Can you believe that the word NFT got popular only last year and it will continue to exist in the world for a long long time? Yes. Non Fungible Tokens or NFTs will take part in your day-to-day activities soon. NFTs are not just some pixelated art or black pixels or some ape pictures with funky costumes anymore. You will be using them right from your identity card to book a ticket for your favorite movie soon. Blockchain is achieving its aim of decentralizing systems be it the banking or the world wide web, the day is not so far. Blockchain technology is the talk everywhere and it is reaching corners by taking place in the News all the time. With the recent downfall of cryptocurrencies, Blockchain has even shaken the world economy.
Inflation and food scarcity on the one hand is alarming the activists and here is Metaverse taking the world to the next phase altogether. NFTs and NFT platforms will be the new normal stores where you buy things in the future. Here is everything you need to know about the future of NFTs and Metaverse.
The Future of NFTs
The primary version of Non-Fungible Tokens was introduced only to look out for the response on owning digital assets on the blockchain. The world is getting digital and people welcomed the idea of it. It all started with digital artists using them to get definite ownership of the blockchain and monetize them. Then came the utilities where people who buy an NFT collection can get their own perks that come with it.
As NFTs took the liberty to get into every industry right then. And today sports, ticketing, and even real estate.
- It is expected that ids, certifications, licenses, documentation, and even medical records can take up NFTs for their Uniqueness
- NFTs can be actively used in labeling products or packages in the supply chain and logistics. This can help in bringing transparency to the system and the end-users can actually look out how long the products were in the warehouse.
- Patents and Intellectual Property can get definite ownership in the blockchain. It is possible to monetize them and also get Royalties when sold again in the secondary marketplaces. The creator remains the same no matter how many times it is sold again.
- NFTs can also be used in event ticketing
- Another effective area where NFTs can be efficiently applied is the process of Voting. Every democratic country can take up NFTs to identify voters of the society.
Getting into Metaverse
You might have known the concept Multiverse where there is someone similar to you in every world. Its Fiction. While some believe it exists. But Metaverse is something close to being real. It is a digital world where you can co-exist in the form of 3D avatars. This digital world is virtually real also with Augmented reality. You can just enter this world with a help of extended reality headsets.
Since it is a digital world, people will of course need things to use. That is where Non-Fungible Tokens come in. They help in owning digital assets in the digital world. Be it your avatar identity or your accessories, house, and property, everything can be NFTs.
NFTs are Invincible
On the whole, if you need metaverse you need NFTs. NFTs are now getting upgraded to NFT 2.0. This new version of NFTs is getting an upgrade in terms of characters, properties, and more. They can be nested where an NFT itself can own an NFT. confusing? Say your 3D avatar in the metaverse is an NFT. You need clothing, accessories, a place to stay, want to shop and what not. Anything you buy in the metaverse can be an NFT. Thus you can be an NFT and own an NFT too. There are many more exciting features that include changing the appearance in different locations. This will also be effective in Metaverse making this virtual world fun and Interactive.
Wrapping up,
In the big picture, NFTs are an Invincible technology that will be seen literally everywhere. Many governments are welcoming the decentralization concept brought by the blockchain. Future can expect a complete decentralization, introducing web 3.0 and Metaverse together. People are eager in taking up NFTs from various NFT platforms already making an obvious massive success of NFTs in today’s world.
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