The Future of NFTs

    Before the globe was engulfed in the virus two years ago, few people had heard of non-fungible tokens (NFTs). These digital assets, like cryptocurrencies, are traded using blockchain technology and have progressively seen an increase of interest and activity from gamers, influencers, and artists who have figured out how to use the technology to their advantage.

    NFTs have proven important for content creators in the digital arena because of their guaranteed ownership and authenticity, as well as their wholly digital character. Creators now have more control over their digital art since they can put out something they genuinely own and earn recurring cash every time it is sold. Furthermore, each NFT sale is recorded on the blockchain, resulting in a digital provenance that cannot be tampered with.

    Use Cases for NFTs

    People bought and sold more than 85,000 NFTs in May, according to application tracking firm DappRadar, for a total trade value of $5.8 million in a single day. However, mass adoption, in my opinion, is almost impossible.

    Rather, I believe that NFTs will eventually supplant industries that like appropriating other people’s hard labor, and that this will happen sooner rather than later. Consider record labels. NFTs, like a checkmark on Instagram, will become a status symbol for the future of decentralized social media by then.

    NFTs, on the other hand, are about more than just swapping Bored Apes for millions of dollars. In my opinion, the digital asset may be used more widely, including for business purposes. Because digital certificates are traded online and via decentralized blockchain technology, commercial transactions can be completed more swiftly and securely.

    For NFTs, I prefer DESO because there are no minting charges. Also, because I’m on a social media platform, I can communicate my brand’s story. Because of these advantages, my company intends to manufacture and sell NFTs completely through DESO.

    NFTs can also feature functionalities and rewards in addition to the physical asset. An experience or a tangible component can be sold behind each NFT, depending on who is selling it. NFTs for creator coins, for example, can offer exclusive benefits to top coin holders. I feel that if an athlete or an artist has a large enough fanbase who is passionate about them, they will buy whatever NFT the person sells.

    The mission to decentralize

    Creators can use the decentralized social media component to talk to an audience about their NFTs. After all, decentralization as a concept is quite similar to what NFTs are attempting to achieve, which is to open up the potential of owning art to the masses, a privilege that has previously been reserved for the wealthy. Even art valuation, which has traditionally been the domain of a limited group of aficionados, has evolved into a democratic process.

    However, keep in mind that the unregulated nature of NFTs is causing mistrust among some developers as well as hope among others like me. I’ll concede that the future of NFTs is still mostly unknown, but the opportunity to get in now is one that my company will not pass up. Creators of material, make an effort to appear alive. Digital entertainment has a bright future.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...