It’s strange to believe that most people hadn’t heard of NFTs this time last year. They caught the art market by storm in 2021, selling millions of dollars for works such as The Merge and Beeple’s The First 5000 Days.
They are, of course, still a contentious issue. Some argue that the energy consumption and carbon emissions associated with its use outweigh any possible benefits. Following a negative reaction to the news from its clients, at least one company has backed out of intentions to participate in the trend.
NFTs and metaverse
The metaverse is a buzzword in the computer world right now, and meanings vary depending on who you ask. However, in general, it alludes to a connected, continuous digital environment that is more comprehensive than the current internet – maybe including virtual reality (VR). We will be able to work, play, mingle, travel, and develop ourselves in a constant digital environment thanks to the metaverse. It’s been dubbed “the largest disruptor towards how we spend our lives ever seen” and has a trillion-dollar economic potential.
NFTs and Internet of Things (IoT)
It is anticipated that by 2030, the world will have over 125 billion linked gadgets. When we speak about the internet of things (IoT), we’re talking about a massive computer network, vehicles, utilities, wearables, industrial gear, and a variety of other devices – and many people believe NFTs have a key role to play.
Machine-to-machine communication accounts for a significant portion of IoT communication. Consider the smartphone technology you may already have in your home: intelligent light bulbs, freezers, and AI virtual assistants, for example, are all able to communicate with one another. The same phenomenon happens in a smart factory, but on a much larger scale, where hundreds and thousands of devices connect and exchange information to maintain the business’s functioning. NFTs could be useful in this situation since they enable machines to authenticate data that comes in from other machines. This is essentially the online equivalent of a storage manager double-checking papers before receiving a container load of products.
NFT in healthcare
Supporters of using NFT technology in healthcare argue that this could one day enable individuals to take ownership of their own health information. It may even allow them to profit from it.
Personalized health data is constantly bought and sold, producing enormous sums of money. However, just a little portion of that gets to the people who actually own the data: the patients. Due to the availability of trackers, monitors, and sensors, it’s now easier than ever to gather and collect health data. Thanks to programs that allow individuals to map and analyze their own DNA information, even genomic information is inexpensively available.
Information can be marked with data using NFTs, allowing it to be traced whenever it is sent on. Not only will we have better control over where our data is used, but we may also be able to use the smart contract abilities of NFT and blockchain technologies to ensure that we are paid the royalties we are owed every time our data is shared.
Fad or Future?
Of course, for every person who claims that NFTs are the future of all businesses and fields of human activity, there are some who argue that they are merely a fad that will fade away fast. The fact is that nobody can predict what will happen in the future. However, it is evident that a number of major businesses are significantly investing in tech, and there is a definite sense among some very brilliant and well-resourced individuals that it will play a part in our futures. There are indeed critical issues that must be addressed; nonetheless, it would be unethical to disregard the massive amounts of energy consumed.