7 Ways NFT Will Change the World in 2024

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    By Krunal Soni
    Jun 13th, 2024

    In recent years, non-fungible tokens (or NFTs) have become a global phenomenon. NFTs went one step further than Bitcoin in introducing scarcity to digital assets. Diverse industries, from digital art to real estate, are exploring new ways of using this emerging technology. This article examines seven major industries poised to be significantly disrupted by NFTs.

    1. Digital Art and Collectibles

    Digital art was one of the first industries to adopt NFT technology. Artists who have learned how to make an NFT could sell digital works that were unique and could be displayed or resold by buyers. Digital art gained the flexibility of physical pieces while also retaining the rarity of autographed copies.

    Notable sales included Beeple's USD69 million NFT art sale and Cryptopunk collection sets that each sold for millions. Christie's, Sotheby's, and other global auction houses now host dedicated NFT auctions. Celebrities are also launching exclusive collections to open up a new revenue source.

    The growth has been meteoric, with global NFT sales surpassing USD 17 billion in 2021. While scepticism remains around valuations, platforms like Opensea and Rarible democratized access for independent creators. Future possibilities include virtual galleries and augmented reality showcasing of pieces.

    2. Gaming

    NFTs are most commonly used to create games, which allow players to truly own their in-game assets. Assets include avatars, weapons and lands, as well as achievements and lootboxes that can be traded on marketplace platforms. Axie Infinity, Decentraland and The Sandbox are titles that embrace this model.

    Now, players can earn money by selling assets that they no longer require. Characters, avatars and skins are sold for thousands of dollars, allowing new forms of microtransactions and gamification. Play-to-earn is revolutionizing app monetization. Players can now profit from their time and skill.

    The increased ownership of assets is fueling the hype surrounding virtual worlds. In the future, mainstream AAA titles will introduce NFT-backed NFT features to complement the traditional DLC. Many in emerging markets are now able to make gaming a career.

    3. Event Ticketing

    The ticketing industry has long faced issues around scalping, counterfeits, and limited resell options for original buyers. NFT ticketing provides a viable solution preventing duplications with each ticket uniquely identified on the blockchain.

    It allows seamless transfers and resells without any scalping markups, providing original buyers with fair returns directly. Event organizers benefit from new resale royalties. Fans are assured authentic credentials even if physically lost or damaged. Artists, too, support this model, combating fakes while connecting with genuine admirers.

    Pioneering platforms like Ticketmaster's NFTickets, Yellowheart, and Fantastec are gaining popularity. Live experiences like concerts are embracing this transition, complemented by metaverse performances for global outreach. Ticketing will reinvent itself into a hybrid physical-virtual experience marketplace.

    4. Digital Collectibles

    Physical collectables like trading cards, memorabilia, and figurines have garnered tremendous value over generations due to inherent scarcity. Digital collectables utilize blockchain to bring similar ownership qualities online, including proof of limited editions, serial numbers, and members-only access.

    Topps’ digital MLB baseball cards and NBA Top Shot highlighted how popular IP franchises can thrive as collectible projects. Platforms like Cryptodogs enabled unique community-generated pieces. Forbes reports that 2020-21 witnessed 7500% growth in this category.

    Future scope includes projects centered on franchises, characters, and pop culture icons. NFTs enable digitization of physical collectables through augmented experiences blending virtual and tangible. Rare finds may appreciate exponentially engaging fans worldwide.

    5. Real Estate

    Land registry handled through centralized authorities encounters issues around transparency, delays, and errors over decades of manual documentation. NFTs provide a reliable digital title system, improving transaction efficiencies through instant property verification on an open ledger.

    Pioneers include Republic Realm, which is developing futuristic metaverse districts in virtual worlds. NFT Real Estate enables fractional ownership of premium real-world properties anywhere through easy crowdfunding.

    Further potential includes tokenizing leases, rent receipts, and digital land deeds. Smart contracts enforce terms securely and instantaneously, reducing liability risks. Location-based experiences blend virtual and actual neighborhoods in metaverses and mixed reality.

    6. Media and Entertainment

    Content creation and distribution are changing rapidly, with fans demanding ownership of their favorite movies, shows, and music. NFTs provide an effective monetization approach, letting fans purchase limited-edition digital assets or exclusive perks.

    Megan Thee Stallion’s NFTs granting backstage access and Snoop Dogg’s Death Row label release on top NFT platforms demonstrated this model. NFTs eliminate piracy risks while directly rewarding loyal fanbases.

    The future scope involves streaming video/music incorporating token-gated bonus features. Movie theaters and events venues could explore new forms of AR/VR engagement combining digital and physical. Exclusive merchandise and episodic content drops keep fans engaged over projects.

    7. Luxury Industry

    Fashion, jewelry, and timepieces have maintained an aura around scarce editions for brand loyalists. While physical counterfeits diluted exclusivity to some extent, digital authentication is a challenge. NFTs address this through smart contracts that record provenance, editions, and ownership history on the blockchain.

    Esteemed brands started leveraging NFTs in different ways - Gucci’s 13 unique pieces ownership and Prada’s crypto bags driving buzz. Visual art projects also use NFTs uniquely.

    The scope includes digitizing vintage archives and one-of-a-kind physical collections. Unique virtual wearables blend with IRL products. NFT merch drops and membership reward trends align well with luxury branding. Digital fashion shows and storefronts personalize experiences.

    Final Thoughts

    NFT technology continues to reinforce ownership in creative works, experiences, and assets with far-reaching impacts. Early industry shifts highlighted widespread untapped potential. As scalability issues are addressed, their role becomes indispensable in wider cultural and business paradigms. Both creators and consumers will continue shaping new possibilities together, redefining commerce and fan engagement models.

    If you need help in the NFT field, Minddeft specializes in NFT token development and NFT marketplace development and provides solutions to help you move ahead.

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    Frequently Asked Questions

  • What is NFT, and how does it work?

    A non-fungible token (NFT) is a digital asset that represents ownership of a unique item or piece of content using blockchain technology. NFTs are not interchangeable; each NFT has distinct information that makes them one of a kind. Through blockchain, NFTs ensure transparent and secure ownership records.

  • How are NFTs changing the world?

    NFTs are changing the world by changing how we interact with digital assets. NFTs are already changing various industries like art, gaming, entertainment, finance, real estate, and education by introducing digital ownership. and authenticity.

  • How are NFTs changing the art industry?

    NFTs give artists a new way to monetize their digital artworks. With the help of NFTs, artists can earn royalties for every sale of their artwork through smart contracts.

  • How are NFTs impacting the gaming industry?

    NFTs are transforming the gaming industry by giving players the ability to own, trade, and sell their assets securely. Assets include avatars, weapons, and virtual lands. Axie Infinity, Decentraland, and Sandbox are some of the popular gaming platforms that use the NFT model.

  • What are some benefits of NFTs?

    Popular benefits of NFTs include ownership and authenticity, monetization for creators, royalties, scarcity and exclusivity, and decentralization.

  • What are some of the most popular real-world examples of NFTs?

    CryptoPunks, Bored Yacht Club, domain names, autoglyphs, and cryptokitties are some of the popular NFT real-world examples.