The Internet? Bah! 😒 This is what Newsweek, the prominent American magazine, published in 1995.
“The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher, and no computer network will change the way government works.” Ironically, the words of Clifford Stoll will live on the internet forever.
When it comes to non-fungible tokens (NFTs), there's been a whole legion of such "Clifford Stolls". "NFTs? Nah, they are just a flash in the pan." However, let us tell you why this isn't true at all.
NFTs have strengthened their position globally and are here to stay. Here’s why. 👇
Whether you like arts, music, fashion design, or photography, NFTs give you the ability to turn your passion into profit. 15-year-old Mya Parker could tell you all about it. Her interest in art and investing has led to her creating about 100 NFTs, some marked as high as $140,000.
But it’s not just individuals. CNN, McDonald’s, Dolce & Gabbana, and Lamborghini, among others, have dipped their toes into the exciting waters of NFTs because of the immense potential. Interestingly, the Baby Birkin NFTs had more sales than the real thing last year, which clearly shows that NFTs have been successful in sparking attention.
If you have thought of NFTs merely as collectibles so far, now’s the time to see the big picture.
One of the most notable features of NFTs is their uniqueness. Since they are non-fungible, meaning that they can’t be changed, it’s possible to use NFTs as a form of transparent confirmation of ownership.
From birth certificates to house ownership deeds, visionaries paint a bright future for NFTs. For now, one of the most common examples is event organizers that have started to sell tickets as NFTs. This way, they can prevent fake tickets and scams, while improving customer trust and experience.
What’s more: If someone doesn’t want the ticket, they can simply sell it to another person, which eases up the exchange process and enables event organizers to make more money. How? Thanks to NFT royalties from further sales. The original creators of an NFT get a certain percentage of the sale whenever their token is resold.
Facebook’s rebranding to Meta Platforms, Bill Gates’ predictions, and celebrity concerts have just added more fuel to the metaverse fire. And the growth of the new virtual worlds will take NFTs to the next level.
The fashion industry hasn't been blind to the fact that the metaverse environments have been evolving fast – and that our digital avatars can't simply stroll these worlds naked. This means that from the very beginning of the metaverse journey, we need NFTs.
Second, NFT real estate is also a buzzing topic. So many investors have seen great opportunities in pixeled houses. When buying properties in the metaverse, users need some sort of confirmation of ownership – and this virtual property deed comes as an NFT.
Added to that, people want to decorate their virtual homes and fill their garages with fancy cars in the metaverse. What’s great about it is that we can choose the objects that wouldn’t be possible to have in our real houses – even gravity isn’t an issue anymore. That’s why there are more savvy designers in the space, entering to create mind-blowing tokens.
Last but not least, the metaverse is a place to create exclusive communities and socialize with like-minded people. With their endless possible utilities, NFTs can work as membership cards that allow users to join special events. Plus, certain NFTs, such as Venly's MetaRing NFT, allow the owners to access exclusive drops and deals.
If you have questions about NFTs, it shouldn't be whether they are here to stay. Instead, ask yourself: "What's coming next?" and "How can I reap the benefits of NFTs in order to thrive?"
Make sure to listen to Venly Expert Talks to find out more. 🎧