You have heard of Non-fungible tokens recently. However, it does not necessarily mean that NFT is new.
As a matter of fact, Non-fungible tokens have been around for years now.
Quantum, developed by Kevin McCoy and Anil Dash in May 2014, was the first NFT.
Industries have uncovered the potential of NFT development just now.
When in 2021, Beeple, a digital artist, sold his art collection for $69 million at Christie, NFT came under the spotlight.
And suddenly, companies are showing interest in partnering with an NFT development company to develop quality and unique NFTs representing their brands.
The non-fungible token market worldwide will touch $147.24 billion by 2026. (PR News Wire)
The NFT fever does not seem to cool down. Blockchain development companies have been hit around businesses for quite a long time. Now there is another technology on the wishlist of organizations.
It is NFT development, for sure.
Since 2021, NFT awareness has risen at an explosive rate, from 20% to 65%. NFT has become popular among 9.3 million people worldwide by now. (Security)
Despite the surge in popularity of NFTs, many companies seem unable to gauge whether their businesses require NFT development or not.
Let’s clear the cloud of doubts.
Sometimes, investing in digital tokens without proper research falls short of companies’ expectations.
Here, we will discuss which industries can unleash the maximum potential of non-fungible token development. Additionally, we will also discuss the nuances to keep in mind while working on an NFT project.
Why Do Businesses Are Crazing Over NFT Development
- The non-fungible token market globally will expand to a whopping $316.7 billion by 2032. (Fact MR)
- In addition, the demand for NFTs will increase at a CAGR of 35.3% in the USA. (Fact MR)
The numbers are astounding indeed.
Some reasons are sure to play behind this NFT growth and popularity hike. The reasons are nothing but the benefits NFT development offers to businesses.
So, before diving straight into the NFT revolutionized industries, let’s check out what kind of benefits NFT offers to businesses:
- NFTs make brands easily recognizable among the targeted audience. In fact, companies can conduct unique presentations of their brands through NFTs.
- Many companies are leveraging blockchain technology to make their supply chain data more reliable. With NFTs, companies can track their product lifecycle data to improve product authenticity.
- For businesses, NFT opens up additional avenues to increase their revenue.
- Sinch NFT is an offshoot of cryptocurrency and blockchain provides the fundamental support, NFT transactions are fast and secure.
- NFTs are exceptionally effective while launching new products and revamping brand image.
Industries That NFT Development Is Impacting The Most
The following industries can experience the impact of NFT development the most:
- There is no end to people’s enthusiasm and obsession with sports and games. Sports NFTs are swelling up this enthusiasm to another level.
- Companies are increasingly launching sports collectibles to engage more fans.
- Being a digital product, non-fungible tokens offer innovative scopes to expand your sports brand in the digital world.
- With NFTs, brands can outstretch their offers which becomes impossible in the real physical world.
- Thanks to NFTs, people can buy sports events tickets and player cards, collect their favorite sports stars’ autographs, Etc.
- In simple words, NFTs make sports events and people’s experiences unforgettable.
- NFTs are the potential avenue for sports clubs, athletes, and sports goods companies to increase their profits.
As per the reports of Deloitte,
- Around 4 to 5 million sports enthusiasts and fans will buy sports NFTs by 2022.
- The sports NFT market will swing to over $2 billion by 2022.
NFTs For Art And Music
- Musicians and artists can create their music compositions, soundtracks, albums, and lyrics as NFTs with help of an NFT and blockchain development company
- Blockchain-driven NFTs enable musicians to eliminate third-party intrusion while marketing their creations.
- Software engineers can now build contracts, so sales or the resale percentage go directly to artists.
- Musicians like Steve Aoki, Dolly Parton, G-Eazy, Etc., have already embraced music NFTs, migrating from the centralized business models.
Kings of Leon generated above $2 billion through its Golden Ticket NFT auction in 2021. (Statista)
In the music and art space, companies can apply NFTs differently.
For example, musicians and artists can combine music with digital art in GIF, PNG, or JPEG formats.
The craze for NFTs in the music space is at the nascent stage.
Still, considering the rising NFT popularity, Tia Smith, Grammy governor and co-chair of the Music Video Committee, expects non-fungible tokens will soon become the heart of significant events like the Grammy Awards. (Coin Telegraph)
NFT In The Education Sector
NFT development holds the potential to refurbish the education sector.
- Students and educators can leverage NFTs to showcase their academic achievements to the world.
- Hence, NFTs can serve as the digital representation of degrees and certifications of trainees and trainers.
- The moment students complete a course, institutions can provide them with NFTs. NFTs will evaluate their accomplishments.
- Moreover, students can also use NFTs as proof of their class attendance.
- NFTs are significantly impacting the sales of digital real estate in both natural and virtual worlds.
- In the digital virtual world, real estate NFTs have found significant applications in games like Decentraland. Gamers can purchase and sell digital real estate properties as NFTs.
- Real estate NFTs aid buyers in checking their ownership history at ease.
- Moreover, blockchain technology ensures safe real estate non-fungible tokens transactions across different NFT platforms.
Brands across different industries are leveraging NFT development as a new revenue generation source and increasing customer satisfaction.
NFTs aid businesses in bringing innovation to their products and services.
In short, if blockchain enables companies to make ownership incorruptible, a reputable NFT development company enables organizations to bring innovation and creativity to their products.
Shortly, companies will become able to utilize NFTs to tokenize any real-life assets.