- Date : 04/03/2022
- Read: 3 mins
Let's understand if NFT, also popularly known as Non Fungible Tokens, have developed in the real world or not.
NFT, also popularly known as Non Fungible Tokens, is a unique digital property.
What is NFT in crypto?
This is known as NFT Crypto, which is a cryptographic asset seen on a blockchain. NFT tokens can be varied things including drawings, music, games, and many such random possible aspects. The biggest aspect of Non-Fungible Token is the fact that they can’t be copied. A cool example of NFT could be a random unique sketch of a fictitious character you drew. These might be a source for others to purchase these online and further sell them with the possibility of a profit that they might have got by selling them at a higher price. This profit will then be a direct revenue generated on your name as you were the real owner of the unique character.
NFTs are usually considered a testing ground for all forms of digital art; however, the shift has already happened and now it is even about gaming, entertainment, finance, music, investment, and much more. In a recent article posted by Outlook, one of the daily NFT market trackers, with the name of NonFungible.com has highlighted the rise in the daily number of sales in September 2021 reaching up to 33,900 plus alongside the NFT sales being hit at an amazing $10.7 billion in the third quarter of 2021.
In the current time, NFTs have drawn a lot of attention in real-time cases including arts, music, and even the business world. Here are a few cases that show major development of NFTs in the real world -
Is Digital Art NFT a thing?
One of the most major forms of NFTs is digital art. The interesting part about this form of NFTs is usually the ability to sell whole or a part of the digital art after a well-discussed pre-compensation settlement.
How does Music NFTs help?
Tokenizing music tracks and even concert tickets are now possible through NFT. One of the biggest real-world cases is Sonu Nigam being a part of the Indian music industry’s first-ever NFT series in partnership with JetSynthesys. This enables the artists to get complete ownership of their music avoiding the unfair distribution of revenue generated through the song.
Gaming NFTs made bigger
The trend of the virtual world of gaming through NFT crypto started in early 2017 and now the biggest achievement is the idea of playable NFTs earned through the play-to-earn concept. It is now a major unique experience a player can be a part of, benefiting their association.
Fashion NFTs the new entries
Things like product tags and QR codes help the creator to keep their fashion creation intact with complete ownership of the product. This acts as an NFT facility in the real world as this also delivers details of the creator.
There are many other forms of NFTs now used in the real world to avoid loss of ownership. Sources highlight that art and collectable NFTs were this potential a year back; however, now research by Jamie Burke, CEO of Outlier Ventures shows that people spend five times more in a blockchain game than in a conventional game.
Lastly, it is appropriate to say that the usage of NFTs is highly dependent on the artist's priority to prove ownership over sales. NFT communities have now even introduced the importance of intellectual property. This real-world access continues digital collectable and much more.