Have you ever imagined taking legal ownership of something that’s very special to you?
Even that rare antique toy from your childhood! This is often no longer a wild fantasy. The multiplication of NFT tokens makes it possible! The essential time values allow you to acquire tokens and give you the right to your favorite knockouts in WWE (World Wrestling Entertainment). Incredible, isn’t it?
This magical technology has the super power to direct us beyond our imagination!
Any superior technological intervention should impact major industry sectors, and NFT is no exception. Let’s take a look at the industries affected by NFT.
Why is the planet going behind the NFT?
Statistics state that the expansion of the NFT marketplace is 1,785 attempts, so it’s making strong waves within the crypto world like ICO (Initial Coin Offering ) did in 2017. What’s the reason behind it? Let’s take a look
Each NFT token has its own standard and identity based on the information in the smart contract. It cannot be copied or duplicated, which ultimately reduces the risk of fraud, which is the common thread for all types of industries from startups to luxury brands. The transparency within blockchain technology creates trust in the token holder.
NFT brings ownership! The epic purpose of NFT is to create ownership. Token owners can replace or change the token as needed, but they cannot change the ownership/authority, which is immutable.
NFTs are easily transferable because they’re decentralized; it allows users to trade and exchange tokens instantly and easily.
Top 15 industries disrupted by NFT
Collectibles are the main industries that use NFT. The first ever NFT collectible is Cryptopunks, which was launched in 2017 on Ethereum, which was developed before ERC-721. Cryptokitties launched and reached a huge volume of 38 million USD. Later on, tokenization moves towards celebrities and athletes, allowing fans to collect their favorite tokens. Crypto Kittie’s Dapper Labs, together with the NBA, launched the token exclusively for fans. As a result, Caty Tedman explained that “the product is designed to give fans a piece of ownership in the action that happens on the field.”
The gaming industry is among the proper targets for NFTs, as this is often the booming sector for NFTs. In the gambling industry, the items in the game such as points, credits, etc. are converted into tokens. The NFT tokens in the gaming industry are easily exchangeable. They provide the actual ownership for the player’s digital asset during a particular game.
Popular blockchain games that deliver NFT include Axie Infinity, Gods Unchained, and My Crypto Heroes. Axie Infinity is created on the Ethereum blockchain. Unchained is that the digital cards where cards are in the nature of NFTs and holders can trade the cards because of the same because of physical cards. My Crypto Heroes can be a quiet battle game that provides game items in NFTs on the Ethereum blockchain.
3. Apparel industry
Blockchain technology has already impacted the apparel world by benefiting supply chain participants. End consumers can verify knowledge of ownership of all things and accessories, which reduces the risk of fraud. Consumers can scan QR codes on the value labels of the clothes and accessories they buy in the form of NFTs.
With the blend of blockchain and NFTs in the apparel industry, consumers will be able to identify the assets purchased, ownership, and where they were made from then on. The introduction of NFTs in the fashion industry will reduce CO2 emissions.
4. Art Industry
One of the most notable use cases for non-fungible tokens (NFT) is programmable art that combines creativity and technology. Currently, there are limited editions of art in circulation that allow for flexible modification and programmability. Smart contracts & oracles can enable the artist to develop images that respond to any pricing of Blockchain-based assets. With Blockchain and IoT, people can collect the entire history of the artwork, including ownership, past prices, and more.
Explore Here: Impact of NFT in Art Industry
5. Virtual worlds
In some computer game worlds, such as Decentraland, The Sandbox, and Crypto Voxels, users can possess NFT items. Decentraland provides complete control over users’ creations and assets.
6. Real values and documentation
It is entirely possible to tokenize real-time assets such as land, licences, certificates, etc,
Sports NFT is becoming more and more popular nowadays as there are many tokens for famous athletes who are successful in the industry.
8. domain names
The use case of NFT is shifting towards domain names; you can get NFT for the name you want.
9.Digital physical goods
Companies such as Metafactory and Headspace sell customizable hoodies in addition to NFT. Crypto Kaiju offers toys made of NFT.
Metazoan could be a silent project that allows Decentraland users to buy games, buildings, etc.
In the insurance sector, a person can convert their insurance package into NFT and sell it to the insurance agent.
Virtual vehicles such as cars and airplanes are often converted into NFTs. Some companies like CryptoMotors, F1 Delta Time & Battle Racers use this space.
As in the art industry, NFT also plays an important role in the music industry. Just recently, Justin Blau’s album raised USD 11 million by selling NFTs to fans.
14. Gold-backed NFTs
DGX is the soft token that has gold as its value. One DGX is equivalent to one gram of gold. On the Bullionix platform, users can create NFTs with DGX tokens backed by gold.
15. Event tickets
NFTs as tickets. Some companies have launched initiatives to sell NFts as tickets.
NFT is now the latest trend to steal the spotlight of the crypto industry in 2021 and increase its influence on most industries. I hope the rise of NFT will put the crypto industry on a great path.
You want to develop an NFT marketplace in your industry. We at brugu, a leading NFT marketplace development company, offer development of various industries on NFT.