The new trends and future use cases of NFTs

Posted by osamudazai on August 4th, 2022

Right from your favorite pop star to your favorite movie, you get NFTs for everything now. You might have wondered what an NFT actually is. Some might have told you that it is a digital collectible, while others might have told you it is just a gimmick that doesn't have any value over it. Contrarily you might have heard a lot of news that NFTs were sold for millions of dollars. What is the mystery around these NFTs, and what is the future of these NFTs with several NFT trading platforms? Here is a quick read for you.

The trends and future!

You know, Non-fungible tokens offer tradeable ownership of digital files on the blockchain. Whatever digital file you buy can be sold on an NFT trading platform. So whenever you buy something digital as an NFT, you buy it along with the copyright. Top NFT marketplaces like Open offer us to mint the NFTs directly from the platform without any knowledge of codes or blockchain. This was a start for a huge crowd of independent artists and content creators to take up NFTs to monetize their creations.

Initially, NFTs were used for digital art and games but today NFTs are used everywhere. There is no limit to NFTs that they are used for representing the ownership of

  • Birth certificates

  • Land records

  • Flight tickets

  • Event tickets

  • Patents

  • Documentation

  • Certifications 

  • Medical records

  • Product identity and more. 

Anything which needs a unique ID and ownership can use NFTs and the blockchain. This has created a new trend, and even governments are coming forward to take up NFTs. There are also new concepts of NFTs that are surrounding recently; one of them is the Soul Bound Tokens or SBTs. Unlike NFTs, they cannot be sold in a marketplace. Once it has an owner, it can never be changed. 

The bottom line

The NFTs boomed during its primary stage itself. People find the concept of owning digital assets new and get into the world of blockchain. Though there were ups and downs in the NFT market sales, there is still a strong demand for NFTs. Be it a digital art or a NFT game, the hype is real and it is still alive.

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osamudazai
Joined: July 20th, 2022
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