There Is More to an NFT than Art
07 December 2021 - 3:42AM
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One of the biggest auction houses in the world, Sotheby’s is best
known for its NFT auctions. They have worked with leading artists
to launch NFTs, with one of the most memorable sales being a
digital art piece by Beeple, an anonymous digital artist for $68
million. The uniqueness of NFTs, which exist as tokenized versions
of assets, secured by the blockchain, have made them popular with
art buyers. The Year of NFTs; 2021 As 2021 comes to a close, it can
be declared as THE year of NFTs. Various stars have released their
own NFTs, which they have sold to their fans. However, some believe
that NFTs may be a fad, which will soon go bust. One reason for
this misconception is that many people believe NFTs can only be
used to create digital art. However, that is not the case. NFTs are
opening up a whole new revenue stream that could lead to the rise
of innovative digital products. Various industries are looking into
the use of NFTs to tokenize assets such as music albums, iconic
moments, and sports memorabilia. Some of the use cases for NFTs
that currently exist are: Fashion Luxury brands, such as Gucci and
Dolce and Gabbana, are entering the NFT space with limited
collections. The use of NFTs helps safeguard the ownership of
fashion items, while also ensuring easy verification of
authenticity. It is an especially effective solution to
counterfeiting. Patents Another use case for NFTs is securing
patents and intellectual rights. Tokenized certificates that come
with legal safeguards help to safeguard the authenticity of a
document while helping to add transparency. Music In the music
industry, NFTs provide proof of ownership of original content while
making it easy to authentic music. When it comes to royalties, NFTs
also makes it possible to easily track the monetization process.
Real Estate NFTs have also found a use case in the real estate
world, where they can be used to provide provenance on the
ownership of a piece of real estate. Besides that, they provide
transparency into the transfer of ownership of such an asset.
Collectibles NFTs are a unique way to guarantee the purchase of
unique digital collectibles, which provide absolute certainty on
provenance thanks to the security of the blockchain. Gaming and the
Metaverse Most widely, NFTs are finding use cases in online gaming
and metaverse. By using NFTs, players can have the absolute
ownership of in-game items, which they can sell on secondary
markets. NFTs and Digital Fashion Digital fashion is a trend that
has been made possible in a huge way by NFTs. A good example of a
digital fashion company that is working to bring NFT fashion to the
masses is Space Runners. Space Runners is working with leading
celebrities and sports icons, such as Kyle Kuzma and Nick Young, to
bring NFT collections to the masses. These exciting partnerships
will be displayed in Space Runners’ first collection; NBA Champions
Sneaker Collection Users have the opportunity to purchase these
unique fashion items that are secured on the Solana blockchain.
Space Runners plans to launch digital collections of these items,
which users can hold forever, in mid December. In the future, Space
Runners plans to launch a VR environment, where holders of Space
Runners’ digital fashion can interact with their apparel. They can
share these interactions on social media, which will help to grow
the popularity of the platform and the value of the NFTs. Instead
of visiting catwalks in Barcelona, visiting the Space Runners
platform can peruse through digital fashion via their computers or
mobile devices. In the future, the platform plans to launch a
marketplace where people can trade their fashion apparel NFTs with
others. They also plan to launch in the metaverse with unique
fashion apparel that people can use as skins. This is something
that Meta has expressed interest in, in direct response to Space
Runners on Twitter! Holders of ‘Runners’ will also get special
privileges, such as special access to merchandise pre-sales by the
sports stars. They will also get exclusive entry to sports stars
post-game events where they can interact with them. Space Runners
could not achieve its purpose without support from its partners.
These include the likes of Ankr, Clover Finance, Divergence
Ventures and Bullet Labs. To stay tuned please visit: Twitter |
Discord | Website
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