NFTs: It might get weirder before it gets better. (But better is on the way.)

The SXSW party is getting started in Austin. Constellation CEO Ben Jorgensen is there with our partner Geojam for a satellite event hosted by financial services and technology company Abra called Conquer Crypto. The session, called Behind the Art: The Future of NFTs, happens March 11 at 1pm.

Here at Constellation, we recently used NFTs as a digital receipt, proving the purchase of the Dor Traffic Miner. They also act as a ticket to access our mining platform. You can connect the NFT to the platform to verify the data source and begin earning rewards. In this use case: the NFT became an onboarding tool for the Dor Traffic Miner, representing ownership — a cornerstone concept in decentralization.

NFT hype hides potential.

A receipt, a ticket for ownership — that kind of functionality doesn’t get the attention when it comes to NFTs. It’s the crazy-high purchase prices for digital art that dominate the news. Bored Apes, CryptoPunks, Jack Dorsey’s first tweet — those are what you hear about, endlessly. Here’s a favorite headline from the Beeple/Christie’s sale back in March 2021. From the New York Times:

JPG file. Fair enough. But there’s more to NFTs if you look beyond the outrage. Art is probably just the tip of the iceberg when it comes to future innovation.

Apart from our own use case of an NFT as a digital receipt of purchase, let’s touch on some other NFT use cases we hear about that might come up in Friday’s talk.

NFTs are like trading cards. Topps trading cards has released “officially licensed NFT digital collectibles across sports, entertainment, and pop culture through unique content releases and incredible fan experiences.” Reasonable prices and a growing range of collections already exist, everything from baseball to Godzilla.

NFTs in real estate. As digital proof of ownership, potential buyers could use NFTs to transfer deeds and track immutable proof of changes in value over time. NFTs could also make fractional property ownership a reality.

NFTs and the supply chain. NFTs can provide complete transparency of product tracking. Once attached to a product, the NFT can give a company visibility from the manufacturing stage right up through delivery.

Since Ben’s sitting down with Geojam, some innovative ideas around the relationship of NFTs to music and fan engagement are sure to come up, too. Like venture capitalist Paul Graham says, we’re only at the beginning of what’s possible.

There’ll be hype, then calm, and maybe more hype. But NFTs are here to stay.

Constellation is excited to be at SXSW. We’ll share an update on our talk with Geojam after it happens and let you know what other exciting crypto and blockchain conversations we hear.

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