Concepts
As someone may rightly think, everything that was ever or that will be invented is created to break a barrier and be a solution.
NFTs, in essence, are created to solve those difficulties faced by its predecessor on the Bitcoin blockchain.
Bitcoin blockchain meme asset was first deployed on peer-to-peer counterparty platform.
Proto-NFTs, running in Ethereum blockchain made assets possible to navigate to other blockchain.
A better approach was made available by smart contract and Ethereum blockchain. These made the creation of NFTs of great benefit for adoption today.
NFTs, took the world by surprise, for its relevance from art to entertainment industry.
Artists, musicians and game enthusiasts are already leveraging it.
What are NFTs?
Non-fungible Tokens are indispensable digital assets that are controlled by their owners on the blockchain. These tokens can be stored and traded like the physical assets and can be exchanged at designated platforms known as NFT marketplace.
Collectible, contract ownership file, event ticket, domain name, game items and digital art are all NFTs.
Decentralised finance (DeFi) acts as a channel where market players exchange and interact on peer-to-peer, decentralized bases. DeFi allows for zero intermediary.
Use Cases
Art & Collectibles
Art Collectibles are not the only category of NFT collectibles. You can not have a total summary of NFT without the mention of the most celebrated of all NFTs: as digital assets could be collected and enjoyed.
A lot of NFTs collected presently are known as digital art.
This collection started by the techies and the wealthy, which has gradually skyrocketed to the mainstream.
Some NFT collectibles like Cryptopunks and bored ape yacht club were sold for a few bucks while some others were sold for hundreds of thousands and even millions of dollars.
NFT marketplace is a market where artists and the potential buyers can trade arts for money.
Tokenization allows for continuous benefit for artists in future sales.
Fashion
NFT has gained popularity in clothing art Collectibles, among friends, attending meetings and concerts. Statement of pieces avatar can be worn in virtual space.
Many fashion industries have leveraged on that to make millions of dollars. Clothes designed by a designer can be seen worldwide, not just with ads posted on social platforms but worn by humans who purchase them.
NFT provides a means where digital art can be verified on any fashion item thereby reducing imitation.
Music
NFT in Music has the potential to generate revenue streams, provide utmost security and enhance fan experience and engagement for music assets. In spite of that, it will be interesting to consider the potential ethical and environmental implications on NFTs in Music and to be sure they are used responsibly.
NFT helps artists to give out the right to own a share in their music album as they please.
Finance
NFT has shaped how the financial industry has been so engrossed with physical collectibles, assets of investors by their portfolios are leveraging on NFTs as assets. It has the ability to help in recording and transfer of virtual assets to the blockchain while keeping information secure and private.
Conclusion
NFTs have become a tool today in industries, because digital assets, piece of collectible avatar are verifiable. This propels for a transparent, sustainable and secure transaction between artists and customers in the blockchain.
NFT use cases are still experiencing innovation, as tech continues to evolve, it is promising to note the opportunities it’s bringing for creators, investors and collectors.
