocurrency wallet.
Until the advent of NFTs, digital art lacked the intrinsic value associated with a Monet or Picasso masterpiece. This is mainly because digital can be readily replicated with the touch of a button, making it almost hard to tell the difference between the original and the copy. NFTs, on the other hand, may be exchanged in a very secure and transparent manner. NFTs serve as irreversible digital signatures, providing collectors with unparalleled trust. This assurance applies to the art’s future heritage as well. While digital works kept on the blockchain are impervious to censorship and physical degradation, they must be carefully preserved. Additionally, blockchain technology enables individuals to safely transfer massively valuable items internationally and in full public view.
Overall, the NFT market represents a potentially large opportunity to gather and trade digitally in a future where everything is becoming digitised. Another benefit of trading on a blockchain is that each token has a unique identification number that is very hard to replicate. In essence, an NFT is a one-of-a-kind identifier that may be used to establish ownership of digital commodities. They convert digital artworks and other collectables into unique, verifiable assets easily traded on the blockchain.
The application areas are also limitless: anything may be sold as NFT; all you have to do is generate a digital duplicate of what you want to sell and you’re done with the game. You may tokenise individual items or digital works of art, or you can construct collections of countless things
There is always a tipping moment at which new technologies transition from an obscure peripheral interest to becoming an integral part of life. That moment is often reached as a result of the convergence of many causes, and we are now seeing what occurs when two such trends reach the inflection point concurrently. . No rules are set in stone, and this is exactly why the NFTs and the metaverse bring with them such tremendous opportunities!
Are you dissatisfied with the two-dimensional digital experience? There are also 3D immersive art shows in virtual reality environments for individuals wanting to go further into the metaverse. In essence, the metaverse movement has enormous potential to transform our lives and communication, and its growth has exponentially increased in the aftermath of the pandemic. Additionally, Morgan Stanley estimates that Metaverse games and non-fungible tokens might generate 50 billion euros in income for the luxury market by 2030. That represents 10% of the entire addressable market. However, what exactly is a metaverse? The traditional definition is a three-dimensional space in which natural humans may travel, share, and communicate through individualised avatars. While there is no definitive definition, it often refers to a virtual space where you may socialise, connect, invest, and develop your own persona in the image and likeness of anything you like.
To succeed with NFTs and the metaverse, one crucial aspect that is not as discussed as it should be is choosing the right projects and companies to invest in. Z Turing Pte Ltd was founded in Singapore in 2018 and is committed to blockchain technology. We can design a whole suite of Portfolio-as-a-Service solutions to meet the demands of the twenty-first century by assembling a team of highly competent developers and consultants. As customers get more confidence with technology, we are certain that the blockchain will be accepted and utilised internationally. Our primary objective has been to assist businesses in developing ICOs, NFTs, and CBDCs during the last three years.
After careful thought, we have chosen to relaunch Z Turing to acquire an NFT platform, enabling us to request collectables and high-value items for launch on our NFT Launchpad. Most importantly, this will be the FIRST NFT launchpad designed and built in Singapore specifically for worldwide use.
Nonetheless, one aspect is very evident within the crypto market: the clear predilection towards cartoons, crypto punk, and apes art. Currently, the NFT market is oversaturated with art that resembles a common theme, exhibiting a humoristic view coupled with vibrant colours. However, Z Turing breaks away from this monotonous aspect of the market, creating a segment for those who are looking for Exclusive high-value items. For instance, we offer Premium Wine, Cask Whisky, Vintage Cars, through which you can build your own virtual luxury universe. Our value proposition is to bring long-lasting art and quality that does not rely upon passing fads, but rather captures the timelessness of exclusivity and vintage spirit.
Due to its numerous completed projects, Z Turing is ready to enhance numerous businesses to take advantage of Singapore’s Asia Fintech Hub designation as well as the Monetary Authority of Singapore’s (MAS) recent willingness to regulate cryptocurrency exchanges, that could provide an excellent opportunity for cryptocurrency towards becoming mainstream in Asia.