8 examples of how NFT could play out in the future.
Would you be shocked to learn that the picture you’re looking at sold for approximately $530 million?
That’s over half a billion dollars for the NFT CryptoPunk #9998.
But there’s more to NFT than just pixelated images.
Shortly, all of the world’s data may be stored and in some sort of blockchain-based network.
NFTs have opened up an entirely new economy. What does this mean for you? In this blog post, we’ll briefly explore what non-fungible tokens (NFTs) are and how we can expect them to change our lives in the future with some examples.
Assets with a Unique Identity
Google Trends shows an imperfect parabolic increase in people searching ‘NFTs’ on Google over the last year. And the trend is likely to continue.
A Non-Fungible Token (NFT) is an asset type used on blockchains to represent digital items and cannot be replaced by another copy or variation of their underlying data.
They’re unique because each NFT has its own identity and there’s no way for anyone else to control it without permission from its owner, which makes NFTs truly ownership proof — something not everyone can say about their assets today.
The key to understanding how NFTs work is in the idea that they represent something. This could be an asset, like a currency or coin; but it’s also possible for them just take on more abstract forms such as music tracks and characters in a video game.
The current reality of NFT
NFTs are currently suffering from technical limitations, high fees, multiple hours for a purchase to go through, disorganized ecosystems, and an overall poor experience. However, that is bound to change as blockchain networks like Peerplays, Avalanche, Solana, Cardano, and take on the NFT space.
Inevitably, NFTs will become affordable, accessible, and a pleasure to own.
Saving the planet
NFTs could save trees and preserve our planet’s ecosystems. Imagine this: you donate money to have a tree planted in your name, which afterward becomes an NFT owned by you. You get to hold it from the moment the seed has been laid to forever. NFTs could change how we think about sustainability.
There’s an exciting project with this kind of initiative called Treedefi. The project claims to be “the first NFTs backed by real trees planted around the world.” You can track your trees, their names, birthplaces, dates, and identification codes, all thanks to the blockchain technology in NFTs. Additionally, your trees will reward you with CO2 offset certificates based on the CO2 absorbed.
Decentralized Property Ownership
NFTs could revolutionize the Real Estate space by creating a seamless, decentralized system of ownership. Property owners would issue tokens that represent their properties and put them up for sale on an open marketplace (hopefully decentralized). Crowdfunding could also benefit from NFTs as you could own a piece of the real estate you’ve invested in. Again, complete ownership and control over your chunk of land!
A Cultural Shift for Artists and Musicians
Many artists have seen a drastic drop in their revenue due to lockdowns. NFTs represent a way for artists to take back control and become more self-sufficient. Musicians can leverage smart contracts and tokenize their sons to earn continuous revenue from resales, instead of the money going to third parties that took no part in producing the art themselves.
Better Event Management through Smart Tickets
NFTs could revolutionize the ticketing industry. 12% percent of U.S. adults have bought a scam ticket online, according to an Aventus poll data. Additionally, some secondary marketplaces allow bots that end up buying entire concert tickets and reselling these seats expensively before consumers can even find out if they’re interested in attending. NFTs can provide transparency and decrease fraud. The tickets become verifiable. And registered resellers earn their cut.
Owning your online gaming assets with NFTs
The gaming industry is one where NFTs are booming. In the past, gamers never really owned their skins or assets from Fortnight and GTA but that’s about to change with this new technology for digital ownership. NFTs allow players who have invested time into an online character or account to own those characters off the game.
Loyalty pays off with NFTs
Your loyalty to a brand can finally pay off handsomely. Your favorite brand could offer 10,000 NFTs of their album artwork. Holding an NFT of it could mean you get frontline access to their live shows and be the first in line for their newly released physical merchandise. Gary Vaynerchuck has specifically spoken about this and claims any business could harness NFTs and provide an additional income stream and a great experience for their superfans.
Owning your data with NFTs
Data privacy is a serious concern for people. Pew Research found that 81% of people in the US believe that they have very little if any control over the personal data companies collects. NFTs could be one way to solve these privacy worries. Tokenizing your data, medical records, and identity means that you’re in control over your data. This goes well beyond personal data protection, but also for business licenses, records, patents, and much more.
NFTs Offer Exclusive Memberships
The world of online clubs is being revolutionized by NFTs. Holding a certain NFT allows you to become a member of an exclusive community and enjoy many benefits with it, such as access to special rooms for members only and many other perks. The Bored Ape Yacht Club is the most prominent example that offers such an experience.
The Future is Decentralized
NFTs are destined for greatness in the Metaverse. A small paragraph could never do it justice. There should be a whole blog post dedicated to the Virtual Word, so that’s a topic for another day.
NFTs are strongly aligned with contributing to a more decentralized world. After all, they provide an opportunity for everyone to own art and have different evaluation values, much like connoisseurs do now with wine. The future of digital assets is decentralized and NFTs are building towards a more free and transparent world.
Truly, the future standard In digital ownership.
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