NFTs are only in their initial developmental phase. Projects that promise real applications of the technology are already beginning to appear, says Mateo Lorenzo.
Many still believe that cryptocurrencies and non-fungible tokens (NFTs) are just a matter for connoisseurs. But the pandemic, war, and the metaverse have accelerated change in this area. Now, crypto and NFTs offer us a better world with benefits for all.
NFTs and cryptocurrencies are reaching other spaces previously unthinkable such as entertainment, the media, spirits, wine and even the traditional banks themselves. And since the digital asset of the moment is NFTs, everyone wants to have their token. The questions that many ask themselves is what is valuable about it? Why is an NFT unique?
NFTs and why they are unique
An NFT is a digital asset quite similar to a cryptocurrency and additionally, both are crypto assets that exist on a blockchain. The main difference is that NFTs cannot be split, broken, or eliminated. At this point, they become unique and valuable assets that retain their originality.
Although the development of NFTs is still in its initial phase, projects that promise real applications of the technology are already beginning to appear.
The music industry was one of the first to use NFT cryptographic technology. It was followed by digital art which immediately became the main driver. Then came streaming. The TV, cable, and movie industry in general is already gearing up to not be outdone and take advantage of the benefits the crypto world has to offer.
NFTs: Keeping Profits With Artists
In general terms we can see the following opportunities within the entertainment industry for NFTs:
• It allows musicians to tokenize their works and advertise their musical pieces as non-fungible tokens. Singers, songwriters, artists, and producers are beginning to use NFTs to publicize their craft and gain exclusive economic benefits.
•Content creators can offer a special package that is linked to an NFT including exclusive bonus material. For example: Bloopers, behind the scenes, special greetings, etc. The raison d’être of an NFT is its exclusivity. It can be accompanied by rights/permissions to access certain content, and the right to transfer them.
•They make it possible to create a premium access offer linked to the NFT. If the owner wishes to transfer this NFT, access will be revoked and granted to the new owner. This way you can link a Netflix or Disney Plus account to the NFT.
•They allow non-transferable and secure access in the sale of tickets for public shows. This is a solution to the problem of resale or overpricing of tickets.
Advantages
The benefits are in sight, no one can help but see and experience the changes that NFTs are already imposing on the simplest commerce and transactions. It is more than clear that the era of NFTs and crypto assets has just begun.
What’s more, I have no doubt that everyone who reads this article or others who take the trouble to explain what this industry is about, are already thinking about changes and benefits that it can bring to their particular business.
Nothing is going to be left out, that’s what it’s all about, the crypto world is not a fad, it happened more than 14 years ago for a specific need and today . All the uses it can achieve in the short term are currently being defined.
What some call “fashion” or simply a “trend” is actualy a mechanism that offers us more security for our property, assets and valuables.
The world of entertainment now goes hand in hand with NFTs. So it will be an increasingly safe business. Other industries will eventually join us, to ensure consumer safety and continued benefits.
