What are NFTs?
Before going any further, let’s see what NFTs actually are. NFTs stand for Non-fungible Tokens. These are unique cryptographic tokens that make it possible to prove ownership of digital or real-world assets through smart contracts.
Present and Future Use Cases of NFT Tokens:
NFT games are quite popular and NFT tokens are utilized in in-app purchases. These games are a great way for players to enjoy the game and earn cryptocurrency through them. CryptoKitties is a great example of how NFTs can be leveraged in gaming. The rare the item is, the more expensive it becomes. NFT Development Services providers have created many play-to-earn NFT games, like Axie Infinity, Gods Unchained, Splinterlands, etc. As the blockchain world is very young, there are many changes we can expect in the future. It is right to say that the NFT space will continue to expand and it is even possible that there would be a complete change in gaming as we know it today. By 2028, five-fold growth is expected in the Play-to-earn NFT games market.
PFP NFT Digital Identity
In 2017, the CryptoPunks collection was launched; it consisted of algorithmically generated portraits. They were distributed for free to everyone who possessed an ETH wallet. The most expensive picture in the series was sold for $23.7 million while the cheapest one costs over $40,000.
You must be wondering why people pay so much for pixel art. Well, the person is buying a PFP- Picture for Proof of the authenticity of their identity. They are digital identifications and provide access to closed communities. Twitter, too, is working on creating an NFT verification mechanism. In the future, we will see NFT-protected virtual identities used as digital passports. These digital passports can’t be hacked, counterfeited, or stolen.
We will see in the future that with NFTs, humans will be able to become legitimate residents of the metaverse. PPF NFT will become prominent in the near future.
The music industry is one of the prominent industries that utilize NFTs. Artists around the world are struggling to monetize their content and NFT tokens provide them with opportunities to connect with a wider audience and showcase their talent. Artists who issue NFT tokens get new revenue streams by selling their “behind the scenes” or limited-edition merchandise that are available through the artist’s token. It creates a mutually beneficial relationship between fans and artists. Artists create more NFTs like these with the help of NFT Token Development company and fans get to purchase these NFTs that hold real value. We see more and more artists around the world, leveraging NFTs to increase their ROI, though the trend is still in its infancy, it will be more popular in the future.
Digital Twin NFTs for Item Authentication
It is hard to know the difference between authentic Reebok sneakers and numerous fake ones sold on ecommerce platforms. Counterfeit sales are a problem for brands and they account for nearly 2.5% of global trade. NFT technology can become a crucial element in solving the problem. If a brand owner creates a digital copy aka NFT, which contains all the information about the ownership, the buyer gets a digital certificate of authenticity along with the product. NFTs store the history of the product and the product can be resold by the original owner. There are no chances of deceit. Louis Vuitton and Nike are already in talks for NFT distribution options.
In 2018, it was seen that AI can create NFT paintings. A smart algorithm called GAN created a painting that “Obvious Art” sold for $400,000. As Non-Fungible Token Development is not limited to pictures, literary works, music, etc, people are talking about iNFTs- the surprising use-case! iNFTs are tokens with an AI personality. iNFT represents virtual beings with whom one can communicate. The great thing about iNFT is that you can train the virtual being and adjust its personality. In the future, iNFT owners can train their iNFTs and put them in intellectual games and earn money when intellectual beings win. These iNFTs will become personal assistants to their owners in the Facebook metaverse.
The above use cases show some of the ways NFTs have transformed our lives and how in the future they are going to be more competent. 2022 NFT trends are getting closer to reality every passing day. Experts in various fields are experimenting and looking for ways to leverage cryptocurrency, blockchain, and tokens. Omatech Web3, the best NFT Development Company, has been assisting its global clientele to get top-notch NFT solutions that can be scaled up with future inventions in the field.