The wave of NFTs took a front seat with the successful and record-breaking auction of Mike Winkelmann, professionally known as Beeple, in partnership with auction house Christie. The artist sold his digital art titled “Everydays — The First 5000 Days” for $69M as an NFT. Ever since Beeple sold his NFT art in March 2021, the new arena of metaverse opened a floodgate of digital artists and creators. Not only artists but a bevy of celebrities across the globe profited from the NFT marketplaces. NFT cryptographic art, trading cards, and rare collectibles made their presence in the NFT domain a plethora. Some NFTs gave exclusive rights and privileges to the buyers — like free tickets to concerts, video-call with the celebrity, and many more.
Most of the big brands in the world have jumped into the NFT bandwagon. The world of NFT is beckoning to the masses, unleashing its futuristic potential beyond its discourse revolving around art and collectibles. The expansion of NFTs is observed and positively accepted in various industries.
NFTs in Real Estate Industry
NFTs has already made their way into the real estate market — both physical and virtual real estate asset. The experimental use of NFTs in real estate reveals that since NFTs are stored in a blockchain ledger, it reduces the chances of fraud, shortens the lengthy documentation process, and proves ownership of the property. The new-age millennials are good with technology but unaccustomed to the tedious process of purchasing a house. EA (Entire Asset) tokenization is used for complete asset ownership where the actual property deed is turned into NFT. FO (factual ownership) tokens are easier to create, involving investors buying shares. The use of NFT for real estate settlement on the blockchain is a solution that the new generation is waiting to adopt.
Converting physical homes as NFTs is not easy with the regulatory rules, but it is easy to register digital real estate as NFT. The real estate NFTs promises easy traceability, secured ownership of records, and an emerging frontier for investment in the digital asset. Mars House was the world’s first digital NFT home sold for a whopping $5M, regarding NFTs as a next-generation investment.
In other news, Gulfport Home, located in Tampa Bay, makes history by becoming the first successfully sold physical home as NFT in the US for $631,790. However, selling a physical NFT home requires the first conversion of the property deed or ownership from individual ownership to a US-based legal entity or LLC (limited liability company). This automates the transfer of ownership to the property and hence sold as an NFT on the blockchain. NFT in real estate is likely to grow with its immense potential.
NFTs in the education sector
The emergence of NFTs and rightful adoption can disrupt the digital education system. It has the potential to transform the Ed-Tech division, and it can improvise transparency in record-keeping in the education system. The primary focus of NFT at the moment goes into creating fundraisers for schools and delivering online education across the globe. However, it can transition into something more concrete shortly. Here are some ways how NFTs can prove valuable to the education system:
- As the NFTs are recorded on a digital ledger and blockchain, the records are immutable. The blockchain-backed technology can be used to secure records, transcripts, reports, and authentic documents.
- Schools and academic institutions can up the game by providing a platform for the students to sell their digital art as NFTs to a global audience.
- There is the potential use of NFTs in storing official certifications, and with blockchain technology, the certifications will remain tamper-proof.
- NFT books are again a great thing for the ed-tech industry to boost the digital publication of books and minting it as NFT.
Potential of NFTs in the event and hospitality industry
There has been a major shift in the events and concerts from physical to digital platforms during the pandemic. The global industry is expected to grow by USD 2194.40 billion by 2028, and adopting NFTs can benefit. NFTs can track attendance, verify ticket authenticity, and various types of event data. NFTs can be used to create unique experiences for the attendees, including providing access to exclusive events or even support sponsorship. The use of NFTs in the event industry can help secure, manage, and distribute tickets, and each of the tickets can be verified and easy to track through the blockchain. For example, Don Diablo dropped the first full-length NFT concert, “Destination Hexagonia”, which sold at a record-breaking time of 4 mins for USD 1.2 million.
NFTs can be gamechanger even in the hospitality industry and serve the purpose for sorts of businesses. NFTs can make great momentum through virtual hotels with the increase in the virtual avatars traveling across the metaverse space. Hotels can create NFTs for virtual tours and interactions supporting virtual travel while replicating the virtual asset of the property. Hotels and resorts can benefit from NFTs by creating a permanent record of visitors on the blockchain, with guests holding NFTs as loyalty badges. Using NFTs and smart contracts, the hospitality business can simply automate operations. Flyfish Club in New York is set to open its member-only first NFT restaurant, where guests can purchase a membership through NFTs.
NFTs in the gaming industry
The online gaming industry is massive, and with the NFTs, it has further unleashed several potentials. Harnessing the blockchain technology power in gaming has proven to be a futuristic approach for the gaming industry. Applying NFTs in gaming can help game players own in-game assets and own rare finds as NFTs. Players can trade in-game NFTs assets with recorded transactions in the blockchain, and it can resolve the issue of losing the in-game assets; as with NFTs, it will be permanently recorded in the blockchain.
Conclusion
The charm of NFT and its relevance started with digital art and rare collectibles but gradually moved to various industries. The permanent nature of NFTs and their tamper-proof record in the blockchain has made them a dominant choice across multiple industries. It eases and automates the transfer of assets on the blockchain, securing ownership. NFT will slowly take a front seat for increased reliance on blockchain technology, whether in real estate, education, gaming, or the hospitality industry.
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