The Future of NFTs is the next big question many people are asking now. What is true today might be false tomorrow or can even get better being true. The big question now is, what are the opportunities NFT could offer in the coming years? And do NFTs have long-term potential?
If you buy a non-fungible token today, there is no guarantee that the value will increase or decrease or becoming the next Mona Lisa. NFT space is super new, so resist the tendency to judge it before it matures.
As good as new technology appears to be like, there is always some hidden friction in bringing that technology to its full potential.
What people are expecting at least in the short time NFTs is booming, will be a little less grand than what will happen soon.
The Future of NFTs is highly unpredictable as there are possibilities that things might go right or wrong.
Let’s learn of the relevance of NFTs and how their impact will make them a long-term project.
#1. Future of NFTs Gaming Industry
It is a matter of time before NFT changes video games forever. The gaming industry will feel the effect most as NFT will make gaming more tangible and rewarding by enabling users to own unique and rare in-game assets.
As a result, lots of video game assets like skin and other things can become NFT. And you can trade them with other players using smart contracts. With this revolution, players will be turning their gaming passion into assets.
Additionally, with NFTs games, you can play to make an own asset rather than playing games just for fun. Players will be allowed to own NFTs of a difficult level completed or claim full control of the in-game items they purchase or won.
Hence, players will be able to generate income from time spent in the game as well as creating and selling NFT of feats achieved. Purchases should be rare, digital, and collectible assets with value.
But with the attractions players have already for NFTs, gaming industries will be left with no other option than to participate in this new craze.
Truly, blockchain crypto gaming is growing fast. With new titles coming out all the time as demand increases. Top ten most exciting blockchain games that will be coming out in 2021 and 2022 include;
- Guild of the guardian
- 22 Racing series
- Ember sword
#2. Music/Movie Industry
Justin Blau’s recent Music that was sold for $11.7m on NFT space is an example of what will come if musicians harness NFTs technology.
Film-makers and musicians could register their contents on the blockchain as non-fungible tokens to protect them against copyright, infringement, and stage performance rights.
Indeed, having NFTs in these industries will remove the need for intermediaries like agents, managers, and promoters. Original owners of content will not be sharing their profits with other parties as there won’t be a need for their assistance anymore.
Future of NFTs on Other Real Assets
NFT can be traded and redeemable for real-world assets. Almost everything in the real world can be tokenized like athletes, celebrities, and fictional characters.
Also, proof of ownership of the real-world collectibles can easily be stored, transferred, and impossible to be copied. Hence, NFTs could also represent official documentation like birth certificates, academic credentials, warranties, identity, and DNA Data.
Soon, NFTs will make it possible to own real-world assets that could be thousands of miles away.
How Blockchain Will Contribute to The Future of NFTs
Art and blockchain have a strong link. How NFTs technology can make something digital to be equal and more valuable to something physical, is the future for NFTs creators.
- With the strong security on the blockchain, NFTs can remain in existence. As there will be no form of breaching or forgery.
- Digital edition will be possible as creators can make digital limited series of their assets.
- Also, with the possibility of compensations for future sales, creators will remain active since there is a percentage that comes back to them on assets that were long sold.
After seeing the success of Beeple, Cryptokitties, NBA Top Shot, NFT has the nod to be bigger and more popular than crypto soon because of their effect on all software.
Hence, with the involvement of prominent individuals in NFTs, certainly, something bigger is on its way coming.