NFT Craze: The next Big Thing or a Digital Fad?
NFT Craze: The next Big Thing or a Digital Fad?
It is difficult to read the news without seeing another story about “NFTs.”
Someone paid nearly $6 million dollars for NFTs to digital artwork by Grimes, Elon Musk’s former partner. And apparently someone offered to pay for Jack Dorsey, the CEO of Twitter first tweet as an NFT. What’s the big deal about NFTs?
Thousands of NFT sales worth millions of dollars are traded each day. In the first quarter of 2021, it is estimated that around $2 billion was spent on NFTs.
It is clear how NFTs have changed the art, gaming and digital collectibles space, but NFTs are not limited to these industries. These are only the industries that have quickly pivoted to leverage the value of NFTs.
More broadly, NFTs have the power to disrupt numerous industries. Any industry where digitization has value is a potential target for using NFTs to communicate the exchange of rights.
The world’s most recognizable brands are competing to virtually bring people from across the globe together, to create a more loyal consumer base and capitalize on a new revenue stream from the purchase and resale of NFTs. It is a win-win for brands and their customers.
There are three features of NFTs that make NFTs a powerful tool in any industry:
1. NFTs can be transferred.
2. NFTs cannot be copied or duplicated.
3. Blockchain can identify and track ownership through smart contracts.
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