Non-fungible tokens (NFTs) have gained much attention recently due to their ability to authenticate and protect digital ownership, leading to their use in various applications. They are a kind of cryptocurrency representing a unique asset’s ownership. It could be anything, such as a music composition, a piece of art, or even a tweet. For their ownership feature, these NFTs are gaining wide popularity among artists to sell their digital collections better than in physical form. For example, people can create their virtual world outfits in video games through an NFT that would be unique.
At present, NFTs are being used for a wide range of purposes, including selling digital art and collectibles, creating virtual real estate, and representing in-game items. But what could be the future?
What does the future of NFTs look like?
There have been several trends in the NFT market over the past few years. Looking to the future, here are some of the trends that we might see in 2023:
Increased mainstream adoption: As NFTs have gained more attention, more artists, musicians, and other content creators have begun using them to sell their work. This trend has led to a broader variety of NFTs being created and sold, including digital art, music, videos, and other media types.
Usage of NFTs for gaming: Many gaming companies are exploring using NFTs for in-game items, such as rare weapons or characters. It allows players to own unique items stored on the blockchain that can’t be duplicated.
NFTs as collectibles: NFTs have also been used to create digital collectibles, such as virtual trading cards or digital stickers. These NFTs are often bought and sold by collectors looking for rare or unique items.
Integration with existing platforms: Some platforms, such as social media networks, are exploring the integration of NFTs as a way to allow users to sell their content. NFTs also could enable users to monetize their creations and give them more control over how their content is used and shared.
NFTs for charitable causes: Some NFT sales have been used to raise money for charitable causes, such as the sale of an NFT artwork by the artist Beeple, which raised millions of dollars for Covid relief efforts. This trend has shown the potential for NFTs to be used for more than just buying and selling art and collectibles.
How are NFTs being used across the globe?
Many countries across the globe are currently using NFTs. Some countries where NFTs have gained significant traction include the United States, the United Kingdom, China, South Korea, and others. However, only some governments, such as West Virginia in the U.S., Ukraine, and Georgia, have started experimenting with using NFTs for administration purposes.
How can the Indian Government Use NFTs?
There are several ways that the Indian government could potentially use NFTs:
> The government could use NFTs to create a secure and immutable record of land ownership, potentially reducing the risk of fraud and errors.
> NFTs could be used to verify the identity of individuals and ensure that identity documents are genuine.
> NFTs could be used to authenticate and protect art and cultural heritage items, potentially increasing their value and helping to preserve them for future generations.
In the coming years, we will likely see more mainstream adoption of NFTs, their integration into existing platforms, and the NFT market’s continued growth. It is an exciting time for NFTs, and the potential for their use in various applications makes them worth exploring.
(The author is the CEO and co-founder of Mudrex, a global crypto investing company.)
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