NFTs right now are like computers in the 1980s: only used by a small group of people, but ready to make everything in our life and society work better.
The Non-fungible tokens today have the potential to revolutionize many aspects of our life, from the way we interact with digital content to our users in the real world.
They will become a mainstreaming tool over the next five years according to experts.
August 2021, was one of the first NFT transaction spikes: $3 billion in total.
Several companies realized their potential and started using them in their digital communication strategy.
According to Lennix Lai, Director of Financial Markets for the OKEx exchange, this is only the beginning: in the future, they will also be a suitable solution for the needs of governments.
BUYING A HOUSE WILL COST LESS
One of the most important potential applications of NFTs is in the field of contracts and notaries. In our current system, physical documents must be notarized by a notary, which can be a cumbersome and expensive process.
With NFTs, we can have smart contracts that are authenticated and executed automatically. This would greatly reduce the costs associated with executing contracts and make it easier for people to do business with each other.
For example to buy and sell houses. Real estate transactions currently feature a large number of paper documents and the process can be very slow.
With NFTs, we may have much easier digital contracts to execute. This would make buying and selling homes much easier and less expensive.
Instead of having a person approve that the act is valid. There is an authenticated and one-of-a-kind digital key that cannot be replicated and represents the trade between those two people.
Obviously, everything still needs to be detailed, but it will be the natural development of the NFT.
Their use in the real estate industry would also create a global market for real estate, which would allow the purchase and sale of properties anywhere in the world.
This would make it easier for people to invest in real estate and create a more liquid market.
WILL BE USED BY GOVERNMENTS
Another potential application of NFTs is in the government sector.
Governments currently use a lot of paper documents, which can be very difficult to keep track of.
With NFTs, we may have digital documents that are much easier to manage. This way government agencies could track important information and make better decisions.
Without having to be validated every time in the offices of the various levels of the state.
They could be used to create digital identities. This would be very useful for things like voting and other democratic processes.
It would allow governments to track their citizens more effectively and provide better services.
Overall, government agencies’ use of NFTs would make our life much easier and more efficient.
WILL ALLOW US TO BE DIGITAL OWNERS
This new technology offers digital commerce something that the Internet lacks: scalability and authenticity.
The way we interact with digital content is about to change forever.
With NFTs, we will be able to own digital content in a way that is not possible with traditional file formats.
This will have a huge impact on how we interact with digital content and will also change the way we think about ownership.
Ownership of digital content has always been a somewhat nebulous concept.
When you buy a digital product, you are actually only buying a license to use. You don’t own the product itself.
With NFTs, we will be able to own digital content in the same way we own physical objects. This will change the way we think about digital products and open up new possibilities for using and interacting with them.
We will be able to sell, trade, and collect digital content in ways that are not possible with traditional file formats.
This will create new markets and new opportunities for digital content creators.
For example, a digital image of a well-known photographer can take on great value even in digital format. Because thanks to NFT technology it will be possible to demonstrate that there is only one original and if others should appear they are only copies.
A bit like a painting by Picasso or Van Gogh: there are originals and many copies, and art experts are able to distinguish between them very well.
ALL THANKS TO BLOCKCHAIN
The key to understanding the true potential of NFTs lies in understanding the blockchain technology that also underlies cryptocurrencies.
NFTs are built on the basis of blockchain technology. This means that they have all the advantages of the blockchain, such as security, immutability, and transparency.
Furthermore, NFTs have the ability to represent any type of digital asset. This makes them very versatile and suitable for a wide range of applications.
The use of NFTs is not limited to digital art or collectibles. They can be used to represent any type of digital asset, including votes, reward points, loyalty points, in-game items, and much more.
The possibilities are endless and the potential of NFTs is enormous.
We’re just starting to scratch the surface of what’s possible with this new technology.
As the adoption of NFTs grows we will see more and more innovative applications.
“I think if you are interested in making cryptocurrencies something that has an impact on the real world,” said Lennix Lai.
“We need NFTs. The last stage in this process will be adoption by governments. If NFTs stay limited to collectibles, it won’t be as exciting a future [as it could be].”
Finally, the latest authoritative voice on this technology that has just appeared on the market, especially in the Metaverse
Vanessa Grellet, head of a portfolio for the CoinFund fund, has a vision of the future similar to that of Lai:
“I think we will see NFTs become mainstream over the next five years. There are opportunities to use them in the field of stocks, home buying, and in general in the ‘tokenization’ of various assets.”
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