3 Ways NFTs Can Transform the Economy
When looking at the potential of NFTs, the smart contract function has the potential to improve and replace countless types of transactions:
So, what else can NFTs do?:
Metaverse & the virtual economy
NFTs can be used in the metaverse to buy virtual land, such as LAND — a digital piece of real estate in The Sandbox. And depending on market demand, people can rent their NFTs to earn passive income.
Through games like Aavegotchi, the play-to-earn (P2E) model rewards users with assets like NFTs and in-game cryptocurrencies that can be swapped, sold or borrowed.
Creator economy
Digital creators can now sell their work directly as NFTs & fans can buy their work and support them directly — NFTs are a viable and effective way for creators to fund their work.
Platforms such as Open Sea have democratised access to creators beyond the biggest celebrities.
Being a full-time creator is going to become a viable career for many people in the near future — & they will be part of the “creator economy”.
Global economy
NFTs are giving millions a chance to finally compete fairly in an ever-evolving global economy. With a computer, internet connection and some creativity, individuals can finally get paid fairly for their work.
That’s why NFTs have the power to radically transform labor markets and redistribute wealth fairly across the globe
Kyle Glenn
NFTs help provide value for users across many economies by customizing & adding new functionality to virtual items.
And with such, the business model for virtual worlds — underpinned by NFT technology — promises yet untold economies of scale.
How can you get involved and learn more about the future?
Join us for Innovation 2022: Celebrating International Women’s Day bringing together women in the blockchain space to discuss this new and vibrant economy. The conversation will take place on Twitter Spaces on March 8, 2022, at 6pm.
Register here: https://lnkd.in/eyZb_CgV
Innovation is hosted by Sinofy Group
