Understanding NFTs and Why You Need To Get Involved with CrownNFT
The wait is finally over and (Cronos World) CWIO NFTs are here!!! But before dishing-out the full details of the upcoming NFTs presale at CWIO, this article brings you close to understanding NFTs and why you need get involved in NFTs trading. In the simplest terms possible, a Non Fungible Token (NFT) can be defined as a digital asset that you can buy and sell on its own value. These assets are very limited in number and may command a higher price than a conventional digital asset.
Over the past few months, NFT has been witnessing a burst in the crypto space, expanding and even challenging popular perceptions of digital products, their ownership as well as monetization of those assets.
Predominantly, NFTs had taken over the twitter feeds and clubhouse chat rooms have pinned major discussions around NFTs, even before the famous $69 million NFT art piece that made headlines in reputable media outlets globally. Expectedly, many artists, game designers and celebrities argued over the effects it could cause on their respective industries and were worried about it being disruptive in the long run. However, there is a convergence of opinion among all of them that NFTs equate art forms that can be tokenized and the entry of NFTs will only promote their business digitally running on blockchain technology.
Why Are NFTs Unique?
NFTs are unique for a couple of reasons. Unlike other cryptocurrencies, NFTs could hold intrinsic value far beyond their ability to be traded for other items. NFTs, for instance, can be bought with cryptocurrency or directly with conventional currency. The combination of these two technological innovations is building the largest and perhaps the most advanced digital economy the world has ever seen.
NFT installations are becoming the new inclinations for many blockchain-based systems as those systems need to prove that they can earn users’ trust and develop beyond the colourful static collectibles that can be found in physical art galleries.
More importantly, NFTs that will remain futuristically valuable in the art field, gaming as well as other industries must be provable, rare, dynamic and digitally-powered. All of these attributes are the unique elements that NFTs must have.
Getting Involved: How Are NFTs Changing the Future of Work?
The development of NFTs has accelerated the creation of crypto arts and digital collectibles. From real estate to sports, logistics, music, education, health and other sectors, NFTs are becoming the logic for proving the authenticity of many collectibles or products.
While some are already generating immense value for their creators and the consumers, there are several interesting NFT projects that are also upcoming.
To ignite your curiosity about the utility of NFTs, some use cases of NFTs within selected industries are summarized below with a special attention on how it is changing the future of jobs within the digital space.
NFTs in the Art Market
NFTs are creating a landscape of digital arts enabled by their scarcity and uniqueness. Although there were concerns that content flows freely and can be easily copied or shared to the detriment of artists, blockchain’s immutable ledger has proved that NFTs cannot be tampered with or replicated by third parties. In other words, NFTs allow online assets to maintain the scarcity-attribute they need to have without also compromising the original ownership. This is a breakthrough for artists in the fight against creative theft and plagiarism that has, over the years, prevented them from full-commercialization of their businesses. With NFTs, artists working on various niches can fully-personalize their products and optimize their profits.
NFTs in the Real Estate Sector
In real estate, smart contracts allow safe and simple transfer of ownership. Thus, NFTs could greatly expedite the property-buying processes and eliminate all intermediaries slowing down transactions. All history of ownership and rights, for example, are recorded on blockchain ledger and they are easily or instantly verifiable.
In the same variance, NFTs could also allow for fractional ownership in properties, allowing owners to quickly unlock value from previously liquidated assets and raise funds without having to turn to banks. The possibilities are endless and could have huge implications for the traditional financial (TradFi) sector which is increasingly decentralized every passing day.
NFTs in the Music Industry
The wind of NFTs is also blowing across the music industry currently. Courtesy of smart contracts on blockchain, musicians can commit the copyrights of their works to NFTs. By that, they automatically receive royalties when their music is played and they accordingly receive a fair share for their efforts.
NFTs in the gaming zone
With a view of creating robust economies in online gaming, NFTs are making huge waves within the gamification industry. In a sphere of more than 2.9 billion online players globally, the concept of digital collectibles is on-track to stimulating the full potentials of play-to-earn games. In many gaming ecosystems, for example, players are encouraged to unlock special accessories for their characters or other in-game items that can be traded in-game or sold for fiat currencies. The scarcity and immutability of these NFTs make them so valuable to players, where they can check the history, authenticity and also the origin of their items.
In conclusion, The massive attention towards NFTs is igniting new pathways towards prosperity via crypto-collectibles and NFT arts. As it is, the scarcity and uniqueness of NFTs make them a reasonable match for real-world assets, logistics, music royalties and other related sectors. The use of NFTs expands far beyond collectible trading cards and the gaming industry alone. As a constantly evolving industry, the future of digital works and ownership revolves around NFTs, and Cronos World is not taking NFTs lightly. This partly explains why over 55% of our partnership deals incorporate our NFT agenda with our community-first policy.
In our forthcoming articles, we shall be narrowing down our editorials to our fast-approaching NFTs presale event (CWIO NFTs), the utilities, the procedures for participation, the timelines and guidelines as well as key details about the Crown NFT Marketplace in general.
Join the journey, Explore Cronos World!!