NFT: The future of this technology

If today NFTs are relatively new to the mainstream audience and sometimes are even frowned upon. It is just a matter of time before questioning the relevancy of NFTs will be unrivalled . Major companies know this and are planning within this period.

For example Twitter is integrating NFTs while Nike is creating NFT verification on shoes.

These are only two examples of what can be done with the blockchain and the NFT technology.

We are just scratching the surface of possibilities in regards to what NFTs and smart contracts offer, and why investors and collectors are enthusiastically entering this emerging market.

Video Game

One of the next areas of application where we will see a massive fundamental shift thanks to the NFTs will be the world of gaming. 

The play-to-earn model has arrived. This model creates a symbiotic developer-customer relationship contrary to a potentially exploitative one. It works in a way that when players participate in a game, contributing value to the ecosystem through gaming, they can earn NFT digital assets. By owning these assets, gamers can sell their NFTs and are actually earning money in conjunction with the game developer. 

Real estate

Another market that can be greatly impacted by the arrival of this new technology is the real estate market. Contracts, certifications, ownership and claim history could all be stored in the blockchain and publicly accessible. This process automates countless paperwork and eliminates several layers of intermediaries, while also eradicating fraud; which happens quite often.

Futurist and disrupter gmoney even said that the 2008 real estate crisis could have been avoided by using blockchain technology.

Metaverse

Last but not least, companies are actively working on creating virtual reality metaverses. Metaverses are virtual worlds where essentially the internet is brought to life. There are abundant possibilities within metaverses: you get to design your life and interact with real people in virtual communities. With the help of advanced AI entire virtual worlds are being built.

NFT’s will be an essential part of metaverses and will serve as the building blocks for assets that can be utilized across all these worlds. 

Through NFT’s the metaverse will also blend with the physical world. Some examples of this might be physical venues having digital counterparts in virtual worlds, or even NFT Art galleries existing both in the physical world and on digital displays.