Anyone who has used the internet in the last three months has at the very least seen the acronym NFT. More than likely these people have seen much more than three simple letters. For the uninformed, NFT stands for non-fungible token. If an item is fungible, it means that it can be replaced with another identical item and the owner would still own the same thing. An example of this is the dollar bill. There is nothing that sets apart a dollar bill from another and swapping them out makes no difference in the utility of it. Seeing as an NFT does not hold this characteristic, as evidenced by the full name, the exclusivity of each one allows them to hold value as publicly traded commodities. The exclusive nature of each NFT is supported by the blockchain, or crypto, technology they are created with. Because there is a unique digital code assigned to each item, no person can own the same digital asset. The CEO of Just Brandable spoke to the power of this type of technology, “The virtual world will open thousands of new opportunities for this new generation.”
While the most common instance of an NFT is in the form of digital artwork, the technology behind it is advancing at an unprecedented pace to the point where new ideas are popping up everyday. With the prominence of NFTs rising every day, it is important to be aware of what’s coming down the pipe. For that reason, we connected with a few business experts to understand innovative uses for NFTs.
Medical information
John Berry is the CEO and managing partner of Berry Law, a law firm offering support to veterans. He believes the additional levels of security offered by NFTs can be utilized by the medical industry.
“The beauty of NFTs is that the method allowing new information to be added to the blockchain, as well as the nature of the blockchain itself, promote heightened information safety. Think of it like this, if a child is born and given an NFT birth certificate, there’s no way for anyone attempting to steal their identity to make changes to the blockchain. On top of this, anything added to the blockchain must be digitally verified multiple times so this adds to the factuality of the medical information. And in my opinion, fewer mistakes should result in better care.”
Fashion
Network Capital specializes in a variety of personal finance areas such as savings and home ownership. Their CEO and co-founder, Tri Nguyen, suggests taking a look at how NFTs are intersecting with the world of clothing and design.
“We’ve reached a point where clothing that can only be worn in a virtual reality setting now holds significant value. Just take a look at one of the featured items from London Fashion Week last year. Their entire line was of digital clothing. Remember, this is one of the biggest events in fashion, not a techie get together. A similar example involves nine NFTs paired with matching physical clothing items from Dolce & Gabbana. This line sold for over five million dollars. Fashion has always been in demand and it seems that NFTs will be joining them there.”
Real estate
When one imagines buying a house, they do not for a second consider the fact that they may not be able to physically feel it. However, NFTs are making this a reality. Chronos Agency is a business providing marketing solutions for ecommerce companies. Their CEO, Joshua Chin, considers virtual real estate to be an interesting space in the future.
“Believe it or not, virtual homes and other pieces of property already exist and are being sold for more money than some physical homes. It’s a little overwhelming to think about but alternative lives are being created by use of immersive technology and the blockchain to the point where it makes some sense for well off people to invest their money in virtual real estate. Because the NFT is a one of one item, so long as that NFT remains in a person’s wallet, they are the owner of a piece of property.”
Tickets
Patricio Paucar is the co-founder and chief customer officer of Navi, a brand offering users the ability to company the best phone plans available. He advises taking stock of what ticketed events are doing with NFTs.
“Some of us have gone to a big concert or show and then saved the ticket stub for the memories attached to it. But, what if your ticket stub could not only live forever but also provide benefits in the future? This is already taking place with tickets as NFTs. When an NFT ticket is issued to the buyer, it remains in their wallet like a regular NFT even after the event has passed. This means that the digital stub could be resold down the line or it could be used within the event to gain access to exclusive items or food.”
Patents and copyright
Gaming Society specializes in information and discussion of sports betting. Their CEO, Jaymee Messler, believes the ability to trace ownership through the blockchain can have a huge impact on the world of intellectual property.
“If you’ve ever studied or come across court cases where people try to prove that their idea came first as it relates to a patent or copyright you’ll know that it can be a very hairy ordeal. With NFTs, these proceedings are completely eliminated as when an NFT is created, the ownership is inherently a piece of the token. No longer do people have to battle for control or ownership over something, it’s now present in zeros and ones – you either own it or you don’t.”
Music
Fans of music have always wanted to be as engaged as possible with their favorite artists. The characteristics of NFTs have taken the supply for this demand to the next level. Kadence is a business providing software for hybrid working. Their co-founder and CEO, Dan Bladen, proposes paying close attention to this.
“For many, listening to and enjoying music is a very personal experience. Thoughts and feelings that might not come out normally tend to be at the forefront of a person’s mind when the right song comes on. The music industry has begun experimenting with NFTs that will allow people to go deeper while supporting the musicians. Some artists have released their entire album as an NFT meaning that only one person owns it. Along these lines, NFTs in music have, and will continue to, allow artists to earn more off their art than they currently do.”
Sports collectibles
Michael Williamson is the marketing manager: head of growth of Hoist, a brand offering education on how to operate a home service business. He advises others to take notice of the evolution of athletic memorabilia through NFTs.
“As kids, we collected sports cards or figures because they were cool. Maybe some of us were hoping that we could turn the collection into enough money for a car one day but it was really the aesthetic appeal that drew us in. This same thing is happening today with NFT sports collectibles. Essentially, this is the modern sports card with the difference being that the officially licensed ones hold significant value and won’t get creased if you sit on them.”
Websites
WTFast specializes in technology built for gamers to have better connections to their online game of choice. Their CEO, Rob Bartlett, considers the advancement of domain ownership to be a wonderful development.
“Anyone who has launched or run their own website knows the headache it can be to register and maintain ownership over the site address. Between the regular payments and the fear of lapsing and losing your URL, it’s not the most fun thing to manage. NFTs have changed this. With new domain extensions available as well, it’s possible to buy your URL as an NFT with a one time payment and then own it until you decide to sell.”
As NFTs continue to take off in popularity, it is necessary to have a deeper understanding of them as the quotes above suggest that they will soon be part of many aspects of life. Investor and author, William Mougayar, put it best, “The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.
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