As NFTs continue to grow and become more mainstream, we’ve seen the best NFT projects in 2021 are involved in selling exclusive and limited-edition items, including digital art, music, movies, trading cards and other collectibles, and attracting eye-watering prices. A series of NFT auctions of digital artworks and music from high-profile artists such as Grimes culminated in a work by the artist Beeple being sold for $69m at Christie’s on March 11.
New NFT projects are being touted not only as the future of merchandise sales but also a way for musicians to regain ownership of their work in the era of streaming and file sharing, and for game developers to profit from creating in-game economies.
What’s next for NFTs?
It’s worth noting there’s been talk of augmented and virtual reality taking off in the tech industry for years with tech giants such as Facebook and Microsoft looking to dabble into the world of NFTs, even TikTok is debuting their own NFT project!
It seems like big-tech players and financial giants are foreseeing a big opportunity in the NFT ecosystem.
Think of it this way. If you wanted to buy an original piece by Andy Warhol, you’re likely going to need deep connections to participate in fine art auction houses. With NFTs, people can own unique artwork or content of currently relevant celebrities which are uniquely stamped and verified by blockchain technology. Best of all, anyone can participate — you just need money.
And that’s the appeal — anyone can buy NFTs or create them. That’s right. Starving artists now have another avenue to monetize their work. Certainly, this sector has some appeal. And these publicly traded companies ought to consider getting involved while the going’s hot.
Liberty Media Formula One (NASDAQ:FWONK)
*Now, please bear in mind that these stocks are not necessarily buy or sell ideas. Rather, these issuing companies may garner new opportunities if they participate in NFTs.
Major Use-cases of NFTs
The most and popular use-cases of Non-fungible tokens is Gaming. Blockchain gaming allows players to securely trade assets and offer a layer of authenticity and verifiability to all the players. (In-game items, player skins, unique character builds, etc)
With NFTs, anyone can buy a creation and showcase it by knowing the full history of the assets. For eg: Artist details, date of origins, previous ownership, value of assets and a lot more.
These NFTs hold unique information about a particular asset, which makes them better use-cases for identification, licenses, qualifications, and certifications that are registered on any blockchain network. Non fungible tokens would be so useful in controlling data like medical history, personal profile, education, address, and all other digital details.
- Media & Entertainment
The media and entertainment industry is facing fraudulence in a massive way. With the involvement of blockchain technology, prevention of copying the files in the media and entertainment is made easy.
- Real Estate
The most improving sector in this digital economy is Real Estate. In this real-world, the assets in the real estate are tokenized on the blockchain. This allows for smooth transactions which eliminates the third-party intermediaries and also prevents conflicts in ownership.
- Virtual Assets
- Event Tickets
- Athlete’s DNA Data
- Sports and more
The future of NFTs is promising and immeasurable with the complete adoption of blockchain technology. NFTs won’t just be digital art, they will be a part of our everyday life.