How NFTs Are Disrupting Various Industries?
Have you ever imagined about getting legal ownership for something that is very special to you ? Even the rare antique toy of your childhood ! This is no more the wild imagination, the rise of NFT token makes it happen ! Not only the real time assets it lets you tokenize & gives you authority for your ever favorite knockouts in WWE (World Wrestling Entertainment). Mind Blowing is n't it ?
This magical technology has the super power to lead us beyond imaginations !
Every superior Tech Intervention should have its own impact in major industrial sectors and NFT is not an exception here.Let's have a look at the industries impacted by NFT.
Why Does The World Go Behind the NFT ?
Statistics say that the growth of the NFT marketplace is 1,785 % and it makes strong waves in the crypto world as ICO (initial coin offering ) did in the year 2017. What’s the reason behind that ? Let's have a look
Every NFT Token has its own standard and identity based upon what's written on the smart contract. It can't be copied or duplicated which ultimately reduces the risk of fraudulent. Which is the major thread in all kinds of industries from start-up to luxury brands.The Transparency in the blockchain technology builds trust to the token holder.
NFT brings ownership! Actually bringing ownership is the epic purpose of NFT. Token owners can exchange or change the token if they want to but they can't change the ownership/authority, which is immutable.
NFTs are easily transferable since it is decentralized; it lets users trade, exchange tokens instantly and easily.
Top 15 Industries Disrupted By NFT
Collectibles are the prominent industrial sectors using NFT. The first ever collectible NFT is Cryptopunks which was launched in the year 2017 on ethereum which was developed prior to ERC-721 and then CryptoKitties, has launched and reached a huge volume of 38 million USD.Later than, the tokenization move towards celebrities and athletes, so that fans can collect their favorite tokens. Cryptokitties creators Dapper Labs along withNBA have launched the token exclusively for fans And the Caty Tedman, stated that the "“the product is meant to give fans a piece of ownership over the action that happens on court."
Gaming Industry is one of the perfect targets for NFTs as this is the booming sector for NFT. In the gaming industry it is designed in the way to tokenize the things in game such as points, credits,etc, The NFT tokens in the gaming industry are easily exchangeable. it offers true ownership for the player's digital asset in a particular game.
Popular Blockchain games which offer NFT are Axie Infinity, Gods Unchained and My Crypto Heroes. Axie Infinity is built on the Ethereum blockchain. Unchained is the digital card game, where cards are available in the form of NFTs and holders can trade the cards as the same as the physical cards. My Crypto Heroes is a kind of battle game which provides game items in NFTs on Ethereum blockchain.
3. Fashion Industry
Blockchain technology has already impacted the Fashion world with benefiting supply chain participants. The end-users can verify the information regarding the ownership of all the items & accessories which reduces the risks of frauds. Consumers can scan QR code on the price tags of the purchased apparel & accessories in the form of NFTs.
With the combination of Blockchain & NFTs in the fashion industry consumers can know about the purchased assets, ownership and where it has been created and so on. This entry of NFTs in fashion reduces carbon dioxide emissions.
4. Art Industry
One of the most notable use case of non fungible token (NFT) is the programmable art, which is the combination of creativity and technology.Currently there are only limited editions of artworks in circulation which allows flexibility in modification and programmability.The presence of smart contracts & oracles can enable artist to develop images responding for all pricing of blockchain based assets.With Blockchain & IoT, people can collect the entire history of the artwork including ownerships and previous prices & more.
Explore Here: Impact of NFT in Art Industry
5. Virtual Worlds
Some virtual reality places like Decentraland, The Sandbox,and crypto voxels let users own NFT items. Decentraland provides entire control to the user creations and assets.
6. Real-world assets and documentation
It is entirely possible to tokenize the real-time assets like land, license, certificates,etc,
Sport NFT is getting popular nowadays as there are many tokens for popular athletes running successful in the industry.
The use case of NFT is shift towards Domain Names one can get NFT for the desired domain name
Companies like Metafactory and Headspace sells customizable hoodies along with NFT.Crypto Kaiju provides toys form NFT
Metazone is a kind of project that lets the users of Decentraland to buy games, buildings, etc
In the Insurance sector, A person can convert their own insurance package as NFT and sell it as the insurance broker.
12. Virtual Vehicles
Virtual Vehicles like car, planes can be converted as NFTs.some companies like CryptoMotors, F1 Delta Time & Battle Racers are using this place.
As like the Art Industry, NFT places a prominent role in the Music sector. Very recently, Justin Blau album gained 11 million USD by selling NFTs to the fans.
14. Gold Backed NFTs
DGX is the kind of token which has gold as its value. One DGX equals one gram of gold. The Platform named Bullionix let user create NFT with DGX token at its backed
15. Event Tickets
NFTs as Tickets. some companies started initiatives to sell NFts as tickets
NFT is now the hot trend which steals the spotlight of the Crypto Industry in 2021 and makes its impact stronger on most of the industries. Hope the rise of NFT will drive the Crypto Industry to the good path.