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. Nevertheless, 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 considerable 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,…
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