I have always wondered what could travel faster than the speed of light or who could run faster than Usain Bolt. And now, I got the answer – the NFT adoption.
NFT was once considered a premature technology with barely any attention from investors. Apart from the blockchain devotees, no one thought about NFTs.
I believe non-fungible tokens got a sudden boost during the COVID-19 pandemic. That is the time when people spend most of their time on the internet. They had money, a lot of money, and when they were looking for investment opportunities, NFTs came into the spotlight.
Fast forward to 2022. Everywhere I go, I hear something about NFTs. Their use cases have created more curiosity around them.
Time To Break Some Myths
Initially, people believed that NFT was nothing more than just hype. Back to the present, the NFT wave is flooding all industries. In sports, Art, Music, Real estate, Tourism, Collectibles, Gaming, and whatnot, NFTs have laid a solid foundation in these domains within a short time.
Similar to B2C, B2B can also intake the features of NFT. This will help to bring more scalability into the business. Not just “Bored Ape” or “Crypto Punks,” but even “Taco Bell” entered the NFT space with proper utilization of this technology.
Also Read: https://blog.salmanparcy.com/2022/10/11/find-the-thriving-nft-project-from-the-crowd/
Digital Keepsakes
I love traveling as it shows the meaning of life and the purpose of our existence. I would also take a lot of pictures to relive the memories. Travel memories can be turned into NFTs, say Digital Keepsakes, as nostalgic memory like a photograph. Embracing NFTs and blockchain will make travel and tourism more traveler-friendly.
Social Media
Do I need to explain the boom of social media? The primary reason will be the wide usage of smartphones and the internet. Even school kids own smartphones these days.
Social media platforms are onboarding millions of people every year. Undeniably, they help in building brand awareness. Guess you don’t have to stick posters everywhere for advertisements. NFTs can boost the user-generated content economy as they give more control over the ownership of the content a person creates.
Online Marketplaces
You can literally transform anything into an NFT. The first industry that understood and utilized it was “Art.” You don’t have to be a Picasso to showcase your artwork around the world. All you need to do is to convert your painting into a digital token and list it in an online marketplace.
At the same time, no one can false-claim ownership of your artwork. The traceability of an NFT will help hold the original license of your creation. Well, it is due to the backbone technology- Blockchain.
Gaming
Online gaming has changed from being a mode of entertainment to a method of earning. Owning a digital asset is just like owning a physical one. Play-To-Earn games like Axis Infinity rewards the players with cryptocurrency. With the addition of NFTs, the gaming community is more fueled with craze and intention to earn real money.
Future Of NFT-As-A-Service
Celebrities are one of the sources that light up the popularity of NFTs. So now, the present generation is quite aware of it.
Importantly, NFTs are the primary catalyst for most industries that lack transparency and security. At that time, NFTs took over the show with its unmatchable ability to offer unique identity and ownership for every asset.
Like laptops took over PCs, mobile phones took over telephones, and NFTs took over several technologies in a business ecosystem. iNFT (Intelligent NFT) was sold for $478,800 in 2021. It was created to enhance the way humans and AI interact with each other. This shows how fast and efficiently this technology has evolved so far.