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NFTs or Non Fungible (read interchangeable) Token are set of block chain standards that enable secure onwership of digital assets.
As more people figure out how they can leverage this technology, we are starting to see more and more use cases for NFTs.
Here are 7 types of NFTs that you need to watch out for
Art is the most common type of NFT that people are aware of. These can be individual pieces or part of collection like Punks or Bored Ape Yatch clubs.
People like collecting Art NFTs just as they like to buy paintings, baseball cards or statement fashion pieces.
Today, gamers spend roughly $40B/year in In-Games purchases. But they don't own those purchases, the gaming company does.
By turning these objects into NFTs gamers would genuinely own the objects/goods purchased in those Games
This vertical of NFTs is increasing very rapidly. Web2 contributes very little to earnings of musicians. Web3 allows musicians to turn their music/songs/Album into an NFT.
Which inturn provides endless royalties to musicians as they get their cut everytime someone buys their music.
One can turn concert/movie/club tickets into an NFTs which can be leveraged to trade further at higher price where the organiser gets the cut everytime the ticket is resold.
This would also make the whole process friction less and creators can allow NFT holders/fans a private meet.
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One you understand how NFTs can be leveraged it'll blow you away. Read more to learn how NFTs would revolutionize entertainment industry
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