How Are NFTs Used In Real-Time Applications?- Let’s Get To A Unified Ecosystem! NFTs’ value proposition is around fake facts and myths in the crypto space. Many people are amused about why the grimes video has been sold to $6 million when it can be viewed or downloaded as many times over the web. As the video is converted into a non-fungible token, the digital asset’s sole ownership is recorded in the blockchain ledger, which is immutable. Every NFT’s are developed with limited supply to create scarcity in order to increase the value proposition. Hence, these NFT’s are displayed in the auction to earn a lucrative profit. This is where Grimes video stands out from the crowd and it transfers the sole copyrights of the content to the buyer. Every artform or masterpiece of a digital or physical asset can be converted into NFTs in our daily life. The art form proposition would be based on its potential to be unique, rare, and market trends. Let’s delve into the real-time implementation of NFTs!
Artworks The most popular NFTs that are recently being sold are mainly the artforms that couple up creativity and technology. The common artforms that are tokenized as NFTs are moving artworks(GIFs), video, paintings, music, fashion art, unique costumes, and much more. We would have noticed that depending on the poll or average answer, the Instagram smiley’s striker background color changes. This can be converted as NFT and sold in the marketplace. The artists can embed the IoT sensors in their art forms and display them in the auction as NFTs in the marketplace. Similarly, any art form such as video, GIFs, music albums can be converted into NFTs.
Domains The hard part of outreaching the domain names can now be made easier with the ERC-721 token standard. NFTs can be leveraged to have whole rights over brand domain names for a lifetime. Instead of renewing the domain names every year or periodically, the brands can easily purchase valid & distinct domain names throughout a lifetime by converting them to NFTs. With the renewal of domain names, there are chances of missing out on the businesses’ high domain authority sites, which is a great threat when it comes to big brands and domains having huge subscribers or communities.