NFTs or Non Fungible (read interchangeable) Token are set of block chain standards that enable secure onwership of digital assets. As more people figure out how they can leverage this technology, we are starting to see more and more use cases for NFTs.
Here are 4 types of NFTs that you need to watch out for as they are in progress to revolutionize the entertainment world.
Art as NFTs
Art is the most common type of NFT that people are aware of. These can be individual pieces or part of collection like Punks or Bored Ape Yatch clubs. NFTs allow artists permanent record keeping of their art which solves one of the most burning issues in art industry i.e duplication.
People like collecting Art NFTs just as they like to buy paintings, baseball cards or statement fashion pieces.
In-Game Purchases as NFTs
Today, gamers spend roughly $40B/year in In-Games purchases. But in reality the purchases made by them with in the game are not owned by gamers but by the gaming companies themselves. The similar scenario of “where an in-game purchase of a boy was one-day simply taken away by the gaming company fuelled the idea of what we call today Ethereum and the brilliant boy is non other than Vitalik Buterin himself.
By turning these objects into NFTs gamers would genuinely own the objects/goods purchased in those Games and would further be able to trade those objects there by increasing the rarity of an object.
Music as NFT
This vertical of NFTs is increasing very rapidly. Web2 contributes very little to earnings of musicians. Web3 allows musicians to turn their music/songs/Album into an NFT.
Which inturn provides endless royalties to musicians as they get their cut everytime someone buys/trade their music.
Ticket as NFT
One can turn concert/movie/club tickets into an NFTs which can be leveraged to trade further at higher price where the organiser gets the cut everytime the ticket is resold.
This would also make the whole process friction less and creators can allow NFT holders/fans a private meet.
Let us know in the comments which type of NFTs are you most excited to use in your daily life.