What kind of disruptions are NFTS causing in Web3?

Since the introduction of Non-Fungible Tokens (NFTs), significant disruption has been created within the web3 industry. Blockchain based distributed ledger technologies, such as Bitcoin, Hedera, Ethereum and Solana are changing how we think about ownership, value, and innovation as a result of NFTs. Focusing on real-life events and use cases, In this blog article, we will examine the types of use cases that are going to be disrupted by the technology of NFTs.  

NFTs are Changing the Art World

The art world is one of the areas where NFTs have already created an impact. Unique digital artworks may now be produced by artists and sold in the form of NFTs with the capability of being purchased, sold, and possessed as physical art. The value of an NFT is determined by its uniqueness and scarcity.

One of the most iconic personalities in the NFT space is a digital artist named Beeple who sold an NFT artwork for a record-breaking $69 million USD. The artwork was titled "Everydays: The First 5000 Days" and was sold at an auction hosted by Christie's, a famous auction house. This sale has sparked a lot of interest from outside the web3 ecosystem, attracting new collectors, as well as creators, to take the NFT ecosystem as an attractive as well as lucrative addition to the existing art industry..

The Music Industry and NFTs

NFTs are also making remarkable buzz in the music industry. Musicians can now sell their music by making use of the technology of NFTs, as a way to monetize and earn improved royalties for their work. NFTs that are currently adopted in the music industry, add different value to music fans, empowering unique experiences such as backstage passes, meet and greets, and even ownership of songs. This creates a new revenue stream for musicians and allows them to interact with their fans in new ways.

The musician Grimes, sold an NFT of her digital art collection for $6 million USD. The collection included 10 pieces of digital art as well as a unique music video. The sale showed that NFTs can be used to monetize not only music but also other creative work.

The Gaming Industry found a New Friend in NFTs

The gaming industry is making use of NFTs at an already more advanced level of development. Players can now own unique in-game items, which can be sold or traded with other players. This creates a completely new economy and interaction within games in which players can earn real money by trading their NFTs on marketplaces such as HashGuild.

Using Axie Infinity as a reference, the game created an NFT-based ecosystem where players can earn cryptocurrency by playing the game and selling their NFTs. This has led to a new wave of interest in the game, with players earning thousands of dollars per month from playing.

Real Estate Industry and the Wonders of NFTs

Real estate properties are in the process of being tokenized and sold as NFTs, allowing for fractional ownership of properties. This creates a new way for people to invest in real estate, as they can now own a fraction of a property instead of buying the entire property.

There is an instance that a luxury apartment in Miami was recently sold as an NFT for $22.5 million. The NFT represented a 10% ownership of the property, and the new owner has the right to sell their share of the property at any time.

Conclusion

NFTs are causing significant disruptions in the web3 space, and the above real-life scenarios are just a few of the many ways they are charting and dynamically altering the way we think about ownership, value, and creativity. With the increasing adoption of NFTs, we can expect to see even more innovations in various industries. As the NFT market continues to grow, we may see new use cases by further driving the initiative to a whole new level of importance and credibility.

Article by Taiwo Adekola “Marketing and Communications”