How Are NFTs Used In Real-Time Applications?- Let’s Get To A Unified Ecosystem! NFTs’ value proposition is around fake facts and myths in the crypto space. Many people are amused about why the grimes video has been sold to $6 million when it can be viewed or downloaded as many times over the web. As the video is converted into a non-fungible token, the digital asset’s sole ownership is recorded in the blockchain ledger, which is immutable. Every NFT’s are developed with limited supply to create scarcity in order to increase the value proposition. Hence, these NFT’s are displayed in the auction to earn a lucrative profit. This is where Grimes video stands out from the crowd and it transfers the sole copyrights of the content to the buyer. Every artform or masterpiece of a digital or physical asset can be converted into NFTs in our daily life. The art form proposition would be based on its potential to be unique, rare, and market trends. Let’s delve into the real-time implementation of NFTs!
Artworks The most popular NFTs that are recently being sold are mainly the artforms that couple up creativity and technology. The common artforms that are tokenized as NFTs are moving artworks(GIFs), video, paintings, music, fashion art, unique costumes, and much more. We would have noticed that depending on the poll or average answer, the Instagram smiley’s striker background color changes. This can be converted as NFT and sold in the marketplace. The artists can embed the IoT sensors in their art forms and display them in the auction as NFTs in the marketplace. Similarly, any art form such as video, GIFs, music albums can be converted into NFTs.
Domains The hard part of outreaching the domain names can now be made easier with the ERC-721 token standard. NFTs can be leveraged to have whole rights over brand domain names for a lifetime. Instead of renewing the domain names every year or periodically, the brands can easily purchase valid & distinct domain names throughout a lifetime by converting them to NFTs. With the renewal of domain names, there are chances of missing out on the businesses’ high domain authority sites, which is a great threat when it comes to big brands and domains having huge subscribers or communities.
Collectibles The first-ever use of NFTs was kick-started as collectibles in the gaming sector since the inception of CryptoKitties. CryptoKitties is a video game that enables users to collect, sell, and breed virtual cats on the platform. Following CryptoKitties, there popped many crypto collectible games such as Decentraland, My Crypto Heroes, Axie Infinity, Sorare, and much more. Depending on the game strategies, you can build unique collectibles in the market space with ERC-721 token standards. Let’s imagine that you’re playing a virtual game. You have completed a gaming level and earned a collectible. This collectible would not hold the same value proposition as any other NFT in the market space. In this case, the collectible asset worth varies based on the timeframe utilized to complete the level, intelligent strategies, the appearance of the collectible, add-ons earned, and much more. There are many popular collectibles such as crypto crystal, hyper dragons, crypto jingles, crypto titties in the marketplace. NFT Non-fungible Token technology was first unveiled as collectibles, and it’s going places in various sectors right now.
Certifications & Patents Isn’t it mandated to own our unique skills and degree solely with exclusive rights? Yes! Another significant use-case of NFTs would be tokenized digital certificates and copyrights. Every employer, educational or research institution, and federation require copies of certificates and thesis of the invention. There are numerous possibilities of scams with these certification copies. Tokenizing these assets as non-fungible tokens can enhance the asset’s sole ownership and could potentially prevent the scam and fraudulent acts happening around. In addition to exclusive ownership, the NFTs built for certifications can avoid hours and workforce employed on verifying the records and documents. Also, this can help people who have lost their hard copies with easily accessible online certificates.
Real Estate Have you built your dream home with details in the exterior and interior space with unique architecture? You can tokenize your house or piece of land as NFT and display it in the auction to earn millions! Or, to avoid misuse of properties, you can leverage the NFT technology. By tokenizing the real-estate property, you own exclusive ownership and could efficiently prevent fraudulent acts happening in the market space. For more information : https://blog.blockchainfirm.io/the-ultimate-guide-of-nft/