Why NFTs Will Upgrade Everything
The world has constantly undergone evolution and whether we like it or not it going to go on for quite some time. So to be exact, during this evolution phase there are several things that change. Like, think about how far we have come in the last 20 years. In the begging there were little or no smartphones because they were a luxury, there were electric cars, but they were tiny and not as impressive as the ones out on the market today, and much more. Then what could be the cherry on the top that takes us to yet another level higher than what we are at right now? Well, with NFTs, Web3 platforms, NFT Gaming Marketplace and blockchain becoming the talk of the town it is quite elementary that we assume it plays a major role in the world but how exactly does it do so?
How NFTs Ruling the world :
NFTs initially created as non-replicable one-of-a-kind art pieces that were meant to be digital collectibles have more than one aspect to them. Non-Fungible tokens have countless different applications and are extremely diverse. Thanks to the secure encryption of the blockchain it makes it impossible for one to fake, copy, replicate, or even forge anything that’s got to do with them. However, there is a fair deal of speculation because of the obvious connection to its predecessor cryptocurrency. A noticeable factor is that these NFTs have not gone through any massive drops in the last few years and some even managed to sell for ungodly amounts of money. So if anything could assure crypto and NFT users, the fact that they are incredibly valuable and are not affected by the drop or raise in the value of crypto is reassuring.
The upgrading factor
Over time NFTs have been constantly taking on new roles. For example, at first, NFTs were mere art collectibles sold and insanely high prices today there are NFT marketplaces for countless different things. Things have changed rapidly given that they are revolutionary but the very fact that they have even taken over a segment in the gaming world is absolutely mind-blowing. So this is not bad by any means it has countless perks and there are several more things that we can talk about like the use of NFTs as actual tickets or tokens that grant access or entry to people for various events or programs.
NFTs influence in the P2E Realm :
NFTs are an upgrade no matter how you look at them. A good example of this would be the complete change that the P2E gaming segment is undergoing. While initially a domain that thrive on luck now is predominantly taken over by NFT games. So if that does not tell you that the world is being heavily influence an change by NFTs then I wonder what would. It has even come to the point where NFTs which were once only used as collectibles, are now also being used in teh ticketing of movies, events, and much more.
The reason for this is quite simple. While it is easy to use the same ticket for more than one person if they were NFTs this would be impossible. The reason for this is that once use the NFT is burn. Burn refers to the point that it has been erase as the one-time utility has been make use of. So with that being say, this is but one way that NFTs have actually upgrade something so basic as ticketing.
NFT upgrades that we are aware of
- NFTs entering the ticketing industry
The development of tickets as NFTs allows for greater control over the secondary market, safer storage. The possibility of seeing tickets as digital treasures. The growth of digital components in the ticket income stream will be one of the largest shifts in the industry. Over the next five years. The combination of ticket sales with NFTs is an excellent illustration of that. Customers would receive both a unique and personalized digital asset in addition to the opportunity to witness live entertainment.
The era of signature books and t-shirt tables is over. With concerts, you can see the attraction of attempting to capture that experience. After it has passed by having the music video for your favorite song. A personal autograph from the performer, or a special performer/tour/city commemorative. Additionally, NFT ticketing goes further. NFTs in ticketing has the potential to provide lifetime value, exclusive access, and added incentives for customers.
- Song NFTs
Song NFTs have the option of fractionalizing, which allows musicians to retain the majority interest. While selling fans and investors a piece of the song. The various owners of the fractionalized asset would then receive a share of the royalties from the song’s streaming. This enables musicians to reward their most ardent followers with a portion of their earnings. When and if the song is commercially successful, allowing fans to invest in and support their favorite artists.
NFTs have already been use in several different domains so much so that there are specified NFT marketplaces. There are sports NFT marketplaces, gaming NFT marketplaces and so many more like that. As time progresses the use and accessibility of NFTs. It will increase gradually, this also means that the utilities that they have will also massively improve as well. This while unfamiliar now will soon become the norm. So yes NFTs are upgrading everything that we know in the world. Whether we like it or not it is for the best that it is happening.