The concept of NFTs, or non-fungible tokens, has recently been causing a stir in the crypto community. As the world of NFTs constantly evolves, many are wondering what the future holds for this technology. Will NFTs be solely focused on collectibility, utility, or both? This was the topic of a recent panel discussion featuring some prominent figures in the NFT space, moderated by Jenny Zheng, where experts shared their experiences and insights on the future of NFTs.
DaVinci Jeremy emphasized the importance of understanding the underlying technology before investing in it. Anndy Lian recounted how he predicted that NFTs would become the next big thing in August 2020 when the market was valued at a quarter of a million dollars in volume per day. He believes that NFTs can be used not just to purchase art or collectibles, but also to connect with communities and make them feel like they are part of the artwork.
Stephanie Bretonniere believes that NFTs hold the key to bringing more impact to organizations. She thinks that NFTs have different use cases, and the ones that bring utility are the most interesting. NFTs can be used to break down silos in organizations and create more efficiencies.
Mate Tokay shared their experience, stating that they used to work for a private NFT marketplace, but now work for Web 3, which is similar. They mentioned that when NFTs first started, they were mostly about collectibles such as PFPs (profile pictures) and art, but now we are seeing more NFTs with utilities.
The potential of NFTs extends beyond just collecting and trading digital assets. NFTs have the power to create a paradigm shift across multiple industries by enabling validation of ownership, genuineness, and exclusivity for digital assets. For example, in the gaming industry, NFTs can be used to represent in-game assets like weapons, skins, and characters, providing a new level of authenticity and scarcity.
The art industry can also use NFTs to authenticate the ownership of digital artwork, ensuring its originality and uniqueness. NFTs can also be employed for digital identity verification, allowing individuals to establish their identity and ownership of personal data without relying on centralized authorities. Furthermore, NFTs have the potential to revolutionize digital contracts by providing secure and immutable records of agreements.
By shifting the focus to utility, NFTs can realize their complete potential beyond their current use as collectible digital assets. The various applications of NFTs can create new business models and generate fresh opportunities across multiple sectors. The implications of NFTs extend far beyond the hype and hold the key to unlocking new possibilities in the digital landscape.
