NFTs or Non-Fungible Tokens have revolutionized the world of digital art. From selling Jack Dorsey’s first tweet to a space cat gif, the world is truly your oyster. Like the quote in Field of Dreams, “If you build it, they will come”. In this case, if you create it, they will buy it.
In an industry that is just at its starting phases, it already has a market cap of over $2 trillion and there doesn’t seem to be an end in sight. But where are the limitations for NFTs? The reality is, that there are no limitations. In fact, we’re seeing more and more innovations in how NFTs are used than ever before. From marketing to real estate, clothing and gaming, there is a multitude of possibilities of how NFTs can be used in the future.
Today, we aren’t just seeing what would typically be defined as artwork, instead, we are now seeing things like moments in time that are recorded and sold. For example, the NBA is selling NFTs of top shots their players make during games. These highlight moments are a new source of income in the sports arena and we will likely see an increase in the sport and other industries where literally capturing a moment in time becomes of immense value.
The marketing and branding world is taking advantage of this new digital scene and using it to create NFTs for their customers that consumers can buy. Sometimes these NFTs can be redeemed for gift cards or in the case of restaurants, for a special meal. Creating collections for consumers increases the demand for NFTs since people have an interest in being able to collect them all.
Another industry that we can expect to see some significant movement in the world of NFTs is real estate. Currently, buying and selling properties requires an immense amount of paperwork and labor. But what if you could buy or sell your property using an NFT? It would simplify the industry significantly to just buy and sell NFTs instead of going through the rigorous process of bidding on a property, accepting or denying offers, and the legal paperwork that then follows before the transaction is completed.
Purchasing items within a game is nothing new. However, creating art that can be bought and sold takes the gaming industry to a new level. In the case of gaming, often players can play to earn NFTs instead of having to purchase them. We can expect that with more and more virtual reality games, we’ll be seeing more NFTs in this space in the future as well.
Truly, there are no limits to where NFTs can be used in the future. Just use your imagination – the future is here now!