Random Blog on Crypto (Part 19) : Some more roles of NFT in Cryptocurrency Market
In this series of writing I would like to share some random topics related to crypto. In previous post, I covered the beauty of the non fungible token (NFT) and why they are so called. What is the reason behind its popularity and how it can protect the digital content creators in owning the true owner of their creative work with the help of this innovative technology of non fungible token. How this non fungible is working and its nature has also been explained in last post. Today let's talk about some beautiful features of non fungible token which are adding value to the currency and blockchain technology system.
Art and Collectibles:
The art world has been significantly impacted by the advent of NFTs. Artists can tokenize their creations and sell them directly to collectors on blockchain-based marketplaces. NFTs have opened up new revenue streams for artists.
Gaming and Virtual Real Estate:
The non fungible token is helping the gaming industry to grow more. The gaming is a popular million billion dollar business nowadays. Beautiful graphics and nice interface are helpful for the growth of the games but many of the games need to sell their assets like weapon, power, soldier etc. This gaming assets can be traded in the form of NFT by maintaining the security of the asset with fair value and transparent transaction. Gamers can truly own the gaming assets and sell them. NFTs are used to represent virtual real estate within decentralized virtual worlds. Players can buy, sell, and develop virtual properties.
Music and Entertainment:
Musicians and entertainers can tokenize their music, videos etc as NFTs. NFTs can represent unique concert tickets, exclusive backstage passes etc connecting artists and fans in novel ways.
Licensing and Royalties:
NFTs have the potential to give a smart solution to intellectual property and copyright management. NFTs can automatically execute royalties for creators whenever their NFTs are resold.
Digital Identity and Virtual Avatars:
NFTs can represent individuals' digital identity and virtual avatars. Users can create unique digital representations of themselves and use them in virtual reality, social media etc.
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Really love the roles of nft in cryptocurrency expecially appreciate the fact artists can tokenize their creations and sell them directly to collectors on blockchain-based marketplace, this means artists has a source of revenue.
Great content
Yes, Nft plays a huge role in the cryptomarket, thanks for sharing this interesting post with us 😊👍
Thanks for your comment.