No doubt those who have been in the crypto market for a while have heard of NFTs, or “non-fungible tokens”, a representation of ownership using a file as a single object on the blockchain. This market, like everything else, has its ups and downs, so the hype always drops quickly and rises again shortly after. But what can we expect for the next waves of interest in NFTs, which industries will stand out? Until then, most NFTs have been used to store and display digital images. Whether they are works of art, collectibles or just images without much meaning for some. However, over time a new trend has emerged, utilitarianism, the benefits of a project has been what brings the most interest in projects.
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Sport
Sports cards are very popular. So it’s easy for someone to look at NFT and imagine digital cards and NFTs, cards where the stats on the back are updated in real time. The fantasy sports market is projected to reach $48 billion by 2027, and companies like Sorare.com are trying to take advantage of allowing users to collect football, basketball or baseball cards and send them to fantasy tournaments where they can. win prizes.
Song
Music NFTs can be very useful to help small artists. By creating an online community where fans can purchase NFTs that give them exclusive access to the artist, online activities, tickets and virtual autographs. NFT being a relatively small amount to finance new musical projects. In addition, many have thought about collecting records or CDs of an artist and admire the cover.
Art
Many well-known artists have already started their digital creations, they are coming up with unique pieces on the market like OpenSea, sold for millions of dollars at auction. As the museum is exploring the idea of joining Web 3, New York’s Museum of Modern Illustration is considering purchasing NFT using proceeds from a recent $70 million art sale. Many of these institutions are interested in seeing whether NFTs can meet their funding goals to offset some of the losses from the pandemic.
Films
Filmmakers, like musicians, find themselves in a situation where they have to rely heavily on a series of intermediaries and private investors to finance their next film. For independent and unknown writers and directors, it can feel impossible to get noticed and connect with people in an already crowded space. And if they are lucky enough to receive funding, they often lose creative control over the final product. Utility-based NFTs help filmmakers assemble a community truly passionate about their projects. Ownership of such NFT provides this community with an exclusive look into the film’s production process, with access to director’s cut previews, online casting sessions and behind-the-scenes footage. Additionally, individual scenes from the film can also become community-mined NFTs, giving individuals true ownership of a portion of the film. Read also: SBF can create new company pays to bear FTX losses Read also: Coinbase shares fall to the lowest price ever
