NFTs have slowly been creeping their way into the mainstream for the last couple of years. Many people have heard of the technology, but they do not understand what exactly it is or how it can be useful.
Artwork and GIFs are the most known use-case for NFT technology, and what most people know about. However, the tech can be used in almost any industry, and its purpose goes far beyond just art.
Clancey Braxton Yohman is an NFT expert and a professional marketing and business consultant. We talked with Clancey Braxton Yohman and asked him to give us a rundown on which industries he believes will be impacted the most by NFT technology.
Yohman knows this one might seem obvious since art is what NFTs are currently known for. But it is still worth mentioning here because NFT technology will really take digital art to a whole new level.
With traditional digital art, someone can commission a piece of art, but as soon as they post it, everyone can easily download the art and have the exact same file as the owner. However, with NFTs, the owner will have a unique piece of art minted on a blockchain, that will solely belong to them.
There will be no exact copy of it anywhere else in the world, making it more valuable and more personal.
Many people do not realize that NFTs can be used to store documents and files, not just art. Storing sensitive documents in a secure blockchain will benefit many industries.
These industries include real estate (ownership documents), healthcare (medical records), and many others. Yohman also pointed how the possibilities of virtual real estate, which is already being implemented in the popular online world, Decentraland.
We mentioned Decentraland above, which is similar to a videogame, but a bit different. However, many game developers are already experimenting with NFT technology.
Games have had custom in-game content for decades now, and finally, those items will be unique to each player. Tokenized in-game items increase the value of said items and give players more incentive to work for them.
Right now, there is a little bit of a push back in some gaming circles when it comes to NFT technology. However, Yohman expects them to slowly open up to the technology as developers experiment and find interesting use-cases for it.
Virtual tickets are already very popular. Venues and event planners have taken quite the liking to digital tickets that event-goers download onto their phones.
NFTs add another layer of security to this technology while keeping the same functionality. NFTs also give the ticket buyers a real piece of memorabilia to collect and hold onto.
With traditional digital tickets, there is nothing but a screenshot or email, that anyone could get ahold of. However, having a tokenized event ticket is a great way to remember a special day which is why Clancey Braxton Yohman believes they will take off.
People have always loved collecting memorabilia for their favorite films and TV shows. People will buy everything from T-shirts to coffee cups, and now they will be able to purchase digital memorabilia as well.
The NBA and the WWE have already experimented with NFTs in this way, selling NFTs of special moments in the form of clips. This is very exciting for those who want to start collecting NFTs.
Yohman expects to see more movie and TV franchises implement NFT technology in the same exact way, and he expects this to draw in more casual NFT collectors.