The term “NFT” became widely known in 2021, but little do people know about its’ full potential. Former Google engineer, Shiv Sakhuja recently outlined the potential use of NFTs into 9 categories: identity, intellectual property rights, real estate, club membership, tickets, music, in-game assets, documents, and digital assets.
Simply put, holders of PFP or blue-chip NFT projects have created an identity for themselves; owning an NFT have become like owning a handbag or a luxury item and have become status symbols. Ownership of some NFTs also mean that you have the IP rights to that image, song, or video; many holders have used their NFT’s IP to recreate completely new products. Real estate properties are also being auctioned off as NFTs, and NFTs being used as membership passes are becoming widely used. Tickets, music, game assets integrated with NFTs are also gradually becoming more and more common.
NFTs don’t merely profit the creators, but can also give collectors a wide range of benefits as well. The possibilities are endless, and NFT applications are only in its infancy stage. What’s in store for the future? Leave a comment below and let us know what you think?
Text / Tommy Pai
Copy Editor / Ray Lee
Translation / Shiun