Increased adoption of Metaverse NFTs will power the next NFT growth cycle

cointelegraph.com:

Metaverses and blue-chip nonfungible tokens (NFTs) are the driving forces behind the dramatic growth in the NFT market. Projects like the Bored Apes, Crypto Punks, Azuki, Clone X and Doodles collections have steadily attracted collectors' interest in the past year. As a result, these NFT projects have helped the NFT market achieve a growth rate of over 20,000% and a sales volume of approximately $17 billion.

For an industry that once occupied a tiny sliver of attention within the crypto/blockchain world, it's clear that NFTs are here to stay despite earlier critiques of their ephemeral nature. However, given the recent lull in the NFT markets, investors and collectors alike are now seeking new frontiers where they can capitalize on the innovative application of NFT technology in different use cases.

On the other hand, innovators have come up with creative new ways to apply NFTs in various industries. These new applications have increased the utility of NFTs, and I expect they will drive the next phase of NFT adoption.

One particular sub-niche attracting increasing interest in the NFT world is Metaverse NFTs. A report published by NonFungible.com, which was created in conjunction with L'Atelier BNP Paribas, indicates that Metaverse NFTs make up approximately 3% of the global NFT market value, a staggering $513 million.

As more companies build their brands within the Metaverse, the value of Metaverse NFTs will increase exponentially. Here are a few areas that will benefit from increased Metaverse NFT adoption.

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