New Delhi (India), October 10: The launch of NFTs has brought about revolutionary changes in the artistic world by addressing issues of duplication and reserving the originality of artists. Starting from the music industry to real estate, the virtual world has been taken up by storm; this decentralized system aims to preserve the intellectual property rights of artists, allowing the uniqueness of art to prevail.
Such a technology has served two purposes- first, it has addressed the problem of scarcity and piracy, adding value to original artistic creations. Second, it has also motivated independent artists to dive into the world of digital art and sell their artworks in a more secure framework.
With its unparalleled influence in the realm of digital artworks, here are some of the most important use cases of NFTs that have not just boosted digital productivity but also enhanced the experience of both artists and consumers.
Gaming- An Experience to Remember
Gaming freaks are already aware of the importance of in-game collectibles, which enhance the gaming experience. However, with NFTs, the concept of unique in-game collectibles has reinforced itself, making it a non-negotiable factor in virtual gaming.
Earlier, gamers were acquainted with the idea of purchasing collectibles, but adding unique ones to their store has boosted their experience significantly. Moreover, while NFT collectibles in virtual games can have significant value and can be traded at external marketplaces, they also offer significant utility to gamers.
NFT collectibles like a pet in games like Axie Infinity can add a lot of leverage to the user in battling. No wonder NFTs have indeed revolutionized the world of online gaming.
Music- Play but Protect
Distribution of royalty to artists and protecting their creations from duplication has been a longstanding issue in the music industry. However, with the advent of NFTs, such issues have been resolved by ensuring proper rights to independent artists.
NFTs in the music industry serve two purposes. First, they prevent duplication, allowing independent artists to reserve all rights and maintain the originality of compositions. Second, artists can also convert their brands or compositions into NFT tokens, allowing their fans to connect with them easily. Thus, they help artists optimize sales and preserve the authenticity of their works.
Property Ownership- Own a Digital House
Do you have a property that doesn’t serve enough value? You can now put it blockchain. As bizarre as it sounds, you may be able to digitize your property deeds, avoiding complications of ownership. Though at a nascent stage, NFTs are soon to add value to the real estate sector through the tokenization of properties, marking greater security for property owners.
Moreover, the increased tokenization of real estate properties also marks a greater scope of trading them, thus converting their status from illiquid assets to highly tradable ones. Hence, converting real estate properties into digital tokens can add to the portfolio of investors, marking greater investment opportunities with promising returns. However, one must note that such an NFT use case is subject to the prevalent real estate laws in the country and might vary.
Identity- Mark Your Presence
With the rapid advancement in digital technology, online data thefts and risks to privacy have grown to be major concerns. However, NFTs aim to prevent the issues of identity duplication, forgery, and other criminal activities by tokenizing one’s personal identifiers.
Tokenizing your identity not only protects it from duplication but also helps you avoid the hassle of physical documentation every time. Thus, with NFTs, one can now save all their personal details in an integrated framework, monitoring how and where their personal information is shared.
NFTs have a widespread impact on every section of the economy, and one can expect to see more of it in the years to come. While the music, gaming, and artworks industry remain the most influential sectors in the current year, NFTs are slowly taking over the real estate market, facilitating charity, and much more, proving their increasing worth.
