Discover The Future of NFTs

Non-fungible tokens (NFT) have risen in the past few years. From being virtually unknown to becoming one of the most sought-after digital collectibles, NFTs have come a long way. They are a part of a growing decentralized ecosystem (including cryptocurrencies and other Web3 applications) that reshapes our notions of ownership, transaction, and peer-to-peer economy.

While the NFT use cases are growing, there’s one big question – Do non-fungible tokens have a future?

You may be having this doubt if you have been thinking about investing in non-fungible tokens for the long term. Let’s address the issue with a few others in the following sections.

Do NFTs have a future?

Since its inception, NFTs have grown by leaps and bounds. Today, we can see the NFT use cases in numerous industries, so one can see that it will indeed claim the world in the future. Barring digital art, BAYC, and punk tokens, there are several other places where NFTs can shine.

It is possible to see the use of NFTs in passports, credit cards, licenses, medical records, etc. Apart from this, the non-fungible tokens are expected to bring new trends in the real estate and event ticketing sectors.

Let us see how non-fungible tokens will bring changes in the world through these sectors:

How will NFTs change the world? 

Technological evolution is taking place at an incredible place today, with NFTs bringing a wave of revolution. Non-fungible tokens are disrupting a few sectors and creating an impact on numerous others.

Here are some sectors that you must watch out for:

P2E games:

NFTs penetrated the gaming industry very early and ushered in a new era of asset ownership in the P2E game model. Axie Infinity is one such game that is well known and enjoys a great fan base among crypto enthusiasts with more than 1 million active players. Know more about NFT Games.

The everyday trading volume of this game easily touches the 1 billion mark, which simply demonstrates its craze. Thus, one can say that more such games will be launched in the future, exploring various game segments.

Medical records:

It is known that they are valuable and necessary for various reasons. Moreover, there’s a law in force to mandatorily keep medical records along with patients’ personal details for ten years. Furthermore, specific treatment records and x-rays must be stored for thirty years or more.  

Transferring these records is required when the need arises. However, this process can be plagued by delays. Thus, to mitigate such delays and other errors, one can tokenize the records and store them away securely. Employing non-fungible tokens will help one store the records for more than ten years. 

Apart from medical records, one can also tokenize birth certificates, academic documents, patents, and other crucial documents. 

Profile pictures:

Social media platforms, especially Twitter and Instagram, are the new channels to display non-fungible tokens. One may observe apes, cats, and other imaginary creatures displayed as profile images, which are known as PFP NFTs. These channels are attributed to showcase the NFT assets. The trend was started by Twitter and immediately followed by Meta.

To identify the authentic images from the copy-pasted ones, social media companies use labels that analyze and authenticate the non-fingible tokens in the user’s wallet. 

Fund-raising:

Fundraising has emerged as an inevitable byproduct of non-profit organizations. When you complete a non-fungible token transaction, a part of the funds is instantaneously contributed (given) to a charitable organization. By creating a publicly traceable and transparent database, blockchain technology protects non-fungible tokens and smart contract algorithms. 

How are NFTs impacting the internet? 

It is no exaggeration to say that most of our activities happen on the internet. The internet has facilitated research, communication, commerce, business, entertainment, and even relationships. Since the internet can be seen in every nook and corner of our lives, the advent of NFTs will surely affect the internet.

Non-fungible tokens have the potential to alter our interactions with the internet. For example, NFTs could be anything digital or virtual. They can act as a store room (to store information) and a certificate to display the ownership and authenticity of the product. Furthermore, they can bring innovation concerning copyright technologies.

Are NFTs the next big thing?

NFTs have chiefly been used as a certificate of authenticity for digital artwork. However, their applications are evolving fast, and they can prove ownership and provide exclusive access to VIP perks, exclusive content, and asset rights. 

The ascent of NFTs could be a significant step toward providing digital artists with the protection and acknowledgment they’ve been requesting for some time. What makes NFTs so compelling is how they assist creators and artists.

An artist can ensure that they automatically receive 10% of the proceeds every time their work is sold. This completely alters the second-hand art, music, movie, and gaming markets from which artists and creators do not benefit.

So, are NFTs going to be the next big thing? It could be too early to tell, but we could also be caught up in the internet’s Reddit/Crypto echo chamber, which is convincing us that NFTs have immeasurable value and are essential to continuing on our current tech-focused path.

It’s difficult to tell whether the current NFT boom results from people who have been denied access to physical art galleries and have too much disposable income or if there is a genuine desire for digital art to be protected in the same way that physical art is.

Conclusion

Overall, some experts are still doubtful about the future of non-fungible tokens and believe this is a mere bubble that will burst soon. However, the craze for non-fungible tokens has resulted in JPEGs getting sold for millions of dollars, wherein art creators and new investors are milking the cash. 

Nevertheless, unlike tangible artworks, it is still easy for people to make believable copies, which may turn less valuable in the future. Luckily, much of the talks are not directed towards such a scenario, and regardless of what critics state, the non-fungible tokens continue to grow.