What is the future of NFTs? What are some use cases for NFTs now? What even is an NFT? Let’s dive in and answer all of these questions together.
Before we dive into the future of NFTs, let’s first define what a fungible and non-fungible token is.
The 3 main identifiers for NFTs or non-fungible tokens are:
- Not interchangeable
The 3 main identifiers for fungible tokens are:
- Uniform aka not unique (they are all the same identifier)
Some common examples of NFTs are Cryptokitties or crypto domain like .eth or .crypto. Common examples of fungible tokens are BTC, ETH, or LTC. More common examples of something fungible would be like gold or diamonds in how they would be valued generally the same anywhere you go, at least officially.
You will always find fungible and non-fungible tokens on many other protocols too like ENJ or WAX. Most of the tokens I deal with and NFTs are on Ethereum. Fungible tokens there are listed as ERC20 tokens and NFTs follow the ERC721 standard. What’s most interesting is the potential use cases we will see in the future. I think a lot of video game assets like skins and other things you can earn will become NFTs and allow you to trade them with other players using smart contracts. We will also see supply chain tracking, copyright, and so many more use cases evolving over the next few years.
The future of NFTs is endless. Let’s talk about some novel use cases being used today and then some potential future use cases.
Use Cases Today:
- Digital art
- Tokenizing an asset - painting
- Digital rights and monetization - Taylor Bennett song
- Real estate
- NFT Staking
Future Use Cases:
- Secondary market for gaming with tokenized items
- Healthcare records
- KYC identity management
- And so much more.
This was my original explanation of NFTs if you’re interested: https://odysee.com/@ScottCBusiness:4/What-Are-NFTs-Fungible-and-NonFungible-Tokens:1
The Blockchains of Ready Player One: https://www.youtube.com/watch?v=_PYKp06wlGY
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What NFTs are you investing in? What’s got you excited about NFTs? Did this help you understand NFTs better? Let me know what you think about this in the comments below and don’t forget to subscribe!
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*Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated. What you have just seen, heard, or read is my personal opinion and does not constitution financial advice, investment advice, and may not be the opinions shared by others. Any statements made are based on my views and should not be misconstrued as fact.*