Non-Fungible Tokens (NFTs) took the world by storm in 2021 with expensive monkey pictures. But are NFTs just a fad, or is there real utility behind the technology? The answer lies in how the technology is evolving.
Real-World Use Cases While digital art was the first wave, the second wave of NFTs is about Utility.
- Gaming: In “Play-to-Earn” games, items like swords or skins are NFTs. You actually own them and can sell them for real money.
- Event Ticketing: Fake tickets are a huge problem. NFT tickets prevent fraud because the ownership can be tracked on the blockchain.
- Real Estate: People are beginning to sell physical properties where the deed is transferred as an NFT, cutting out mountains of paperwork.
“NFTs are not just jpegs; they are proof of ownership for digital and physical assets.”
Conclusion The hype around overpriced JPEGs might die down, but the underlying technology of NFTs is here to stay. It will revolutionize how we prove ownership in the digital age.