6 Spaces Where You Will See NFT Growth In 2023
Non-fungible tokens (NFTs) are far more than digital media with a unique code embedded into them. The smart contract technology used to mint NFTs can be applied to countless industries, and there are already plenty of innovative use cases out there. Throughout this article, we’ll discuss six spaces where you can expect to see NFT growth through 2023.
Twitter is being shaken up by Elon Musk, Meta (Facebook) has been declining in quality for some time now, and the likes of Pinterest exist for the sole purpose of gathering ideas. With Web3 applications picking up speed, it’s only a matter of time before blockchain-based social media platforms become serious competitors to traditional platforms. Already, there are countless successful Metaverse projects designed to bring society together under one digital roof.
There’s plenty of wealth to be found in real estate, but there has long been a problem with transferring assets – thanks to lengthy paperwork and third-party involvement. Fortunately, NFTs provide a way to transfer ownership of assets without the need for external parties. Blockchain technology, alongside smart contracts, allows real estate portfolios to be minted and sold through online marketplaces, where they can be stored in an NFT wallet.
Virtual Waiting Rooms
When NFTs drop, vendors need to be ready for the onslaught of interest, which could crash websites. If this happens on launch day, there are going to be zero sales and the NFT line will likely fail. Therefore, virtual waiting rooms have been introduced including Queue-Fair, which aims to solve the problem by allotting buyers into respective “waiting rooms” and relieving website traffic.
The Covid-19 pandemic highlighted a need for tech solutions, and it accelerated the landscape and even bought blockchain tech onboard. An excellent example of NFT tech in the healthcare industry is reducing counterfeit medications. Using smart contracts, which can be scanned as bar codes attached to products, can be tracked along the production line from creation, to delivery, and dispensing.
People have become much more aware of how their data is handled and stored, which has shone a floodlight on businesses to improve their infrastructures. Fortunately, thanks to blockchain tech responsible for NFTs, data can be stored on-chain where it can never be altered. Not only does blockchain data storage improve security, but it also improves transparency and allows the owner of personal data to retract permissions at any time.
Projects need fundraising, and smart contracts allow for great liquidity and security – as well as the potential for worldwide recognition. By using blockchain crowdfunding platforms, fundraising efforts benefit from a reduction in fees because there’s no middleman involved. To entice investors, NFTs can be minted with real-world benefits – like the promise of physical products sent out after funding stages.
There are countless real-world uses for NFTs, which makes them a worthwhile asset aside from the wider crypto market. As we move through 2023 and beyond, NFT tech will become much more prevalent in all industries.
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