What Is VIM world (VEED)?
VIM world Non-fungible tokens (NFTs) are unique digital tokens that are non-interchangeable, non-hackable and powered by public blockchains. There have been many attempts to bring NFTs to the real world, especially in the domain of arts, entertainment and collectibles, however achieving mass adoption is not a simple task. Only when effectively applied and integrated with real-world applications will this technology trigger the landslide of disruption expected across key industries.
NFTs are capable of delivering much more than simple certificates of ownership for pieces of art tracked on-chain. VIM world know that NFTs can be far more engaging, leveraging their unique metadata and histories to create a story, with behavioural habits, actions and conquests, becoming a character in their own right and creating bonds with their caretakers. Eventually, through these connections, NFTs can even become companions and friends.
VIM world Storage Key Points
|Coin Name||VIM world|
|Circulating Supply||5.57B VEED|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
A Monster in the Making
Since the first NFT project surfaced in 2017, the market for these digital assets has witnessed parabolic growth. The release of the ERC721 token standard in early 2018 only fulled this precipitous rise, providing developers the tools to build out NFT offerings more easily. In 2021, the NFT market has continued to exceed expectations with analyses showing between 1785% and 2100% growth in just the first three months of 2021, with more than US$2 billion being spent on NFT collectibles.
VIM world Forecasts for 2021 continue to look extremely positive for the emerging market, already valued at over $20 billion higher than 2020. For context, YoY growth for the NFT markets in 2020 was just 299%.
Hyper-growth of this emerging asset
The hyper-growth of this emerging asset class is reminiscent of multiple notable market events from recent decades. During the dot-com boom of the late 1990s, NASDAQ’s dot-com stocks bore witness to a 456% explosion in growth over a five-year period. More recently, an ETF for cannabis stocks grew 212% in just five months, between October 2020 and February 2021. We firmly expect the NFT market growth to be comparable to the Bitcoin boom, which saw the price of Bitcoin skyrocket 14000% over a five year period.
The current tranche of NFTs going mainstream is mostly art-based NFTs created by digital creators, influencers and celebrities. VIM world see high-value NFTs being sold to art collectors and speculators who are often cryptocurrency enthusiasts whose wealth has ballooned over the past year. One of the most notable NFT sales was the headline grabbing $70 million sale of a digital painting by the artist Beetle. The ensuing media furor created high-profile awareness of the space, culminating in Christie’s auction house auctioning a Cryptocurrency NFT for $9 million.
One could argue these types of NFTs are in an asset pricing bubble. One of the main issues facing the current generation of NFTs is that they are often minted on the Ethereum blockchain, which is synonymous with high transaction costs and a sluggish, unscalable network. These conditions have killed the creativity of NFT-related companies by imposing restrictions on their product designs and execution. Simplistic art- and music-related NFTs, even in a low frequency trading environment, are still far too expensive to be commercialised and taken mainstream.
Long-term business models
Looking forward, it is clear that as the value proposition of NFT technology becomes increasingly obvious to more and more participants, it will play a critical role in many industries of the future. It is these aspects that VIM world can see are not in a bubble; instead they represent viable, long-term business models. For example, VeChain Foundation, the founding member of VeChain Thor Blockchain, always being enterprise application adoption focused, have recently announced an Enterprise NFT Ecosystem, which utilises all the NFT concepts such as marketplaces and ownership authentication for use by businesses and enterprises.
NFTs would be able to move towards more tangible industries, from authenticating luxury handbags, and fashionable sneakers, to proving ownership of property and land titles. VIM world see NFTs becoming the digital souls of physical objects and toys, unleashing an entirely new way to create value for all kinds of stakeholders and providing an entirely new market for the existing entertainment industries.