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NFTs and their rising importance

February 15, 2022
NFTs and their rising importance

The future of NFTs is much more diversified and unique than that is portrayed these days. NFTs are known to create huge opportunities for businesses these days. To properly describe NFT, it is a non-fungible token that is stored on a blockchain. It can be sold, traded, or leased similar to any asset in the real world. These digital assets are bought and sold online usually like cryptocurrency. 

The wave of NFTs has gained much importance due to celebrities such as Grimes and YouTuber Logan Paul has taken a huge interest in these things through releasing their own flagship NFTs to ride the wave. The entrepreneur who brought the Beeple record-breaking artwork believes that NFTs are a huge risk. It is considered to be a bigger risk than that of investing in cryptocurrency. 

According to what history has taught us, considering NFT a fad is a huge mistake, since the importance of a technological innovation becomes much clearer when the hype dies down. This happened similarly when there was a huge bubble of mass cryptocurrency but that hype died down due. However, when Amazon and bitcoin re-emerged, everyone was proven wrong. 

What will happen next? 

NFT is known for helping in the industry of digital artwork and gaming. However, it is predicted that it will be much more important than what is seen currently. NFT is not currently seen in many other fields. However, future development shows that this is going to change largely. 

Tampa bay house being sold as an NFT

A home in the gulf port will be auctioned off as an NFT. This will be the first US real estate that will be auctioned as a non-fungible token according to the current owner Leslie Alessandra.

The Palo alto based real estate company will mint the property rights into digital tokens and host an online auction for this real estate. Bidding for the home at 6315 11th Ave. S will start at $650,000 according to the property’s website. The bidders will pay using the cryptocurrency

Last year, they sold the tele crunch founder Michael Arrington’s apartment in the form of NFT. Thus, it is evident that the NFT industry is stepping into real estate as well at a gradual level. 

This house was listed as an NFT to showcase the use of how the technology is evolving. The NFT is stored on a decentralized ledger and it is known as the blockchain. Usually, it is known as digital assets such as music and art. 

The benefit of selling a house in NFT form is that it will become as easy as a Venmo transaction. This is accomplished by putting the ownership documents under a limited liability corporation. In other words, NFT is an LLC. The use of NFT will help to bridge the gap between the digital worlds and the physical worlds. 

What is the relationship of NFTs with books?

Nft hold a huge creative and practical significance in the book industry. To better understand this, it is important to understand what sets NFT and amazon’s digital copies apart. 

When an individual purchases an e-book, the ownership over that book is much different. Yes, you have bought it. However, you only own it as long as amazon exists and keeps providing it. If amazon crumbled tomorrow, that book would disappear and the rest of the platform will also disappear from an outside party. When you own an NFT this does not mean that you own a copy, you own a series of copies. 

In addition, NFT is much harder to pirate, and this is much harder to challenge a creator’s copyright to a work. Another aspect of NFT is that it has a game-changing effect for applying smart contacts. In addition, when a book gets published, all the parties earn a percentage of each sale. However, with the NFT the payout is usually immediate and automatic. It also includes contingencies for the changes in those payouts over time. It is also even after the death of the author which is a good thing. 

An author’s cut for the sale of eBook sale is usually 30% and the standard for the sale of an NFT resale is stabilized about 10-15%. 

NFT photography

NFT is on the block and it is a huge part of the booming market. The current hype is a huge part and it has captured the attention of many people. The NFT photography has grasped the attention of creators and adds more to an investor’s collection and it has a lot of perks for the cryptocurrency world.

At the start, NFT can be very confusing, as it is not very easy to find the right information. Thus, the individual must have much knowledge regarding the NFT marketplace. The NFT helps to decide what edition they want for their work and the buyer has much knowledge regarding what is out there. 

NFT ticketing

There are several companies such as GET protocol and centaury are of the companies that are ushering into the world of ticketing. The creation of an NFT gives them more control over the resale market and gives more storage of tickets. It is an opportunity for tickets and it is considered to be a digital collectible. 

It is believed that the biggest changes that will be seen in this industry over the next five years will be the increase in digital components in the revenue stream of ticketing. This is one of the best examples of the sales of tickets with the NFTs.  

NFT: future of new opportunities

NFT is known as a non-fungible token and this is a new way of determining the ownership of the digital opportunity with the use of a blockchain ledger. NFT are very popular in art and collectibles scenes. In addition, there is a huge potential for digital purchases. Some of the observers see the potential of NFTs in the future. How do you want to buy a concert ticket? Using NFT. When do you want to log into a favorite video game using NFT? 

It seems the possibilities for the NFT are endless since it uniquely gives ownership of the asset.

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