Are Non-Fungible Tokens (NFTs) just a bubble, or do they have real utility? It’s a question that’s been on many people’s minds since it took the world by storm.
Many may debate that NFTs are still in the early stages of development and yet have to gain mainstream adoption due to their complexity and lack of widespread knowledge. Still, they have seen a huge spike in popularity over the recent years as new and innovative use cases of them are being explored and brought into the limelight consistently.
These tokens have the potential to offer a range of valuable services and become mainstream as some significant industries now look to capitalize on this technology.
From big banks to entertainment companies, businesses to influencers and celebrities in prominent industries are introducing NFTs in their respective spaces and expanding their reach to the global market. As the potential of NFTs is realized, we can identify three key industries that can bring mass adoption of NFTs – Gaming, Music, and Fashion.
In the blog below, we will look at how NFTs in these industries are creating new possibilities and also how the masses can adopt them.
Why the buzz around the NFTs?
Before diving into these 3 key main industries which have been primarily the most important use cases of NFTs, let’s understand why NFTs are so much valuable and how it is worth all the hype that it is getting currently.
In simple terms, NFTs are just digital assets, so what makes them such a huge craze?
Every NFT is a unique digital asset like digital artwork, essays or articles, videos, domains of companies, old and vintage tickets, coupons, fashion items, celebrity things, or any other.
Some of the popular NFTs are:
- Beeple Everyday: the first 5000 Days (most expensive – $69.3 million)
- CryptoPunk #5822 ($23.7 million)
- Dmitri Cherniak Ringers ($7.1 million)
- XCOPY ($6.2 million)
- Beeple Ocean Front ($6 million)
NFTs are responsible for providing good opportunities in the market, like enhancing the product value, retailer and consumer behavior towards development and growth, opening gates for new markets or different business ideas, and allowing small businesses to start engaging more with these revolving patterns.
NFT also helps in eliminating third-party work or middleman expenses as now businesses or consumers can directly connect with each other.
NFTs: The Technology Revolutionising Multiple Industries
NFTs have penetrated multiple areas, creating value in digital possessions. VMR, a consulting and global research firm, predicts the NFT market to reach $231 billion by 2030. Currently, as per the report the market stands at $11.3 billion and is expected to rise at the rate of 33%.
NFTs have already unlocked a vast array of possibilities, from verifying origins and tracking supply chains to preventing counterfeiting, tokenizing ticketing, creating digital economies, driving revenue in gaming, music and entertainment, and granting voting and governance rights.
As the sector continues to develop, more applications are sure to be uncovered. Let’s dig deeper into how the introduction of NFTs in 3 prominent sectors – gaming, music and fashion industries have allowed the end-users to enjoy a whole new level of innovation, creativity, and efficiency in their operations.
NFTs in Gaming: Creating new possibilities
Video games, online games, and PlayStations are always the thing that makes people enjoy their life fully without stressing over other things. People enjoy these things in their free time, collaborate with others, do parties for their winning and many more.
The gaming industry came a long way, and we love how it is evolving. But as more and more people join this, the centralized way to structure the platform is not much beneficial. As there is a lot of collection of user data, logistics information, transfer of money and game assets.
The revolutionary work that NFT do is to provide all the players with an equal value of ownership that shows a high level of transparency. Many gaming sectors choose NFT for its better functionality and we can’t deny that it works smoothly and profitably for them.
Benefits of NFT in Gaming Industry
- Ownership: one of the biggest benefits we get as a player is to have full ownership of all the assets we purchase with NFTs. While purchasing them independently, we get the rights to sell or up-stock them in the marketplaces.
A player can also show their asset on their social profiles, these improve their reputation as a gamer and also they can become the elite collector of unique game assets.
- Transparency: NFTs and blockchains come as a blessing for any true gamer, as they provide more information and proof regarding a particular data or number for the validity of an asset.
The high level of transparency builds user trust and also improves the credibility of that game in the market space.
- Improvement in Play and Earn Model Games: users always stay behind when money comes as a middle ground but with NFTs where a player gets appropriate ownership and transparency, games also gain a reputation and trust that by winning they can earn money truly.
Having appropriate knowledge can easily make a player digitally rich and popular in a short span of time.
Example of NFTs in Gaming Industry
- The Walking Dead: Empires
- Gods Unchained
- Axie Infinity
- Star Atlas
- The Sandbox
NFTs in Music: Revolutionise the Experience
Music is another fun thing that people love to listen for all their moods and emotions. There is no single emotion that can’t be represented by music.
In 2021, when Kings of Leon band releases its album and makes an NFT, the world releases the power of music that combines with digital art incredibly. NFT support different forms of artwork and music, and now it’s evolving the whole industry more powerfully.
Benefits of NFT in Music Industry
- Singers get Equally Compensated: music is a large and popular industry but the problem is only top singles get a high pay range, except that people who are moderate in their industry didn’t get much income as all taken away by entertainer companies or distributors. Even Spotify’s top artists didn’t get much revenge.
But with NFT they have the potential to mix their music with digital artwork and get the best out of it.
- Collaboration but with a new form: collaboration is not a new term in the music industry, people came, collaborate on a large scale, and provide the best of themselves, and public love them.
Pop style, traditional music, modern music all of them are listened to and loved across the globe and NFT provides a new and lasted way for these collaborations. Recently DJ Steve Aoki and Maciej Kuciara collaborated together and released their NFT collection.
NFT provides new-age artists a space to follow their passion and incredibly gets good revenue too.
- Creating an Independent Environment: the music world is always mixed with different distributors, entertainment companies, lawyers and presenters. But with NFT artists get a chance to showcase their music without adding any business to it. For an artist, music remains music not a combination of several business properties.
Example of NFTs in Music Industry
- Shawn Mendes
- IAMSOUND x Zora
- LAU Ultraviolet album
- Kings of Leon band music
NFTs in fashion: Unlock New Opportunities
When Miuccia Prada said “What you wear is how you present yourself to the world, especially today, when human contact are so quick. Fashion is instant language”
Yes, fashion is an instant language and we love to follow and try new things in this industry. The industry that’s growing for the past several years and it is going to be non-stop with NFTs.
How NFTs related to the Fashion Industry?
Fashion NFT means the virtual garments and clothes that people can wear in the digital world. It’s a new term but such a demanding one, when stores shut down during the pandemic, this becomes the only way to showcase the fashion.
Virtual fashion is growing with the passing time, as better designs are found and creative minds are added to the industry. Now not only can famous and big brands come across and showcase their trendy and new collection but anyone can do that. I know it’s just WOW!!
Benefits of NFTs in Fashion Industry
- Exclusive and trendy fashion content: Fashion is an ever-evolving industry where there is no such thing as a “one-size-fits-all” approach. What one person may consider trash, another may find marvellous. Everyone has their own unique tastes and preferences when it comes to fashion. It’s always a trial-and-error phase of life. But still, no one can deny that fashion is one of the top industries over the globe.
With NFT, a consumer has more collective trends that are unique and likable by them. Recently many big brands like Gucci and Adidas embarked on the products from the NFT digital art.
- Explore the virtual Stores: virtual stores are likable real stores where people can check and buy clothes as per their choice. Many big brands choose not to waste time and exclaimed their stores on virtual landmarks also.
- No Overproduction in Fashion: if fashion is one of the biggest industries around the globe, it is also one of the reasons why global warming is increasing. Every year worth $90 million fashion products are burned because they are undesirable. Million dollars got wasted and global warming also gets affected.
With NFTs, these things can get solved. It’s a beneficial way to save those undesirable productions that are of no use in the end. Also save the cost of material, logistics, marketing and other important resources.
With digital production, this industry can move ahead in a more sustainable pattern and still in the consumption there is no loss.
Example of NFTs in Fashion Industry
- Louis Vuitton
- Dolce & Gabbana
- H&M Looop Island
Conclusion: Taking NFTs to the Next Level
NFTs are changing the way we think about asset value and ownership. By allowing users to securely store, trade, and monetize digital assets, NFTs have the potential to create a vibrant digital economy.
As gaming, music and fashion are popular industries in the world, NFT showcases them the larger potential worth million more dollars.
In the gaming sector, NFTs can be used to create a new breed of games where players can use and trade digital assets. Similarly, in the music industry, NFTs can be used to create virtual concert tickets, exclusive music releases, and limited-edition merchandise. In the fashion industry, NFTs can be used to create digital clothing collections, limited-edition accessories and unique designer pieces. All of these use cases are just the tip of the iceberg.
These industries and their consumers are going to experience something unbelievable and more unique than before.
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