Do NFTs have a future?

🤔

Ever wondered if NFTs were limited only to art? Well, the answer is no! dive in and let’s take you along the NFT multiverse! 🌌

We've been talking about NFTs for a while now- NFT use cases, minting period, building your own NFT project, and so much more. However, naturally, that one question lingering on your mind is most probably whether it's all worth it. Do NFTs have a future? 🤔

More than just art 🎨

NFTs have undoubtedly been highly lucrative for the art industry- creating a haven for artists and patrons alike. But NFTs are more than just art- they're gradually taking over the world, one sector at a time! And no, we're not exaggerating when we say that. Here's why ⏬

Social Campaigns 🫂

During the Ukraine war, members of the Web3 community came together quickly as the war broke out. They raised millions to aid those affected by the war in a matter of days.

💡

In order to generate money for Ukrainian organizations and to purchase an NFT of the Ukrainian flag, the Russian punk rock band Pussy Riot established a DAO named UkraineDAO.

'Buy my cancer' was an NFT solely created to raise funds for the treatment of cancer patients. Microscopic imagery of cancer cells was developed into artwork and sold as an NFT!

Digital identities ⚙️

In the Metaverse, digital assets will be necessary for advancing digital identity, item authentication, AI NFTs, monetizing personal health data, business, secure transaction platforms, truly win-win technology, smart contracts, art sales, ticket sales, event registration, virtual worlds, and digital commerce, among so much more.

Identity verification 🆔

NFTs will also be crucial in distinguishing genuine products from counterfeits. Additionally, this applies to the examination of academic credentials. Nobody can create fake academic credentials, making it simple for hiring managers to confirm actual certificates. All certifications can be easily checked.

Real-world use cases!

Last year, as interest in digital collectibles grew, much attention was placed on profile picture (PFP) NFTs or NFTs that can be used as social media avatars. During the height of the NFT hype, PFP projects quickly took over Twitter and marketplaces like OpenSea after being influenced by Larva Labs' popular NFT project CryptoPunks. Other types of NFTs, like generative art, have also swelled in popularity in recent months.

Even though many creators are incorporating tangible incentives and experiences into their digital collectibles, art-focused NFT projects continue to be popular with collectors. This idea, known as utility, offers the digital asset more worth than being a collectible. These NFTs are known as utility NFTs.

What's the road ahead? 🛣️

Are NFTs just another hype that's going to die out eventually? Remember the fidget spinner hype in 2017 that had the world in a chokehold? Where's your fidget spinner now, buddy? 😂

Whether NFTs are a bubble that will eventually burst is a question for the world to find out gradually. But meanwhile, NFTs have made their mark in several industries, and it seems like they will stay!

Markets

We tend to write off inventions as pure fantasy when they first appear. Like traditional investors quickly discounted cryptocurrencies and NFTs when they first appeared, the sector is now booming. Because of this, it is possible to become a well-known figure in the world of investing.

Virtual reality

Some venture investors think the NFT market will survive and expand and become more significant. This is because they anticipate a rise in the virtualization of our life in the future. We might soon buy stocks and natural land, digital images, films, and game materials. This will result in a metaverse where everything is converted into an NFT token that can be purchased using cryptocurrencies.

Gaming Industry

The video gaming industry's reaction to NFTs has generated several speculations. Digital assets like NFTs might seamlessly integrate into the massive gaming market by allowing users to purchase distinctive elements for their games. However, for some people, this might muddy the distinction between playing for fun and playing for money.

A lucrative getaway

Due to FTX's bankruptcy, some customers will, if they can at all, have to wait months or even years to get their deposits back. All but a brave handful were unwilling to take that hazard.

By taking advantage of FTX's compliance with Bahamian regulators to permit the withdrawal of Bahamian cash, many FTX users could recover some of their lost funds.

Transfers between internal balances on FTX are locked. Due to this, some users reportedly paid Bahamian holders on the exchange's NFT marketplace for nearly worthless NFTs, which they could then retrieve from the Bahamian holder (after paying a fee, of course) for the entire amount of funds frozen.

A Bahamian user could purchase an NFT for $1 to exploit the loophole and then list it for the number of their locked funds plus a fee, for instance, $10 million. The money would flow to the Bahamian seller's account as it would with any other sale, and it could subsequently be recouped from the exchange if an FTX client purchased the NFT for $10 million!

Final Words

NFTs have had a good year in 2022. But this is just the beginning. If anything, as the widespread acceptance of NFTs, continues to increase, expect to see greater brand involvement. NFTs have already been released or bought as investments by companies like McDonald's, Twitter, Adidas, Lamborghini, and many more will do the same.

NFTs will alter the playing field. To make this prediction a reality, they must employ various strategies and recruit investors. The new technology will benefit many people in the healthcare field and those in architecture, design, education, and other areas.

Many believe that NFTs will be widely used in the larger Metaverse, which opens the door to limitless possibilities.

Brace yourselves for a challenging quiz on everything that you know about NFTs, coming your way!

Dive Deeper

What Are Utility NFTs? | Built In

What Is the Future of NFTs?

The future of NFTs