The monetisation landscape around decentralised applications (dApps) seems to suggest that non-fungible tokens (NFTs) can play a role in it. It is believed that an NFT-based dApp marketplace can enable creators to monetise their digital assets in different ways.
According to DappRadar, a dApp platform, 2021 saw NFT dApps had an average of 133,783 daily Unique Active Wallets (dUAW). The number further increased in 2022 by 33%, and reached an average of 178,095 dUAW. “I believe NFTs have contributed to the world of Web3.0, including dApps. NFTs can ensure further monetisation for dApps, which can allow creators to earn money from their artwork while also providing a new revenue stream for dApp developers,” Sakina Arsiwala, co-founder, Taki, a Web3.0-based platform, told FE Blockchain.
Market-based research has shown that development of an NFT marketplace is based on factors such as tools and technologies, NFT market niche, features, among others. While Appinventiv, a software company, mentioned that the average cost for an NFT marketplace creation varies from $50,000 to $500,000, DeFipedia, an educational resource, said that costs associated with building a dApp is between $50,000 to $200,000.
Insights from market analysis have projected that NFT-based dApps can help benefit sectors such as digital art, fashion, gaming, among others. As stated by Zeeve, a blockchain infrastructure management platform, NFT dApps are open-source in nature which can benefit investors, enterprises, developers, among others. Existing dApp platforms such as Ripple, Open Sea, among others, can permit the minting, selling and buying of NFTs. Reportedly, Axie Infinity dApp is a game which has a three billion dollars worth market valuation.
“I think platforms such as Ethereum and EOS have already begun implementing NFTs with dApps and the trend will only continue in sectors such as art, gaming and collectibles. As more people begin to understand the potential of NFTs, we can expect to see new and innovative use cases emerge making the future of NFTs in dApps inevitable,” Vikram R Singh, founder and CEO, Antier, a blockchain-based platform, highlighted.
Future predictions indicate that increase in participation around NFT-based dApp marketplaces will help manage its unregulatory aspect. Zeeve emphasised on the need for research, technology architecture and collaborations with professionals. “In the coming months and years, as the technology and infrastructure for NFTs and blockchain continue to improve, it is likely that we will see new and innovative use cases for NFT-based dApps emerge,” Pratik Gauri, founder and CEO, 5ire, a blockchain-based platform, mentioned.