NFT – the name skyrocketed from complete oblivion a couple of years ago to be the buzzword in the crypto/blockchain domain for the past 18 months. What was considered to be yet another manifestation of the distributed ledger technology has now seen some big names like Jack Dorsey, the NBA, Lindsay Lohan, and even Coca-Cola stepped onto the bandwagon.
NFTs have undergone so much metamorphosis in the past few months, and it has entered into territories that we would have never imagined. Considering the fact that NFTs embodies all the advantages of blockchain technology like security, decentralization, immutability, and transparency, it is quite possible that it could become the method of the future.
But Where do we draw the line… And how far will it go?
Let us look at a few advancements in this field that have happened in the past few months. Some of the biggest sales in the NFT field, especially with regards to art, have happened in the past 3 to 4 months.
NFT marketplaces have seen a massive spike in the magnitude of engagement and sales. Reputable sporting bodies like the National Basketball Association have stepped into this sealed, floating their own NFTs, giving their fans the right to own some iconic moments of the game. We have some intriguing and interesting NFT use cases in this short space of time.
All these might seem quite natural and normal. Now, let us look at some jaw-dropping instances of NFTs breaking the convention of acceptability.
Virtual real estate:
A replica of the earth has been created and it has been divided into equal lots, and people can buy virtual pieces of land on this virtual/digital earth. The best part is that people could now exercise ownership over places like the Colosseum, the Empire State building, and some of the hottest areas of downtown Manhattan. Looking at how NFT for real estate is picking up, especially with virtual assets, It is such a surprise that people are willing to pay so much for a land that they cannot step into!
NFT for arts, for good reasons, doesn’t make people raise their eyebrows anymore! Some museums in France have created a digital replica of the artwork that they have rights over, including one of the last works of the celebrated Renaissance artist Michelangelo. They have sold a copy of the art signed by the curator of the museum. NFTs are taking digital twins to a different level altogether.
Coca-Cola is probably the most recognized brand in the world. They have quite a legacy and have the distinction of being the most popular beverage on the planet. Recently, even Coca-Cola has entered the NFT space. They created a “loot box“ containing digital collectibles which were sold for over $500,000.
This opens up opportunities for a lot of iconic brands, and even some defunct brands to capitalize on the emotional attachment that people have to watch that brand and sell digital collectibles or even the right to ownership over their nostalgic advertisement.
To sum it up in a single sentence, NFTs hold value wherever people find an emotional attachment in owning something. A deeper look at the previous sentence will show that the possibilities are almost infinite. The same value goes for something as successful as a conquered and also foreign something as unsuccessful as the Russian space shuttle.
With the right mission and the right to technical assistance, any person can jump into the NFT bandwagon. All that is left for them to do is to get in touch with a company that specializes in the development of NFTs, and they will take care to address your business requirement and present you with a perfect solution that will skyrocket your revenues and will launch you into the futuristically lucrative world of NFTs, NFT marketplaces and the distributed ledger technology!