Non Fungible tokens or NFT as they are commonly abbreviated have taken the roles of blockchain and the world of art by storm. The history might go way back into 2012 when Colored Coins were introduced and they could be considered the first instance of a unique token being distributed on the blockchain. Today, however, they have come a long way and they have been minting millions of dollars in sales. While there have been thousands of artwork and hundreds of music creations sold as NFTs, so most of them have stood out, creating interesting cases and inspirations for what the future of NFTs could be.
Let us look at a few of them and The implications
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The first tweet by Jack Dorsey
Jack Dorsey, as we all know, is the founder of Twitter and recently, the first street on Twitter got sold as an NFT for $2.9 million in March 2021. If we were to look at it in deep detail, this tweet is not a unique work of art or some kind of music. It is, however, a small creation that holds a significant value in the history of the Internet.
This has gone on to prove that NFTs can be created for almost anything that offers a unique proposition. This opens up opportunities even for a lot of creations to be sold as NFTs, which was perfectly replicated in the selling of “disaster girl“ and “overly possessive girlfriend.” Even the legendary viral YouTube video “Charlie bit my finger“ was also sold as an NFT.
MetaKovan’s purchase of Beeple art
Jack Dorsey can be considered a celebrity in his own right, and it does make sense for his tweet to be sold for $2.9 million. The above-mentioned purchase, however, left the entire world wide-mouthed. The purchase of an NFT art by the crypto investor might sound simple, but it does raise eyebrows when you come to know that it was sold for a staggering $69.3 million. This has gone on to prove that NFTs are not just confined to celebrities but it is just about a game of quality and depth just like how traditional art has been.
Although the sale happened in March 2021, it would not be an exaggeration to say that this particular instance gave a lot of encouragement to crypto creators because they became confident that they would be adequately rewarded for their efforts.
Until now, we have been looking at NFTs as being accessible only to people who have an affinity towards art and collections. The NBA Top Shots NFT redefined the perception of NFT. They made it possible for people to claim ownership over some iconic moments in NBA history. This opens up opportunities for even people not affiliated with or attracted towards art to participate in this NFT revolution.
If it could be done for the game of basketball, it can easily be replicated for soccer in Europe and cricket in South Asia.
The involvement of brands
Coca-Cola recently joined the NFT bandwagon by selling the digital collectible package as a “loot box“ for about $575,883. Any entity that people have an emotional attachment with can be an ideal candidate for an NFT transformation.
What can be inferred?
All the cases above point towards one fact that NFT will not spare any domain. As long as there is something uniquely identifiable about something in that domain and as long as people are willing to take pride in the ownership of that particular “entity”, NFTs can positively impact any field.
This opens opportunities for aspiring entrepreneurs to create their own NFT ecosystems and marketplaces. All that needs to be done by them is to approach a company that specializes in NFT development and organizations that help develop your own NFT marketplace. With the proper collaboration and business intelligence, it is quite possible that you can create the next big thing in the NFT world.