Some NFT uses
Once again the blockchain is in the process of making disruptive changes to how we know the digital world. The emergence of NFTs has enabled the creation of unique digital collectibles and assets and the applications of these are many. But what are NFTs?
NFT or non fungible tokens are a type of tokens that work on blockchain networks and allow to identify a unique asset and guarantee its ownership in an unambiguous way. NFTs not only guarantee the ownership of this token, but also make it possible to track it, and sell it for money as if it were a stock exchange share.
And all thanks to its characteristics. We have in front of us unique digital assets linked to a Smart Contract, and therefore, to which can be associated many conditions such as royalties, a limitation of transactions, associate files only accessible by the holder, among many other options. Currently we already have NFTs that are unique digital works, avatars for virtual spaces, tokens for fans with exclusive experiences, music tracks and even memes.
The first ones to benefit from the emergence of these assets have been artists. These new tokens have allowed them to create unique pieces and “equate” their works to other more traditional artistic expressions.
In this sense, it has made these digital artists realize that they can own their work and that they can transfer it from person to person without intermediaries and through the Internet, in addition to being able to apply royalties to their creations and ensure a commission for future sales transfers. The route has even reached traditional art galleries, such as Christie’s, which have already organized auctions exclusively for this type of asset.
NFTs started to take off at the end of 2020 and during the first half of 2021 some €2.2 billion of NFT sales were carried out.
One of the sectors where NFTs have had the greatest impact is in the world of sports (NBA or La Liga), with fan tokens. Initiatives such as NBA Top Shots with its collectibles of historical moments of the most famous basketball league in the world or SoRare, with its Fantasy league of soccer cards that can be redeemed and sold, have enhanced the experience and exclusivity through NFT.
Another sector where NFTs have entered with force is gaming, with the emergence of games where NFTs are tokens redeemable in-game for skins, weapons, skills or even other avatars, as well as rewards in cryptocurrency have been just some of the new functionalities that have been found for NFTs . Examples are Axie Infinity or Wanaka Farm.
In this sense, companies in the blockchain sector have already started to offer both solutions and tools to their customers to be able to either exploit this growing market of NFTs or shield their intellectual property with these tokens.
Companies specialized in blockchain solutions such as Vottun, are already working with major brands to study and plan their entry into the NFTs market, either through certifications of digital property, the protection of works also in the digital framework, the creation of collectible tokens and their purchase and sale.
We are currently facing a paradigm shift brought about by cryptocurrencies, blockchain technology and NFTs. It is evident that in times of such radical changes and with such a great impact it is inevitable that bubbles are generated, but despite the possible fluctuations, everything indicates that the future of both cryptocurrencies and NFTs is promising.
In short, we are entering a new reality where the value of digital assets has changed drastically, authors can give value to their digital works and control their use, more traditional companies can register their digital intellectual property through these assets, sports institutions and celebrities use them to interact and offer experiences to fans.
And this is just the beginning, the applications of NFT are limitless, and as time goes by we will be able to see the full potential of where they can go.