Because of their rapidly increasing valuations, Non-Fungible Tokens (or NFTs) have been the subject of a lot more attention lately. Many digital artworks are now being sold for millions of Dollars, celebrities are creating NFTs to connect with their fans, and movie studios are using NFTs as a promotional tool and merchandising tool. But is this all there is to NFTs? The Business Today Crypto Confclave experts argue that this is only the tip of an iceberg.
In India, 25% of Supreme Court cases and 66% of civil cases concern land disputes. Imagine if all land records were minted in NFTs. It would save a lot of time for the court," said Kashif Raza founder of Binning, and crypto influencer.
Notable to be mentioned is that NFTs, unique tokens, are created on the blockchain and cannot be exchanged or altered.
Raza also discussed how NFTs can be used to generate income for the government. "The government could buy land on Decentraland to display the NFTs from our monuments and artifacts to the world."
Ankit Wadhwa is the CEO of Rario. Rario is an NFT marketplace that focuses on cricket. He also highlighted other uses of NFTs. He emphasized how NFTs' very concept is constantly evolving and, with it, its uses.
"The ecosystem is changing and the use cases are evolving. Digitalization has made it possible to digitally own goods as well as their ownership. The NFTs that investors own can be used to pay royalties. He said that people can use NFTs to play games or as digital avatars."
NFTICALLY CEO Toshendra Sharma added to the thread by saying that NFTs could also be used for ticketing. NFTs and ticketing are already being tested around the globe by leagues such as NBA and NFL.
According to Nonfungible.com data, the NFT markets have corrected by more than 70%. Sharma disagrees with this view. Sharma stated that this is a good thing for the industry as it will allow for real innovation. People are now more focused on NFTs that have specific use cases, purposes, or underlying value, rather than investing in random NFTs.
Ramkumar Subramanium (CEO of GuardianLink), another NFT marketplace, talks about investor acceptance. He believes that NFTs will also take time to become fully accepted by the public and investors.
He said that NFTs, like the Internet and crypto, would take time to be fully understood by investors.
The fascinating idea of NFTs is certainly a part of Web3. It would be fascinating to see how these technologies develop in the future, and what their uses might be.
