NFTs are only in their initial developmental phase. Projects that promise real applications of the technology are already beginning to appear, says Mateo Lorenzo.
There are many who still believe that cryptocurrencies and non-fungible tokens (NFT) are matters only for connoisseurs. But, the pandemic, war and the metaverse has accelerated change in this sphere. Now, crypto and NFTs offer us a better world with benefits for all.
NFTs and cryptocurrencies are reaching other spaces previously unthinkable such as entertainment, the media, spirits, wine and even the traditional banks themselves. And since the digital asset of the moment is NFTs, everyone wants to have their token. The questions that many ask themselves is what is valuable about it? Why is an NFT unique?
NFTs and Why They are Unique
An NFT is a digital asset quite similar to a cryptocurrency and in addition, both are cryptographic assets that exist on a blockchain. The main difference is that NFTs cannot be divided, broken or eliminated. At this point they become unique and valuable assets that retain their originality.
Although the development of NFTs is still in its initial phase, projects that promise real applications of the technology are already beginning to appear.
One of the first to use the cryptographic technology of the NFT was the music industry. It was followed by digital art that immediately became its main driver. Then came streaming. The television, cable and film industry in general, are already preparing not to be left out and make use of the advantages offered by the crypto world.
NFTs: Keeping Profits With Artists
In general terms we can see the following opportunities within the entertainment industry for NFTs:
•It allows musicians to tokenize their works and advertise their musical pieces as non-fungible tokens. Singers, songwriters, artists and producers are beginning to use NFTs to publicize their craft and obtain exclusive economic benefits.
•Content creators can offer a special package that is linked to an NFT including exclusive bonus material. For example: Bloopers, behind the scenes, special greetings, etc. The raison d’être of an NFT is its exclusivity. It can be accompanied by rights/permissions to access certain content, and the right to transfer them.
•They enable the creation of a premium access package linked to the NFT. If the owner wants to transfer that NFT, access will be revoked and granted to the new owner. That way you can link a Netflix or Disney Plus account to the NFT.
•They allow non-transferable and secure access in the sale of tickets for public shows. This is a solution to the problem of resale or overpricing of tickets.
The benefits are in sight, no one can help but see and live the changes NFTs already impose on trade and on the simplest transactions. It is more than clear that the era of NFTs and crypto assets has just begun.
What’s more, I have no doubt that everyone who reads this article or others who take the trouble to explain what this industry is about, are already thinking about changes and benefits that it can bring to their particular business.
Nothing is going to be left out, that’s what it’s all about, the crypto world is not a fad, it arrived more than 14 years ago for a specific need and today. All the uses it can achieve in the short term are being defined.
What some call “fashion” or simply a “trend” is actualy a mechanism that offers us more security for our property, assets and valuables.
The world of entertainment is now hand-in-hand with NFTs. So it will be an increasingly safe business. Other industries will end up joining in, to guarantee consumers security and continuing benefits.
About the author
Matthew Lorenzo is the Marketing Manager of Cadena MKT, Digital Marketing Agency specialized in providing integral services to projects of the Blockchain industry. He entered the Bitcoin and Crypto world in 2013, when he was at university. Matthew invested all his savings to test if the crypto ecosystem was real. He has a degree in Media and Entertainment Management and teaches at the Universidad Argentina de la Empresa. Throughout his professional career he has specialized in digital marketing, events and political communication.