How Does NFT Technology Expand Beyond Digital Apes and Punks?
What do you think of when you hear NFT?
The first thing that comes to our mind are cartoons, memes, unique characters and art. It seems like an innovative technology like NFTs has become limited to fancy art. However, most of us are unaware of the powerful technology of NFTs.
NFTs are not about apes, penguins, punks and fancy characters. It is about rights, utility and ownership. When we talk about NFTs we should not focus on the product but on the value it offers.
When you buy CryptoPunks or BAYC NFT, it’s fun, and you expect to earn profits by reselling them. However, what you miss is what the NFT technology is offering you. Though the product might be an art or photo of an ape, the NFT technology is giving you the ownership rights.
It’s time for everyone to see NFTs beyond apes and punks. To perceive it as a technology and explore what it can truly offer. The goal should be to implement this technology in areas that will benefit everyone.
What Is The Technology Behind NFTs?
ERC-721 developed by the founder of CryptoKitties is the most suitable standard for NFTs. The emergence of this token standard in 2018 led to the smooth transaction and use of NFTs.
Most people consider the development of the ERC-721 token as a key moment in the history of NFTs. ERC-721 token gave NFT its most prized feature which is — ownership. It is this token standard that enables you to claim ownership of an NFT through smart contracts.
However, ERC-721 isn’t the only token for NFTs. ERC-20 is a standard for keeping track of fungible tokens. ERC-777 is another standard for fungible tokens, but it allows for more complex interactions, and ERC-1155 is a “fungibility-agnostic” standard for multiple tokens.
What NFTs Offer Beyond Fancy Art & Punks?
Cryptopunks, BAYC, Cryptokitties, Doodles and other such fancy art collections are not what defines the NFTs. NFT is more about being able to trade your assets as you wish and claim their ownership.
It is about giving more power to the hands of the creators and artists. The NFT technology is here to create a decentralized, unbiased and fair platform for everyone.
It is no more restricted to only collectibles. NFTs are here to offer utility and rights to their buyers.
In the metaverse, people are buying concert tickets as NFTs and attending live concerts of famous artists. Some celebrities are even opening their brand stores on metaverse and selling merchandise NFTs. These NFTs offer fans special benefits like free tickets and a chance to meet celebrities.
Some musicians like 3LAU and Avenged Sevenfold are selling their music teasers, songs and short clips as NFTs. As an owner of the NFT, you will get free tickets to live concerts and even a chance to spend a day with your favourite singer.
Even fashion houses like Gucci and Louis Vuitton are hosting their virtual fashion shows. You can participate in these fashion shows and even buy the displayed accessories as NFTs. physically you will own the accessory, and virtually you have its ownership proof as NFT.
Steve Aoki, a well-known DJ, is starting a club called A0K1VERSE that people can join with Ethereum NFT. Crypto news site Decrypt says that people who have Aoki’s NFT Passport will be able to do things like go to live and virtual concerts and events.
Thus, NFTs are no more about collectibles. It has become a technology to sell and claim rights. If you have anything to sell in the market, you can use the NFT technology and sell it on your own terms.
Conclusion
We are slowly moving towards unraveling the true potential of the NFTs. But we are already witnessing its shift from the collectibles to utility. Sooner or later the transformation will happen and it will open a new world of opportunities for everyone in the digital space.
If you are looking to sell your assets or creations as NFT, sign up on NFTICALLY and open your NFT store in just a few simple steps. NFTICALLY is one such platform that equips you with high-end technologies to sell and market your NFTs under your domain name.
