Top Industries Adapting to NFTs
A non-fungible token (NFT) is a digitized type of asset distinguished by its uniqueness. It can’t be copied or cloned by anyone and carries a specific value.
Over the past few years, NFTs have disrupted different industries globally owing to their stable increase in value and acceptance. For these reasons, industries are proactively adapting to these digital assets or attempting to enhance their readiness to take the next step.
Some major brands that have already embraced NFTs include McDonald’s, Adidas, and Coca-Cola for their primary product of Metaversal marketing.
Here are the top industries adapting to NFTs.
1. The Gaming Industry
The gaming sector’s anticipation of adapting to NFTs is progressing as anticipated. In-application purchases have gained traction in most games, enabling them to expand into online companies. NFTs serve as a token for assets that gamers can purchase in the game, including skins and shields. NFTs have presented the gaming sector with the alternative of allowing gamers to retain the assets they have bought while playing their favorite games. Also, the gamers can convert their in-game assets into fiat currency.
The newly developed Blockchain gaming events, Sandbox 3D, Axie Infinity, Spliterlands, and more are a few examples demonstrating the use cases of NFTs in the gaming industry. Amazingly, this sector is the most connected to the Metaverse and thus is well-positioned to gain more by adapting to these digital assets.
2. The Real Estate Industry
A key limitation and hindrance experienced by real estate investors is the complexity that surrounds the transfer of property ownership. Buying a property or setting up a real estate company entails a lot of paperwork. Additionally, because of governmental regulations, the possibility of one individual owning huge tracts of land, for instance, is highly restrained.
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Fortunately, since the real estate sector started adapting to NFTs, selling property has become simpler. This enables you as a buyer to take ownership of property like land parcels within minutes of paying for them. Apart from that, NFTs have made it possible for investors to buy an unrestricted number of virtual estate properties. Moreover, they can freely resale their virtual properties at quadruple the price they acquired them for. Decentraland and SandBox are the main platforms selling virtual real estate NFTs. An investor can acquire a virtual plot of land starting from $4.3 million.
3. The Healthcare Industry
The healthcare sector, where data privacy and security are vitally important, can greatly benefit by adapting to innovative applications that use NFTs technology. Patients continuously demand to possess their health data, and this shift is encouraging the industry to adapt to NFTs.
Currently, the healthcare system possesses and determines how and with whom data can be shared or even resold. With the increasing digitization of healthcare services, NFTs are likely to influence the tokenization of personal health data. That way, individuals can decide what data to sell or share while enabling them to monitor how it is used and by whom.
4. The Art and Music Sector
The sectors have since time immemorial been referred to as the guardians who influence how fundamental aspects of intellectual property work. Such guardians include agents, labels, brokers, and galleries. They control the distribution and sale of individual artists’ work and oversee the distribution of any realized revenues.
The opportunities that NFT is offering artists regarding intellectual property ownership are exceptional. NFTs can disrupt the way things are at the moment, allowing artists to deal directly with buyers (their fans). Also, NFT can allow them to retain intellectual property for each art piece, enabling them to get a consistent income stream through resales.
Several popular artists from the art and music sectors have begun reaping the benefits of NFTs. For instance, Mike Winkelmann, formerly a graphic designer, currently ranks globally as one of the highly celebrated NFT artists. His notorious NFT “Every day’s,” comprising a collection of 500 of his art pieces, sold for 69 million dollars, creating him a fortune overnight.
Blockchain’s decentralization capabilities have an application in each sector, and NFTs can facilitate that. You can learn more about this through an NFT masterclass. For these reasons, there’s no doubt that more and more industries will continue to adapt to NFTs.