Predictions from a Long-standing Project in the NFT Space
Deeply ingrained within our business practices is expert leverage. As an emerging tech venture builder, we rely on industry-specific professionals to help propel us towards our goals.
Since converging technologies advance so fast, we struggle to find the time for deep dives into new developments.
In other words, as problems arise — as they invariable do within the startup culture — we don’t necessarily run straight to how we can tackle an issue. Instead, because seven billion people of varying skill levels roam the Earth, we focus on who can help us overcome obstacles.
You can see this on display from Arclegger leading our gaming studio, to partnerships with a media powerhouse and AI veterans.
Put another way, you can think of our collaborative tactic like reading books. Whether in print or audio, books distill the author’s trials and errors, successes and failures, into a couple of hundred pages. Readers gain a superpower — absorbing decades of insight within just a few hours.
So, in addition to consuming the lastest NFT report from NonFungible.com, we’re seeking the knowledge of other significant players within the field.
And our recent foray into NFTs — creating an all-blockchain game with an accompanying marketplace — lead us to WAX, one of the NFT industry’s pioneering trailblazers.
William Quigley, head of WAX and co-founder of multiple financial ventures, recently recorded a segment piquing our interest. William offers insider answers to a simple question: what’s on the horizon for NFTs?
2020’s Non-fungible Forecast
WAX is an acronym for Worldwide Asset eXchange™, describing itself as “the safest and most convenient way to create, buy, sell, and trade virtual items — to anyone, anywhere in the world.”
WAX aligns with gamers because of their long-running familiarity with virtual items and in-game collectibles. More than a digital marketplace, the project also operates a portal — WAX Hive . Inside, developers can forge digital assets and build markets in which to sell them.
Along with a cloud wallet, which recently attracted 500,000 new user accounts, WAX offers an all-in-one blockchain platform for digital goods. Digital items — both playable and collectible — are now a $50B global economy.
Here’s how WAX describes the benefits of using its blockchain-powered digital platform:
“Participants of the Worldwide Asset eXchange gain access to a global community of collectors and traders, buyers and sellers, creators and gamers, merchants, dApp creators, and game developers.”
Non-fungible tokens are a growing slice of that giant pie. Naturally, when one of WAX’s co-founders offers a glimpse into the NFT industry’s future, we’re all ears. In this video, William addresses what he sees as misconceptions about this year’s NFT expectations:
The WAX project has a history of using emerging technologies to build bridges between consumers and digital goods. The following quote is especially interesting because William inadvertently described RedFOX Labs and our efforts in creating KOGS:
“New, indie game developers will probably be the first ones to experiment with and even succeed with NFTs.”
Coming from an executive with 20+ years’ experience in constructing and operating virtual item marketplaces, we can’t help but agree with that sentiment.
KOGS is a blockchain innovation setting the stage for NFT circulation to mature and accelerate. In virtual worlds, blockchain tech is the most efficient vehicle for transparently verifying item authenticity.
NFTs provide true item ownership while allowing players to migrate assets from one game to another. For those reasons, it’s only a matter of time before publishing titans begin infusing NFTs into AAA video games.
NFTs are on a shortlist of ‘killer apps’ poised to take the blockchain industry to new heights. But like a slew of emerging technologies before them, changes can be slow to take root.
Although WAX’s co-founder is a prominent voice within the NFT industry, he’s still the first to admit that widespread trading of NFTs will only occur when gamers have compelling reasons.
And in our unbiased opinion, that’s what we’re giving them via KOGS. Not only are we delivering high-stakes, ‘for keeps’ gameplay with collectible NFTs, but we’re also reimagining a very familiar game — POGS.
While we’re at it, we’re also ensuring that, unlike any other blockchain game, every in-game computation occurs on-chain.
Although RedFOX Labs may be on the earlier side of the NFT party, we prefer it that way. After all, we’d rather be here before the masses arrive than rush to mingle after the crowd swells.
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