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After a rocky 18 months, interest in Non-Fungible Tokens (NFTs) is back to steadily climbing. The bursting of the NFT bubble cleared out many projects that were superfluous to the industry. From artists that were rapidly pumping out low-quality projects to businesses trying to capitalize on the trend, a lot had to go. Yet, the NFT bubble bursting actually revealed the key to success in this industry.
Non-Fungible Tokens Explained
The projects that survived these disastrous 18 months were all ones that had something in common - they had real-world use cases for their NFTs, going beyond just being digital assets. Industries like Play2Earn saw NFT use and popularity stay consistent, which has been a lesson for other NFT creators.
Over the past year, brands like Lost Worlds have focused on this idea of real-world NFTs, launching geoNFTs that are connected to physical locations. In this article, we’ll dive into this new NFT technology, demonstrating just how powerful it could be for consumers, tourists, businesses, and event providers.
The Need for Real-World NFTs
The NFT sub-industries that have survived this downturn are able to provide real-world utility to their NFTs. Most commonly, this has been seen in the world of gaming, where games use NFTs to give their characters unique upgrades and benefits. Using this idea, NFT businesses are launching NFTs that are closely connected to the real world.
With applications in the physical world, users are more motivated to interact and use NFTs. If there is a sense of engagement and participation, then the concept of NFTs not having a purpose that tanked the industry previously cannot apply.
By dropping geoNFTs into events, cities, tours, and music festivals, Lost Worlds is creating an interactive scavenger hunt that brings out the very best of NFT technology.
How Lost Worlds is Turning the Tides
Understanding the need for NFTs that had a tie to the real world, Lost Worlds has developed an exciting new way to interact with these digital technologies. They have created geo-NFTs, digital assets that are directly connected to real-world locations. By visiting these locations, users can then interact with NFTs minted to certain places.
Beyond evoking a physical connection due to location, this has opened the doors for businesses and events to incorporate NFTs into their core structures. For example, an event like Tomorrowland could design custom NFTs and place them all around the event. By moving around and interacting with these, anyone attending the event would have a completely new way of experiencing their surroundings.
Any business, from museums to theme parks and even retail stores, could begin to mint these exciting NFT assets. Having these interactive ways of supporting a brand would drive customer engagement, creating a whole new user experience for all. By using geoNFT technology, the relationship between physical space and digital technology is an exciting way of boosting customer-brand connections.
As Lost World is a web application, absolutely everyone can get started whenever they would like. Whether a customer wants to search for NFTs in their area as a tourist or mint their own location-based NFTs, the world is truly their oyster.
What Technologies Are Behind This Serge?
Lost Worlds has not developed overnight, nor in a vacuum. Surges in progress within the wider blockchain industry, combined by internal innovations by Lost Worlds, have taken them to this point. For example, they understand that one of the largest preventative factors for NFT adoption was people not understanding crypto wallets and how to store their digital assets.
To solve this problem, they give users the ability to create their own wallets on their devices in under 15 seconds. This simplifies the whole experience, allowing people to get started with their NFT collection in record time. Beyond this, there are a number of technologies that have helped accelerate this process:
- Mint Ready NFTs Once a user has connected their wallet, they are then able to mint NFTs based on their physical location. Beyond just hunting NFTs, this opens up the Lost Worlds system to the creation of even more unique digital assets.
- Purchase NFTs via Apple Pay Within this system, users are able to purchase NFTs with Apple Pay, Google Pay, or even their credit card. Opening up the payment method radically lowers the bar for people getting involved, helping to bring new people into this world of geoNFTs.
- Blockchain Advancements As the world of blockchain has become more streamlined, innovations by companies like Peer have allowed the speed of transactions to accelerate. This overcomes many of the gas problems that faced the early NFT market, helping to increase participation and decrease the maintenance cost of minting new NFTs for all. The technology that Peer offers also allows users to experience the world wide web through AR, which would bring a whole new level to what Lost Worlds is proposing and blur reality and Web 3 even further.
The innovations that we’ve seen over the past year within the blockchain industry have culminated in this exciting platform launch. Providing a new real-world use case for NFTs and enriching events world-wide with NFT scavenger hunts, Lost Worlds is set to shake up this space going forward.
Final Thoughts
With over 32 million people attending music festivals each year in the US alone, this is a space that’s perfectly positioned for the arrival of geoNFTs and real-world use cases of this digital technology. As companies like Lost Worlds provide a real-world method of interacting and using NFTs, concerts, retail stores, and theme parks around the world will have access to an exciting new way of engaging their customers.
As this technology becomes more popular, the number of geoNFTs around the earth will increase, with everyone from tourists to collectors benefiting from this new way to interact with the physical space around us.