In the previous first article about Non Fungible Tokens @Tavio_Cryptowriter covered the possibility of virtual property ownership becoming a billion-dollar industry with projects such as Decentraland, Superworld, and Upland. While I followed up with the utilization of NFT’s in the DeFi space as well as discussed the large opportunities that are created with games like Cryptopick, KOGS, and Street Fighter Trading Cards. With the last two installments from @Tavio_Cryptowriter wrote about Cryptomonkeys from @BANANO and then NFTX, an NFT backed index fund.
While NFT’s can be utilized for many things from virtual land ownership to digital artwork and decentralized finance, this is all only on the virtual level. Let's take a minute to consider what a Non Fungible Token truly is, and that is a unique single item that cannot be replicated. They are unable to split into pieces or be altered, unlike cryptocurrencies that can be purchased in tiny bits, can be altered and are far from being unique with thousands to billions of each coin/token in circulation. These real-world uses would certainly be different than what is possible for cryptocurrencies because of the immutability of NFT’s, in this sense they can be compared to a concert ticket or plane ticket. In fact, during the hell of 2020 Burning Man was unable to hold their annual event in the black rock desert and utilized NFT’s as gifts to individuals that were part of their virtual event, similar to what would be received at the live event but in the form of a virtual token.
The uses can extend far beyond just gifts from virtual events or tickets to attend in-person events, such as actually purchasing real world properties or even exchanging properties. For example, say you want to swap your vehicle with another person that is not nearby, each person can create their unique NFT with the value they are trying to sell and then can utilize a marketplace to perform the swap. This would in turn create a new business model for a brand new company to be created to manage these types of transactions and see that the properties are transferred in the real world in which time the NFT with the associated value can be redeemed or broken down for the payment. Obviously, this is something that is far off from our time now, but this is just where my mind goes when thinking of implementing NFT’s to real-world exchanges of goods.
As the world of NFT’s is still extremely small in comparison to the world of cryptocurrencies, in my opinion, they have far more uses in the real world for the online exchange of goods. This would be used in conjunction with cryptocurrencies as that would be the best route for adoption, but this could eventually be exchanged in our daily lives and could bring back a sort of bartering type system. At this point in time, other than the utilization for Burning Man, I believe the possibility to start utilizing NFT’s for sporting event tickets or concert tickets is a lot closer to what is possible today than a full-blown peer-to-peer goods exchange. As these types of use cases begin to be explored more by individuals and companies the adoption of NFT’s will be far different than what we have seen with cryptocurrencies in general. Not only could it make acquiring tickets for large events or flights more accessible, cheaper, and nearly instantaneous, it also is an excellent way for companies selling such large quantities to keep track of all the logged data on chain. This could also help to improve security at companies by assigning an NFT for each account and could have sub-NFT’s that are utilized as the ticketing system creating extra layers of defense.
But forget what I think this could all become, what is it that you think the next big thing could be for Non Fungible Tokens, and how do you think the adoption will be different from cryptocurrency adoption considering their uniqueness?
Thanks for taking the time to read my article please let me know your thoughts in the comments section!
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
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