Future of NFTs
There have been many concerns about the recent drops in sales and values in the NFT market, making NFT enthusiasts and simple users wonder about the industry’s future. Blockchain and NFT are quite fresh concepts to the audience, so they are constantly developing, which may explain the rises and drops observed. The industry is only trying its ground, developing processes, and establishing foundations that will become the driving force of the technology tomorrow. Another aspect that cannot be ignored is the fact that more and more people are learning about the concept of NFT, fascinated and excited by the possibilities that smart contracts, blockchain transparency, and trustless transactions can provide. That may seem like a positive thing, but it is also something that creates a lot of instability in the industry.
In this article, we try to explore where the features that are already available in the Blockchain and NFT world may lead tomorrow and guess the path that the industry may take.
It is already impossible to ignore that blockchain technology and NFTs are transforming the value of the digital world and provide with new opportunities.
It is already impossible to ignore that blockchain technology and NFTs are transforming the value of the digital world and provide with new opportunities. With the rise of the Metaverse, blockchain and NFT items can become the building blocks that will allow the creation of a fully customizable and personalized universe, providing users with a trustworthy environment and the ability to prove digital ownership in a most transparent way. The transparency of the technology and the prospect of a user-driven economy is what appeals to the audience, generating enormous community growth in recent years, with more and more creators and users joining every day. This growth has all the necessary features to lead to the stabilization of the market and further development of the industry in the near future, providing more and more services and opportunities for income. Play-to-earn games are already becoming a standard, giving gamers the opportunity to earn while playing, trading items, and exploring their favorite games.
The art industry was one of the first fields to consider the benefits of blockchain and join the NFT movement. In a short amount of time, the involvement of NFTs in art has already made a great impact on the Art industry and it seems that it will not slow down any time soon. Smart contracts can ensure profit to the artist even after the initial selling of the artwork. For example, it is possible to use a smart contract to execute actions on every later ownership modification of the art piece, allowing the artist to receive a profit from every reselling, following the initial. The concern that digitally owned item has no value in the real world is already fading in the past. Technologies such as Virtual Reality and Augmented Reality are allowing users to visualize assets and use the items they own and with the rise of the AR Cloud, this will become even more vivid. Blockchain technology provides proof of creation and information about the journey of each artwork, galleries, and hands it has passed through. This creates endless new opportunities for art creators, resolving the concerns that have followed digital art from the beginning. It is not possible anymore to distribute art without the creator’s consent, copy or repost it without permission or resell it freely.
There have been many concerns about the impact on the environment since blockchain technology requires a significant number of resources when distributing operations across computers around the world. Reducing the environmental footprint, adjusting the processing, and finding eco-friendlier ways for the blockchain are one of the main aspects that can move the industry to new heights. Relying on reusable energy sources is something that already bothers big blockchain companies with the goal to reduce the production of CO2 and even influence the future of the renewable energy industry in general.
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