Everyone have heard of non fungible tokens and impact of it in recent years.It started back in 2016 and picked up in late 2018.Let us explain the NFT’s and how it has created an opportunity for the market.Non fungible tokens are digital assets which are rare in the form of collection.It could be from five to five thousand and beyond.Its the digital signature of the artist to create a token and later it is bought or sell by audience.
The term “non-fungible” means that it is unique and cannot be replaced by anything else.Its a unique process which is in motion.Blockchain technology was the key to introduce NFT’s.All the NFT’s created are in different blockchain like ethereum and other crypto currencies.Most of the NFT’s are in ethereum blockchain.
Lot of different sectors and markets are introducing NFT in their sectors as NFT’s are very popular and all communities are fancy about it.Before some of the years USD was the strongest currencies and in todays world aswell currencies play a important role in investing and making transactions.NFT has become a currency type barter item which can be traded for almost anything now.Art,game items,virtual land,collectibles which include sports and antiques,music,realestate and many more.
Every sectors have their unique selling point and it has attracted lot of customers.Common between the parties are currencies and NFT has started making impacts and replacing real money compared to real money.At one time art and gaming industries were struggling to keep up with the trending markets and cannot attract more clients to utilise or display the potential of their collection or game characters.But by going digital and without imtermediateris,it became faster and convenient going pass lot of hurdles.
The main reason behind the online trend was due to pandemic.Yes during late 2019 and end of 2021,In the wake of the pandemic, society has been increasingly online.In this wake of times,virtual world emerge as a last supper and people accepted to be online more and deal lot of daily routine online.In between the time,crypto rise to the level of recognisation.new digital reality was in demand and users glance at NFT’s and crypto,tried to understand the connection and broadly recognised.Initially it was complicated about how it worked and transacting the buy and sell but slowly and gradually it was a schooling of users.The fundamental reason behind is the full proof intac end to end secure transactions.
NFT and crypto enthusiasts are now faced with the question of how to sustain and create real value from their digital assets.Investors pour in the market to maximise the profit and collectors also took keen interest in digital art.Gamers can buy gamming avatars without any hassle.These are the key points indicated and reflected and showed positive intend towards the market.The art industry alone have made a market cap of more then seven figures and counting.Same is with the investors,who have gained maximum as per the NFT project and valuation.
After having a successful run in the digital space,NFT’s were talk of the town and how it could be implemented in other major sectors like Real Estate.Companies that are involved in real estate are creating NFTs for their property rights to save money and time.For digital real estate to be valuable, we need a well-developed Metaverse with its own cryptocurrency and a large number of constant users.Many people invest large amounts of money in virtual real estate, that is, in “land” or buildings that only exist on a digital level and are backed by blockchain technologies.Virtual real estate has become a lucrative and exciting trend as a result of the development of the Metaverse.
Gaming industries have lot of potential to attract users.NFT’s can be traded for game avatars and even crypto,NFT’s have made a bull run in attracting gamers and attract them to even own the NFT’s and trade in with game levels and characters.Even in virtual land,owning a land is possible through NFT’s like virtual cars and other materials.There is a queue of buyers wanting to own a virtual cars worth of hundreds of ethereum’s.Gaming industry has shown lot of potentials and running smoothly after the introduction of NFT.
Other interesting topic is events and as we know live events are hot favourite for all age people.To book a concert for you and your loved ones are pretty simple after getting online platform.NFT being introduced in this particular segment by creating a NFT based online ticketing platform with crypto wallets and its very convenient with the data of users.Ticket authenticity can be verified and tracked back to the original creator with NFT.In the market there are other platforms online for specific bookings on concert and cinemas but has high handling fee structure ,which frustrates the users.
Contracts like insurance and other policies can be owned through NFT’s.By packaging insurance and selling it as NFTs,anyone can become a digital insurance broker.A blockchain-based smart contract model defines the parameters of how an event-driven insurance policy will be paid out.
Music industry has evolved a lot in the past,present and coming future.NFT has stamped its presence for upcoming and owning a track or whole album.Back in days,there are record companies who basically sponsor or look after the artist to get popular and maintaining finance but after the presence of NFT,the singer can directly approach the world with the collection and can earn as per their demand cutting middleman like record companies.Now a days there are even auctions on the songs which goes to the higher bidders.Even on the fanbase side its hot trend to own a song from their favourite artist.However,you only buy the right to listen to that music.Lot of artist prefer to launch limited editions and fans are excited to own that album or song which could be bought by crypto or NFT’s.Artist can earn royalties on the albums and fans can earn from selling NFT’s on marketplaces.Some artist can even protect legacy through NFT.
Overall,NFT’s are making their presence in different sectors.Time will decide on the fate of the NFT as its still early to judge the impact.So far its being a jolly good journey for the NFT and after exploring more sectors it will be decided if the NFT’s presence make individual’s happy.More sectors are exploring the possibilities of NFT’s in their industry calculating the risk and reward scenario.Even in the present day,sectors which has introduced NFT are trying their best to give excellent customer services and trying to satisfy the users as users and investors can make or break the platform.