If you've been around the blockchain and tokenization space in recent months, you've doubtlessly become aware of non-fungible tokens and the stir they've created particularly among the artistic community. These pieces of art-tech started creating a buzz when they started selling for thousands of dollars. While they may not be making the headlines they were when we first investigated them, NFTs and the need to verify your media that comes with them are here to stay. So, what's next for NFTs? Let's investigate:
NFTs have many unique applications aside from art, though, which is why this isn't a question of what NFTs will do, rather, we need to look at what they're already doing.
We've investigated how decentralization through blockchain will be at the heart of social media networks in the future, giving much more power and influence to individual users. But we are also seeing the increased use of NFTs through a social network called Hyprr. This network is designed to support content creators on Instagram and TikTok to turn their content into NFTs, which guarantees the creators authentic ownership of the piece of content, which they could then potentially sell. Users on Hyprr can also exchange, collect, and trade the tokens within the marketplace.
In an application that would bring NFTs back to where they started, NFT could well find new uses within the gaming industry. With the gaming industry expected to surpass a $200 billion value by 2023, and many current online games giving virtual rewards to players, it does seem to be an inevitability that NFTs will have a part to play in the future of gaming. An example of this would be games that reward players with tokens which they could then trade in for other pieces of in-game equipment.
There are a number of emerging uses for NFTs, including e-commerce.
The nature of non-fungible assets make them primed for e-commerce, which is being described as d-commerce. Within traditional e-commerce, transactions are centralized under one of very few intermediaries such as Amazon. In a decentralized ecosystem, though, this power is given back to consumers and individual creators. Splyt, a company known for its eNFT (Ecommerce-Non-Fungible-Token), tokenizes off-chain products on the blockchain. This creates universal, standardized protocols for how data and funds are shared securely between all parties in e-commerce transactions.
So, what does the future hold for NFTs? Well, we have already seen some use cases for NFTs and have seen more of them making their way in the industry, which may significantly affect the way we interact with each other and the businesses with which we do business. This also is far from an exhaustive list: there may well come a day when ownership of offline assets may be exchanged through online sources. When it comes to NFTs and other uses for blockchain and smart contracts, there truly are no limits. Watch this space as we continue to investigate every current trend in the decentralized space.