MIAMI, FL / ACCESSWIRE / May 12, 2023 / As the physical and digital worlds continue to converge, individuals are dedicating an increasing portion of their time to the online world, giving rise to the demand for digital identities in this emerging economy. Previously, digital identities were limited to profiles created via blogs or social media platforms. But with the rise of blockchain technology, the metaverse and NFTs, a new form of digital identity has emerged – giving rise to the avatar economy.
Among those helping to lead this new economy is the CEEK (pronounced “seek”) metaverse, a rising star in the entertainment industry with over seven million users worldwide. CEEK’s NFT (non-fungible token) model is helping to lead the way in the development of the avatar economy by offering exciting new forms of ownership, including NFT wearables, artwork, dance routines, animations and more.
Through NFTs, CEEK gives users absolute autonomy over their digital identities and objects, and this article will explore how this changes the game for the future of digital ownership.
NFTs: Utility And True Ownership
Despite their growing popularity in recent years, NFTs are still largely misunderstood by retail investors and the mainstream media. Many view NFTs as overpriced JPEGs at best and outright scams at worst. However, what is lacking is an understanding of the diverse tool NFTs offer.
To truly understand the value of NFTs, it is important to understand the potential of blockchain technology. Like most cryptocurrencies, NFTs rely on the foundation of blockchain technology, acting as a public library where books are secure and accessible to all. Once a transaction is etched onto the blockchain, it becomes immutable and undeletable, establishing a reliable and impenetrable system to document and verify ownership.
As a result, the core value of NFTs lies in their ability to reliably verify authenticity and ownership in a blockchain. NFTs have the ability to represent real-world objects such as works of art, intellectual property, and digital identities. By allowing self-custody of assets, NFTs give users control over their digital assets, rather than relying on centralized authorities.
Unlocking the potential of CEEK’s NFT tools in the Metaverse
The next phase of Web3 tools is expected to move beyond trivial monkey images and towards meaningful utility, and that is precisely what CEEK’s NFT tool model and marketplace seeks to achieve.
In the CEEK metaverse, users, known as Ceekers, can access a vast collection of avatar fashions and wearables that have real-world applications. For example, avatar wearables created in collaboration with NBA Hall of Famer Dwyane Wade can enhance the abilities of avatars, allowing them to jump higher and run faster.
Unlike other marketplaces like Fortnite, where users can only buy skins for their characters, CEEK’s NFT marketplace gives ownership of digital assets to users, allowing them to track and trade them on a peer-to-peer platform.
In addition to wearables and avatar fashion, CEEK’s NFTs provide exclusive access and membership. NFTs can tokenize memberships, giving users exclusive access to content, experiences and more from their favorite celebrities. As a premier metaverse, CEEK has partnered with Universal Music to offer live performances by top artists such as Bon Jovi, Lady Gaga, U2, Sting, Ziggy Marley and more.
The Growth Potential of the Avatar Economy
Since digital avatars exist in the metaverse, it is natural to assess the growth potential of the avatar economy by examining the growth of the metaverse as a whole. Estimates on Statista suggest that the metaverse will hit a staggering 700 million users globally by the end of the decade, with 74% of American adults considering building their virtual lives according to a survey from December 2021.
Also, the hours invested in Metaverse are predicted to increase significantly. Gartner’s estimates suggest that engagement in the Metaverse will continue to increase, as it is estimated that a quarter of the global population will spend at least an hour every day to this virtual environment by 2026.
The future of avatar ownership with CEEK’s NFT tool
As the metaverse continues to evolve, avatars are expected to play a significant role in shaping how users interact with each other and the surrounding digital environment. CEEK appears well-positioned to capture this growth through its NFT marketplace and usage model, which empowers users through blockchain-based ownership, creating nearly limitless opportunities for monetization in the emerging avatar economy.
Featured image by CEEK
Contact:
Karen Poznansky
[email protected]
SOURCE: CEEK Metaverse
