Beyond art: Experiential NFTs
NFT technology has many use cases beyond buying and selling art, and new concepts are constantly emerging. For example, experiential NFTs focusing on experience and engagement instead of valuation have been on the rise across industries like sports, fashion and gaming.
In June 2021, Verizon launched its first NFT public beta, along with esports partner Dignitas, during VCT Game Changers 2021, a gaming event focused on elevating women and marginalized groups within the esports community. The NFTs were AR (augmented reality) captures of Dignitas’ team for the first-person shooter (FPS) game VALORANT, with each member’s victory dance minted as an NFT. At a live signing event over BlueJeans, Verizon’s video conferencing platform, the athletes interacted with fans and signed autographs for randomly selected participants. Once the NFTs are signed by the athletes, each victory dance is now customized with their autographs.
From JPEGs to AR and mixed reality
NFTs that incorporate augmented reality (AR) and other mixed-reality technology require significant bandwidth to minimize load times and create a more immersive experience. This is where 5G could play an important role. According to Dante J. Pacella, technology fellow at Verizon, “Although AR has been around for a while, 5G has the potential to really transform the experience. Because of the lower latency 5G can provide, you’ll be able to interact with more immersive assets in near real-time.”