Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

New Business Opportunities Are Ushering in the Next Big Wave of NFTs – Forecast for 2021

by Vladimir Nosov
March 3, 2021
in HodlX
HodlX Guest Post  Submit Your Post
 

Transformative processes that are taking place against a background of blockchain technologies have already demonstrated their advantages and continue to develop across various industries. Tokenization is opening up new business opportunities and is helping to create a new reality in the digital environment. Thus, we’re witnessing the emergence of new tools, and today I’d like to discuss NFT (non-fungible token) assets, which perfectly combine investment potential, gamification and even art.

But first, theory

NFTs are non-fungible tokens, that is, these assets are unique, and their exclusivity is confirmed by the blockchain. Most often, they are developed on the ERC-721 standard. To understand the essence of NFT tokens, I suggest comparing fungible and non-fungible assets. For example, your friend bought you coffee, and you are not used to being in debt, so you return the $7 that your friend spent on the drink. Of course, these will not be the same dollars that were spent in the coffee shop, but there is no difference between them since they are equivalent. Thus, fiat money is a classic example of fungible assets.

Imagine another situation – a painting by a famous artist sold at auction, but after a few days, it magically appeared on some wall. However, this version didn’t bear the artist’s signature, and therefore, the new painting cannot be passed off as the original. Even if such an attempt is made, the scam will be exposed in a matter of minutes because the painting was unique, and the artist didn’t paint the exact same copy. This is its value. Accordingly, an object of art is a non-fungible asset.

But let’s get back to the digital world. Interestingly, classic cryptocurrencies and NFT tokens have the same differences that we discussed above. The point is that NFT tokens are exclusive and indivisible assets. While Bitcoin is divided into satoshi, we cannot send only a part of the NFT token to someone – it’s either all or nothing.

Application of NFT tokens

When the conversation turns to the use of NFT tokens, of course, we immediately think about gaming. And no wonder, because with the help of these assets, you can ensure the ownership of digital objects. Gamers spend a lot of money on various attributes, but unfortunately, developers can make multiple changes to their functionality or even remove them. Tokenization is great for eradicating such situations, especially if in-game items have been digitized in NFT format. This method guarantees the ownership and safety of custom skins since all information is stored in the blockchain and cannot be changed or deleted.

However, in addition to the gaming industry, NFTs will be useful in tourism, art and even real estate. For example, when it comes to tourism, you can issue NFT tickets. As for art, you can digitize all unique items, and in real estate, you can prove your ownership of the asset.

According to the NonFungible platform, the total NFT market volume has exceeded $23.8 million. Most of these funds are used for the gaming industry, collectible items, real estate and collectible card games.

Investing in NFT

The blockchain industry has one amazing property – you can earn money on each instrument, and NFT tokens are no exception.

Consider the Cryptokitties game built on the Ethereum blockchain, which made many enthusiasts nervous in 2018. Unique NFT cats sold like hotcakes and were actively growing in price. The most expensive virtual pet sold for 600 ETH, and this may have been far from the limit.

At the moment, there are many games where you can earn on the growth of an NFT token’s price, but as I wrote above, the use of NFT is not limited to gaming. Many brands have implemented this tool in their businesses, and it has paid off. Nike sneaker fans loved the idea of tokenized shoes. NFT token holders have discovered the possibility of exchanging and selling these assets. Moreover, an exchange for a real pair of sneakers is available too.

Another use case for NFT tokens was provided by Formula 1, which signed a partnership with video game developer Animoca Brands. This step was the start of the F1® Delta Time blockchain game development, where players can create an NFT collection and even verify ownership of their cars and other in-game items.

Forecast time

Instead of summing it up, I’d like to make a few assumptions about the NFT market which is enjoying a new wave of popularity.

Undoubtedly, this direction will grow in the next year or two in view of an indisputable fact – the future belongs to the digitalization of assets. Thanks to NFT tokens, global ecosystems can be built. For example, the values that are stored in the world’s museums can be purchased by anyone, with no doubt about the property rights. The convenience lies in the fact that the artifact doesn’t need to be moved. It remains in the museum, constantly increasing in price.

Moreover, this tool’s implementation perfectly suits the concept of events and exhibitions in virtual and augmented reality. Such ecosystems will be entirely transparent for investors and accessible to visitors. Each artifact is unique and has its own digital counterpart in the form of an NFT token. At the same time, all values are stored in suitable conditions and recorded in the blockchain. The exchange, sale and purchase of unique items has never been so perfect.


Vladimir Nosov is a serial entrepreneur and general management executive with experience in building companies from scratch within fast-growing markets using emerging technology. As CEO of WhiteBIT Exchange, he focuses on meeting customers’ needs, company growth and using the talents of employees to deliver a top-notch digital solution in the fintech industry, adhering to the global mission of driving blockchain mass adoption.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Dudarev Mikhail/Andre Boukreev

Submit a Press Release

Industry Announcements

  • DAM Finance Receives Strategic Investment From Arrington Capital Moonbeam Growth Fund
    August 11, 2022
  • Metaverse, Web 3.0 Disruption and Blockchain Advancement To Be Discussed at MetaWeek in Dubai
    August 11, 2022
  • DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap
    August 8, 2022
  • Bware Labs Announces the Blast Incentivized Testnet, Code-Named Houston
    August 8, 2022
  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
  • Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network
    August 2, 2022
  • Serenity Shield and Digital Insights Announce Strategic Partnership
    August 2, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$24,216.49
$24,216.49
1.51%
Ethereum
$1,904.29
$1,904.29
3.75%
Cardano
$0.535852
$0.535852
0.42%
XRP
$0.382162
$0.382162
0.78%
Dogecoin
$0.07164
$0.07164
0.73%

Spotlight

  • ApeCoin Deal With Fashion Giant Gucci Boosts Bored Ape Yacht Club Token APE
    August 4, 2022
  • Polygon (MATIC) Likely To Surge Ahead of Ethereum Merge Next Month, Says Coin Bureau Host
    August 7, 2022
  • Cathie Wood of ARK Invest Says BlackRock’s Entrance to Crypto Could More Than Double Price of Bitcoin
    August 9, 2022
  • Crypto Trader Pins Date on Bitcoin Turnaround, Says One Ethereum-Based Altcoin Is Breaking Out
    August 5, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl