You might be one of those people who thought that NFTs were just another passing fad that would be forgotten in a few years’ time. The reality is that NFTs have already proven that they have staying power, and they are about to change the world. Just consider the number of major players who have already entered the NFT scene to prove that this is the case.
If you have been on the fence about NFTs for quite some time now, you will want to continue reading to learn about some of the many reasons why they are about to change the world. This is a potential investment that you should not ignore for much longer. The digital world might just be getting started, but it is definitely here to stay.
10 Reasons NFTs Are About to Change the World
In recent years, non-fungible tokens have become widely talked about on media outlets across the globe. While some may view NFTs as an investment fad that would pass as quickly as it arrived, it has become apparent that this is not the case. NFTs are here to stay, and the following ten reasons illustrate why they have the potential to change the world.
NFTs Are a Transparent Way of Proving Ownership
For quite some time now, many people have been hesitant to trade items of extreme value because it is often difficult to prove ownership or authenticity. NFTs are changing the way such investors view these items. In a nutshell, a non-fungible token is stored directly on the blockchain. This means that any digital or physical asset has a proven record of ownership.
It is this transparency that proves NFTs are here to stay on a permanent basis. It was not long ago that it is was somewhat difficult to prove ownership of significant assets. For example, it was virtually impossible to determine the exact day and time that the asset was purchased. This is no longer a concern with NFTs.
The blockchain technology that forms the backbone of NFTs enables businesses to execute transactions that all parties can trust. The entire process is transparent every step of the way, and it is easy to live up to the terms of any contract that is executed.
NFTs are changing the world because they will play a major part in the buying of cars, houses, or attending major events. A non-fungible token will make all these things and more possible in a more authentic and trustworthy manner. This benefits businesses, artists, and consumers alike.
This doesn’t mean that NFTs don’t have their own issues with Art Copy Cats as it does but let’s just say this world has decreased these challenges to almost nill. If you are curious about how NFTs can be copied, then check out this article:
Famous People Are Embracing the Trading of NFTs
Most wealthy individuals did not get where they are today by being foolish with their money. This goes for major celebrities and social media influencers. Many individuals from both of these walks of life are embracing NFTs in a big way. This illustrates how much these digital tokens are already changing the world.
If you think that NFTs are only for individuals heavily involved in the tech world, you will want to reevaluate that. Many celebrities already have a number of personal digital assets. They are now heavily involved in trading them, adding to the billions already flowing through the NFT marketplace annually. We are talking about significant trades involving NFT memes, art, poems, music, digital flowers, and more.
Here are just a few of the major influencers in modern culture who have become involved in the trading of NFTs:
- Logan Paul
- Stephen Curry
- Jay-Z
- Gary Vee
- MetaKovan
Again, these are just a few examples of the many celebrities already embracing NFTs and demonstrating the reality that digital tokens will change the world moving forward.
Global Corporations are Investing Heavily in NFTs
Yet another indicator that NFTs are changing the business landscape worldwide is that well-known companies are beginning to invest in them. You will see companies like Visa and Nike pumping a great deal of money into revolutionary NFT technology. Many of them buy up mainstream companies to position themselves better for the NFT marketplace.
For example, Visa just purchased a sizeable chunk of CryptoPunk. In so doing, the major credit card issuer in the world has just signaled that they believe in the future of cryptocurrency and are not afraid to act on that belief by purchasing up shares on their own. They believe that such currency will form the foundation for many business activities in the coming year.
It is not just Visa that is acting upon revolutionary crypto technology as companies like PayPal, Mastercard, and Square are doing precisely the same. As more global corporations begin to express their belief in NFTs, the technology infrastructure around this movement will continue to improve to the point that it becomes mainstream with individuals and small businesses as well.
NFTs Are Changing the Way Businesses Market Themselves
In the near future, you will also find that businesses are approaching their marketing campaigns differently because of the presence of NFTs. In fact, these digital tokens are already proving valuable for companies that want to market their brands in a new and relatable fashion. NFTs create more value for the consumer and provide them with a unique experience to enjoy.
The way that businesses relate to consumers is also changing as a result of NFTs. This is changing the face of consumer relations, which involves how companies build trust with individual consumers. To do that, businesses are now using NFTs to develop their brands and build a digital asset portfolio.
Consider the Budweiser Corporation as an example of this. They recently joined forces with a consulting company designed to help companies and individuals who own intellectual property better understand how to use NFTs. Budweiser is now furthering its brand behind the force of the NFTs that showcases some of its iconic work over the years.
Well Known Companies Are Starting to Create Their Own NFTs
Still, other major companies around the world are starting to develop their own NFTs. This demonstrates that digital tokens are not just for new entities, but well-established brands can also make effective use of them as well.
For example, Funko Pop and Taco Bell have both just recently started using NFTs to showcase their own collection of digital assets. For its part, Funko Pop now has its own digital presence on the Wax blockchain.
This has allowed Funko Pop to change further the way businesses relate to the public. Toy collectors worldwide can now log into their WAX wallet and purchase the toys offered by Funk Pop. These are offered in digital form, but as an added incentive, the company awards some physical products to lucky winners that can showcase them along with their digital collection.
You might be wondering what NFTs can possibly have to do with a restaurant chain like Taco Bell. Tacos are a part of history, and Taco Bell created a taco art NFT to celebrate that. Those who bought the NFT now have a digital footprint in the industry, and the company donated the proceeds to charity. Look for this to continue with other companies in the years to come.
One NFT Marketplace Is Already Reaching $3B in Monthly Trades
If you are curious about the success of online trading platforms that allow for the buying and selling of NFTs, OpenSea provides the best case study. The company has recently achieved a $3 billion monthly trading volume. That milestone was reached in August of 2021. Just to put that into perspective, consider that Nike itself generated roughly $3.6B in monthly sales.
With more than $3 billion of sales on one platform alone, it is easy to see how the face of investing is changing around the world with the inclusion of NFTs. The number of sales should not even come as a surprise. This is a new form of digital ownership that many people worldwide find to be fun and exciting. With that guiding it, the money will continue to flow.
Check out this quick read to get up to date on how you can get your feet wet:
NFTs are similar to trading stocks, but people have the added incentive to look for fun items to own. This is generated the drive that has pushed online trading marketplaces to cover billions of dollars worth of sales every month. One brand alone recently generated over $96 million in monthly sales, highlighting just how lucrative NFTs can be as well.
Even non-techies can join in on the fun which we talk about in our NFT art for beginners article.
CryptoPunks is Now Working with Major Talent Agencies
Another indicator that NFTs are changing the world is that major companies are signing up with influential talent agencies to get noticed. An example of this is CryptoPunks. To prove that they are ready to go mainstream, this company has signed a deal with Larva Labs. This is a talent agency known for getting its brands noticed, so you can count on hearing a great deal from Crypto Punks in the coming years.
There are many examples of companies now taking their intellectual property directly to talent agencies so that they can be re-branded into more profitable avenues. The following industries are good examples of where this is useful:
- Movies
- Video games
- Music
- Other forms of digital media
It is now possible to see companies such as CryptoPunks on digital billboards across New York City. Similar types of billboards are in the works across the globe, and bus benches are likely to follow not far behind.
NFTs Are About to Enter the Restaurant Industry
Get ready for NFTs to take the restaurant scene by storm as well. The VCR Group will open the first such venue. People wishing to dine at this restaurant will need first to purchase a membership in the form of an NFT. There are three different tokens that can be purchased, each offering a different dining experience.
This could very well be the new definition of enjoying a night out on the town. The NFTs will allow for unlimited access to the lounge area of the restaurant. In addition, there will be special eating experiences offered throughout the year, and the token can be transferred to other individuals at any time.
Gamers Are Increasingly Flocking to NFTs
As if gamers needed anything else to get excited about, NFTs have opened up even more possibilities within this genre. It is now possible to enjoy certain video games, earning in-game digital tokens that can be turned into assets. All of this is in exchange for just playing. There are no strings attached. This is already attracting new gamers to the arena as a result.
Many people believe that the idea of offering NFTs to gamers in exchange for them playing is a real game-changer. In essence, this will change the world of gaming as we know it. It is already be hypothesized that some gamers will be able to generate a full-time income from the concept alone.
Gaming companies benefit from NFTs by bringing more gamers onto their platform. By paying them to be present, they can generate more enthusiasm about their product and gain a competitive advantage over others. It is truly a win-win experience that is made possible by the inclusion of NFTs in their offering.
Scammers Are Already Finding a Way to Capitalize on NFTs
Scammers have already entered the scene in yet another sign that NFTs are about to change the world. It seems that there are always some bad actors out there, but you must be doing something right to attract their attention. This is apparently the case already with NFTs.
Scammers are increasingly looking for ways to steal digital property. NFTs are no exception to that, but there are certain safeguards in place. In the end, it will likely require a continuous game of cat and mouse to keep the scammers at bay, but this by no means diminishes the prospect that NFTs will continue to be around for generations to come.
Wrap-Up
Now that you know why NFTs are about to change the world, you might want to consider their potential value in your portfolio as well. This is a way to take digital ownership of valuable assets in a way that should increase in value over time. Just because it is a relatively new and unknown way of investing does not make it any less lucrative in the end.
Here are a few top resources that may help you get started:
- Top 9 Crypto Wallets to Buy and Collect NFT Art
- How To Mint an NFT for Free | Rarible Style
- Top 5 Reasons to Buy NFT Art | A Collector’s Perspective