Fascinating NFT Series — #2 Understanding NFT Use-cases and the possible value
It wasn’t long ago that the term ‘fungibility’ was regarded as a technical term exclusively understood by economists and commodity and asset traders. Recently, we’ve just published an introduction to NFT that also go over some of the most common uses for NFTs. We’ve discussed how NFTs can exacerbate the pandemic’s impact on games and the e-marketplace.
However, with so many NFTs available today, art collectors, crypto enthusiasts, and the general public may be questioning which NFTs are worth the exorbitant costs. However, it’s vital to note that digital art and collectables are the most common applications for NFTs. NFTs are a powerful tool for digital producers to sign and earn incentives depending on the increasing value of their works.
Holders of NFTs can first display their collection in a digital gallery, which they can then show off to other internet users. They can also be one-of-a-kind tickets to one-time concerts or material, as Mila Kunis did with their cartoon series Stoner Cats, which could only be viewed by those who had purchased the NFTs they issued as “tickets.”
Artists demonstrate nFTs’ power.
If you’re an artist looking to sell ownership of your work to someone who wants to help you, you can do so. There is no gatekeeper, gallery, or “art world” that must approve your work before you may profit from it. The democratization of art has begun thanks to the capabilities of blockchain-based NFTs. You may design your artwork, mint it on the blockchain, and sell it.
Because NFTs are collectors, it’s only natural that some are auctioned off for charity. Interestingly, NFTs used for charity do not always have to reflect a visual or audio work but can also represent a unique historical event or anything similar.
Are NFTs worth buying?
NFTs are one-of-a-kind digital collectables that provide consumers actual ownership while allowing producers to showcase their work digitally. While thousands of NFTs are posted on various markets, the prices at which these pieces are purchased reflect the value placed on them by others. As a result, whether NFTs are worth the exorbitant prices is merely a matter of opinion. In any event, NFTs are proving to be a good investment, and growth is projected to continue. More crucially, NFTs have the potential to alter the way money is exchanged online. NFTs demonstrate how physical items of value, like rare artworks, can be moved peer-to-peer via a blockchain network once the world becomes fully digitalised.
In the realm of NFTs, exciting things are happening, and each project milestone brings the technology closer to broader adoption across many industries and uses cases. I thought it was substantial mentioning since, as we all move to a more digitalised society, we will be talking about it more and more in the future. Will be continuing the series with more of the content like the challenges and AI-based digital artwork.
