Augmented Reality (AR) is shaping a new future for online interaction and asset ownership. This technology was a futuristic gadget in sci-fi movies only ten years ago. However, recent developments see it expanding and merging with other next-gen innovations, such as non-fungible tokens (NFTs). This merger could have an irreversible impact on our understanding of the digital economy, asset creation, commerce and control.
This article discusses the emerging markets for (AR) and NFTs and how their combinations could produce limitless technological advances.
Building towards an AR future
According this reportthe 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 places augmented reality among the leaders 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 booming thanks to significant developments in blockchain technology, including the metaverse. In fact, there are already over a billion AR-enabled devices around the world – most smartphones can support AR apps. This means that we are just a few steps away from an AR-dominated world. All we need are innovative projects that penetrate this still untapped market.
Meanwhile, experts predict the global NFT market will reach a value of USD 122.43 billion by 2028, at a CAGR of 34.10%. For example, in 2021, the market reached $15.70 billion thanks to an industry boom that saw an obscure blockchain-based asset rise to global stardom.
The growing popularity of NFTs is due in part to the countless celebrities tapping into the emerging market. Additionally, social media and influencers are trying to keep the momentum going. However, 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.
More importantly, NFTs are among the major tools of industry giants that are turning the metaverse into reality. Now, augmented reality could provide the boost needed to take these efforts a step further and create lucrative personalization opportunities.
AR and NFT in the Metaverse
Companies from different fields are investing considerable funds and resources to discover the optimal way to exploit the potential of AR. One such attempt comes from Holooot, the world’s first augmented reality (AR) non-fungible token (NFT) generator, market and metaverse. The Swiss-based company released the mainet of its app on July 27, 2022, making ARs and NFTs available to android and iOS users around the world.
Now users can access existing NFT AR collections through an innovative marketplace and explore the metaverse through the AR viewer. Plus, they can even generate their own assets from their existing 3D models. This technological breakthrough pulls new technologies out from under their esoteric cloaks and brings them closer to the masses.
Hololoot is an example of the initiatives leading the emerging sector of AR NFTs and 3D metaverse experiences. Soon, millions of people should be able to access the metaverse without expensive VR headsets. Moreover, augmented reality can become accessible, fun and useful for individuals all over the world. Above all, it could prove to be considerably profitable for entrepreneurs, influencers and businesses.
Final Thoughts
The combination of AR and NFTs is lucrative enough in its current embryonic state. However, adding the ability for people to generate their own blockchain-based assets increases its desirability.
Simply put, regular users can create, own, sell, trade, and trade digital assets with minimal knowledge and no special devices. This will help them gain a foothold in the future digital economy and access new lucrative opportunities.