The NFT phenomenon continues to gain momentum, attracting a growing number of participants and capturing widespread attention. Beyond artist...
Ah! Here’s a hot one for you. NFTs or Non-Fungible Tokens are virtual assets whose ownership can be claimed and authenticated. This in a sense, is transforming virtual space and thereby opening countless doors for innovation.
As hot and exciting NFT development is, the question that keeps coming up is, “will it last?” Will it live to see another decade or is it likely to fizzle out like a lot many “internet discoveries”? Keep on reading to find out!
What We Know So Far
For those who are new here, or to the world of NFTs, here’s a quick refresher on what they are and why they are important. So essentially, A Non Fungible Token is a unique virtual entity not interchangeable with others of its kind and capable of being owned/sold despite its intangible nature. Transactions are recorded and verified on the blockchain development to authenticate the exchange, and thereby, prove the ownership of an individual on the said token.
Read our previous blog on NFTs to understand them before you join us in predicting their future.
Why Are They Famous Now?
Currently, a large part of why NFTs are such a hit among people, believe it or not, is that they’re fun!
Image source: https://makeameme.org/meme/huh-5c16e3
Doesn’t that seem a bit too frivolous for something that’s recording transactions worth billions of Dollars?
Well, Maybe, But Maybe Not?
NFTs, if we look closely, are an exquisite technology that literally allows you to claim and own something that doesn’t even exist, which is bizarre! This opens so many doors to authenticate people’s claims pertaining to different virtual entities, but right now, we’re not thinking like that.
Right now, we’re not actually considering how else NFTs can benefit us and are instead merely focusing on what we have now- ART!
As of now, the prime NFT marketplace is taken over by art- GIFs, JPEgs, Images, Drawings, Videos, and things like that which are pretty useless (if we’re being candid) on their own, but gain value due to their non-replaceable nature.
So people think they can be good potential investments for the long haul, but they also think they’re fun. Else why would people spend Billions of dollars on GIFs?
But For How Long?
We get the appeal at the moment but until when? Until when will hundreds and thousands of companies conduct business central to NFT marketplace development based on the fact they’re exciting?
Eventually, the charm will fade and people will stop seeing the worth in spending real money to buy a tweet! Because let’s face it, everything that births from mob mentality finds its natural death even more quickly than it started.
So This whole trend of buying virtual art will likely fizzle if not die forever.
So Will That Be It For NFTs?
Hey! That’s not what we said.
We mean that NFTs as we know today, might not be what we see in the future, but hear this out, NFTs will be there one way or another!
Hold on, We’ll explain!
For the purposes of explaining, everyone mentions some form of art when talking about NFTs, but that doesn't mean that’s the only form in which they exist!
You Mean There Are More Forms of NFTs?
Today? Not really, but soon!
NFTs can be anything, however, in today’s scenario, they mostly comprise virtual entities with no value of their own, which also explains why this may not last long.
But what if we said you can use NFT’s safety, security, and ease of access and implement it on entities with a better real-world value! Crazy right?
What if you did not have to depend on an external party to authenticate your ownership over your belongings? What if you could store your real estate documents or your licenses, your certifications, and whatnot as NFTs?
Image source : Different Forms of NFT
Tell Me More!
Revolutionizing Retail- Yeah, you heard it right, NFTs can serve as the perfect source to pull crowds to retail stores. Brands can incentivize their real-life purchases by dropping NFTs along with them.
Legal Documentation- As we said, important documentation that is unique to you and you cannot afford to lose, can be converted into NFTs and stored safely on the blockchain forever. This also frees you from depending on any external authority for authentication purposes.
Virtual World- NFTs will understandably still be extensively used in the virtual world, for purposes beyond buying art as well! They will likely serve purposes like owning Avatars in games, or to market those games further, they can be used as rewards for completing certain criteria and much more!
Basically, what we’re saying is what may seem futile now, is effectively a gold mine we’re all sitting on. And if used well and wisely, it will most certainly change everything we know about finance, transactions, and the internet in general!
So don’t wait any longer and start developing your NFTs today. Rely on a solid NFT development company like Debut Infotech for the most stellar services.