Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
How Can An NFT Be Used Outside The Scope Of Art Ownership?
1.8 k views
Marius Bogdan Dinu
@bdinu89
Non-fungible tokens, or NFTs, are the next biggest thing in cryptocurrency. And people have been scrambling to make, buy, and sell NFTs all over the world. For instance, some investors go as far as investing over $500 million in digital art images. As the NFT craze continues, we must determine whether these tokens will evolve past art ownership.
Billions of dollars have already changed hands through the sale and purchase of NFTs. So, crypto enthusiasts and experts are looking to see where this trend will go. This article covers the future of NFTs and how they will transcend from digital art to something more.
Various Possibilities Regarding the Future of NFTs
Several possibilities can arise regarding the future of NFTs, and we will go through them individually.
1. NFTs Can Be Useful for Digital Art Only
Currently, NFTs indicate and transfer ownership of digital art. In turn, the ownership proves that one person owns that work of art, even if hundreds of copies exist. Through the invention of NFTs, it has become possible for collectors and artists to prove that they own the work.
Right now, digital art items dominate NFT news worldwide, and artists have made millions of dollars by selling their digital pieces on several NFT platforms. Apart from this, several artists from the music industry have also decided to jump on the bandwagon. For example, the Weeknd released his latest single as an NFT, and the rock band Kings of Leon will offer their entire album as an NFT. This makes them the first band to do so.
Apart from them, other artists like Portugal. The Man, Mike Shinoda, Shawn Mendes, and many more have supported the NFT movement, stating that it is suitable for democratizing the industry. NFTs can also help end piracy and the ownership of a piece of art without its proper license. Pirated music and movies are standard nowadays. Unfortunately, they cause filmmakers and artists to lose billions of dollars in royalties.
An NFT is permanently on the blockchain and subject to tampering. So, it would help production houses and producers brand their tracks and films with a seal of approval. This way, anyone who doesn’t buy the NFT can be subject to legal action. Moreover, this will ensure that artists receive the royalties they deserve for the digital art they produce.
2. NFTs Can Be Useful for Several Industries
Most people confuse NFTs with digital art – NFTs aren’t the actual art but proof of ownership for the art. This misconception is why people think that NFTs are only suitable for buying and selling digital works of art. In essence, the NFT is a token that points towards or refers to a work of art.
Therefore, it can also extend the use of NFTs to other industries. For example, it can use to verify ownership of physical assets, including share certificates, automobile or aircraft parts, vehicles, shipped goods, diamonds, and even raw materials. In addition, it can trace to the pharmaceutical industry.
There are several practical applications of NFTs already underway. For instance, real estate contracts can be tokenized to allow people to buy and sell plots of land as an NFT. Another app will enable people who convert their shares into NFTs to sell to investors looking to invest in a new business.
Similarly, it can use the technology for NFT marketing, advertising, real estate, commercial art, domain names, financial services, and more. With time, further uses of NFTs will become more mainstream.
Another exciting thing is that a virtual real estate company, Decentraland, is developing a virtual city, Genesis City. Anyone can buy portions of the land. Also, the virtual space will continue expanding with new public places, parks, hotels, casinos, and many more.
3. NFTs Might Fade Out Eventually
Another possibility is that NFTs might go out of commission. This is similar to how several experts predict that the Bitcoin bubble will burst and crash eventually. Like cryptocurrency, NFTs also came with a lot of hype and excitement. That’s why they are highly popular right now. However, several concerns remain, including environmental issues and ownership confusion. Also, the lack of intellectual property rights and money laundering remain significant risks.
This also means that anyone can steal your work of art and create an NFT of it before you can take action. It would give them complete and sole ownership of your intellectual or creative property, and you won’t have any way to prove that someone stole your work and ‘licensed’ it before you could do anything.
Moreover, there is no fixed way or method to determine the value of a particular NFT. For example, the CEO of Twitter, Jack Dorsey, fetched $2.9 million, converting his original tweet into an NFT. And the text-only read, “just setting up my Twitter.”
Meanwhile, a piece of art may only sell for a few hundred dollars. Therefore, a person can set the value of the NFT of a picture at $1 million. Also, another person in another part of the world can buy it. Although the NFT is only worth some of that money, this would constitute an easier way to launder money.
Final Thoughts
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
As you can see, NFTs have become hugely popular and valuable. Also, artists worldwide have found a way to make direct income without going through intermediaries. The underlying blockchain technology streamlines various aspects of NFTs while making them secure. So, we can only wait and see how the most popular technology in the world will evolve.
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Marius Bogdan Dinu
@bdinu89
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