NFTs Are Much More Than Simple Artistry

Blockchain, News, Opinion | May 27, 2022 By:

NFTs have changed the global landscape of the art industry and turned it on its head. Although NFTs have received global attention from the art community, they are poised to affect other industries as well. NFTs are much more than art. Although NFT brings art to a metaverse gallery, there is more to it than meets the eye.

Understanding NFTs

Media giants are fighting over the rights to cover the insanely popular NFT artwork trends that have influenced a modern art renaissance. NFT stands for a non-fungible token, which is a distinguishable and non-transferrable digital book that joins with repeatable assets.

Repeatable assets connected with NFTs may include music, films, 3D models, images, and vast digital information. With blockchain technology, NFTs gain a public record of ownership. It is important to note that NFTs cannot be compared as apples to apples because each one is distinct.

Why Is NFT Growing in Popularity?

NFT has seen a sudden surge over the last couple of years, with giant names getting in on the action. Asics, Coca-Cola, and the NBA have all added their names to a steadily growing list of NFT participants.

Pizza Hut, Taco Bell, and even Charmin have taken the plunge into NFT territory. It seems everyone wants benefits for their companies through coins, and the world is taking notice.

Why the sudden interest? Many people want an answer to this question, but the answer may not be as straightforward as one might think.

Who Are the Biggest Influencers in NFT?

Some of the biggest names in the business industry are getting involved in NFT. The following are influencing NFT significantly.

  •       Elon Musk
  •       Jack Dorsey
  •       Cristiano Ronaldo
  •       And many others

Each of the above has launched its own virtual collectibles. This list will expand overnight as more influencers involve themselves.

In March 2021 only, NFT art garnered around $240 million in revenue. People purchase this artwork on NonFungible.com and in the NFT marketplace. Artwork dealers such as Sotheby’s and Christie’s have also gotten in on the action. Through these dealers, wealthy clientele is investing in virtual artwork pieces all over the world.

Although many associate NFTs with artwork only, they can also link with other virtual assets, with the sky being the limit.

While NFTs Are Ruling the Artwork World, They Are Poised to Influence So Much More

Although NFTs are undoubtedly changing the artwork world, many other digital assets can rise in its place, including music albums and online concert tickets.

The music industry is next in line to join NFT asset creation. Musicians are interested in using non-fungibility for ticket sales. With non-fungibility, hopefully, comes greater fraud protection.

In fact, the music world has already gotten involved in NFT, though not on as grand a scale as the art industry. Recently, The Kings of Leon inaugurated an NFT to celebrate their latest album.

The gaming industry has already plunged into NFT and has been quick to provide gamers with multiple occasions to embrace new technology and increase their satisfaction in their gaming experiences.

Fortnite, for instance, has over 350 million registered players. On average, these players have spent around $82 each on in-game add-ons that decorate their characters.

Freelancers will soon rise to the occasion and gain access to NFT. It will be interesting to see how these professionals embrace NFT and make it their own in the coming months.

What Is Coming Next For NFT?

With so much hype revolving around NFT, changes are sure to continue. Soon, NFT experts agree that crypto wallets will store patients’ medical data on a personal blockchain. With the use of a unique key, patients will use NFT to transfer their medical data securely.

Companies will also use NFT for employee access, increasing efficiency. The possibilities for NFT involvement are practically limitless.

Could We See Government Involvement in NFT?

The secure nature of NFT lends itself perfectly to governmental involvement. NFT could become the next infrastructure foundation. Governments could use non-fungible tokens to provide citizens with a basic income and critical services.

With this evolving next-generation infrastructure, governments can lessen the level of mistrust their citizens feel towards governmental involvement. Only time will tell how governmental involvement proceeds.

Watch and Wait

While many people are getting in on the action of NFT, some are sitting back with a watch and wait approach. Those who are interested in NFT, but not yet ready to take the plunge, should keep their eyes on big names in the industry and how they involve themselves in NFT opportunities.