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Watch - NFTs and the Metaverse: A market exploding in popularity

NFTs have existed for a few years but the market is now exploding, with one digital picture recently selling for $69 million.

Corporations like Visa are buying NFTs and one 12-year-old boy, Benjamin Ahmed, has earnt nearly £300,000 selling his collection.

As seen in the video  above, one emerging use of NFTs is video games, where the image itself is used within the game. 

“Warriors of Aradena sold out in 30 minutes where we made over $1 million,” said Thomas West, the game's CMO and founder.

“Some warriors are being sold now for 50 times what they were bought for from us.” 

While some see the NFTs as a booming billion-dollar industry, others speculate that it could quickly fizzle out.

Where there could be longer term opportunities for NFTs, or other similar products, is the Metaverse.

“The Metaverse is not a concept that probably most members of the public are going to relate to or talk about,” said James Titcomb, The Telegraph’s Technology Editor.

“But it is something that a lot of the biggest and most influential technology companies are spending a lot of time and effort and money thinking about.”

He added: “If you look at the evolution of technology and computer graphics, these virtual worlds are only going to become more realistic and more akin to what we see around us in the real world. 

“So if you believe that the virtual worlds of the future are going to be as valuable and as important as the ones that we live in today, then why wouldn't you believe that a virtual house is as valuable as one that we live in right now?”

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