THE NEW EMERGING TREND OF NFT'S CAN LEAD TO A GREAT DEVELOPMENT IN SEVERAL SECTORS OF THE ECONOMY. MANY BRANDS LIKE ADIDAS ARE SHIFTING INTO THE WORLD OF NFT'S. ADIDAS LAUNCHED A COLLABORATIVE NFT PROJECT WITH BORED APE YACHT CLUB, PUNKS COMIC AND G MONEY NAMED INTO TO THE METAVERSE WHICH WAS A INCREDIBLY SUCCESSFUL PROJECT. MANY OTHER BRANDS LIKE NIKE HAVE ALSO BEEN MOVING THEIR FOOT TOWARD THE NFT SPACE BY PURCHASING R.T.F.K.T STUDIOS
WITH THE TRUST OF SO MANY BRANDS IN NTFS THERE CAN BE A BRIGHT FUTURE FOR THE NFT'S IN SEVERAL STREAMS LIKE MUSIC, REAL ESTATE, CLOTHING AND ART
SO FIRST OF ALL LET'S TALK ABOUT THE MUSIC INDUSTRY
NFT'S CAN HELP ARTISTS CREATE THEIR ALBUMS ON THE BLOCKCHAIN AND SELL THEM AS NFT BECAUSE OF THIS ARTISTS DON’T HAVE TO PAY HIGH PLATFORM FEES. HENCE The NFT allows a creator to name a rightful owner of a file, giving them the rights to present, access or resell it.
NOW IN THE WORLD OF REAL ESTATE SEVERAL PROJECTS LIKE DECENTRALAND AND SANDBOX HAVE ALREADY MADE THEIR SPACE IN THE NFT REAL ESTATE MARKETS. WHERE PEOPLE CAN BUY LAND IN THE FORM OF A NFT. THEY CAN DO ANYTHING ON THAT LAND EVEN THEY CAN RENT IT OUT. METAVERSE NFT PROJECTS HAVE SHOWN MORE THAN A HUNDRED PERCENT RETURNS IN THE PAST YEAR. HENCE THE NT METAVERSE HAVE GOTTEN SO FAR AND IS ALSO A GREAT INVESTMENT FOR NEW CRYPTO ENTHUSIAST.
IN THE FUTURE THERE ARE EXPECTATIONS THAT CLOTHING BRANDS AND FASHION HOUSES CAN INTRODUCE NFT TAGS OR ATTACH A NFT WITH THE PRODUCT TO IDENTIFY THAT THE PRODUCT IS REAL OR NOT. THIS CAN BE A SOLUTION TO STOP THE SALES OF COUNTERFEIT PRODUCTS. THEY CAN ALSO USE NFT TO INCREASE THEIR REVENUE BY SELLING NFT OF THEIR PRODUCTS.
NOWADAYS INSTEAD OF PHYSICAL PAINTINGS, NFT'S ARE ALSO USED AS ART PIECES WHICH MANY PEOPLE COLLECT A GREAT EXAMPLE OF ART PIECES CAN BE CRYPTO PUNKS. IN FUTURE THERE ARE CHANCES THAT THEY MAY REPLACE PHYSICAL PAINTINGS BECAUSE THEY ARE EASY TO CARRY AND THERE ARE VERY MINOR CHANCES OF THEFT.
NFT'S CAN BE ALSO USED BY THE GOVERNMENT TO IDENTIFY OWNERSHIP WHEREAS THERE IS A CRYPTO ISLAND BEING CONSTRUCTED NAMED SATOSHI ISLAND IN VANUATU WHERE THE HOUSE OWNERSHIP AND THE CAR OWNERSHIP WILL BE AN NFT. THE CURRENCY USED ON THIS ISLAND WILL ALSO BE A CRYPTO.
SO WE CAN SEE THE NFT SPACE HAS GOTTEN SO FAR AND WILL HAVE A BRIGHT FUTURE
By Laksh Wadhwa