While some have called themselves harbingers of doom when it comes to non-fungible tokens (NFTs), the truth is that NFTs aren’t going away anytime soon. And neither is the evolving convention known as the metaverse that NFTs live in.
Not to mention, there are some not-so-obvious ways to capitalize on their recent popularity while reaping the rewards of relationship building along the way.
NFTs are non-fungible tokens registered on the blockchain that can be mined, bought and sold. They can include any number of elements such as art, music, video, and game elements. And they can take less and less time to create while making a significant profit.
According to NFTMAY, a crypto-digital agency, an artwork that took about 40 minutes to make can sell for up to 1 ether (ETH
And that’s only for NFTs that have been publicized or publicized. But there is an untapped wealth of less obvious NFTs just waiting to be tapped. NFTs may be digitally-based, but they have helped strengthen human connection through a more human-centric approach to buying and selling.
Now more than ever, industries are using NFTs to represent physical goods, making the transfer of goods that much easier. With less paperwork and a smoother process, the benefits outweigh the challenges of cryptocurrency and blockchain technologies.
The NFT landscape is vast and only a fraction of what is possible has been optimized.
The Real Estate Game Embraces NFTs
Realtors and brokers are capitalizing on the efficiency of NFTs to speed up transactions, enable smart contracts, and decentralize home rental services. A process that would typically take hours or even days now only takes minutes. Improved digital security and data integrity is also a plus. Closed real estate deals recorded as NFTs connect the metaverse to real life.
The commercial real estate landscape is changing. Thanks to NFTs, it has never been easier to move assets seamlessly. The latest trend is to sell a portion of a property to a small group of investors who collect rental fees from the owner, dividing the capital appreciation and any profit once the property is sold.
Buying and selling condominiums in rental properties could also help those looking for housing or needing extra income by eliminating the middleman or rental agent. Borrowing in the form of a mortgage may also soon be available via NFTs.
NFTs are for nonprofits too
Charities benefit from the ease of use offered by NFTs in wealth transfer. A digital artist recently made headlines by donating $3.5 million in ETH to Doctors Without Borders. Funds are raised for nonprofits either by selling NFTs for profit and then donating the proceeds, or by creating an NFT specifically for a project or organization to generate offers or donations.
Ukraine uses NFTs as an important part of its fundraising strategy to fight the Russian invasion of its country. Ukrainian Minister of Digital Transformation Mykhailo Fedorov announced the initiative on his Twitter feed. The approach has made receiving funds more accessible and the process simplified.
The advantage of NFTs is that they can be linked to creating a sense of community, which is essential for a charity or cause. For example, exclusive access to galas and events can easily be passed down to each generation of a family using NFTs.
Additionally, NFTs can be leveraged to attract, convert, and develop key organizational stakeholders, especially among early technology adopters like millennials.
Poetry in motion: NFT and spoken word
The world of poetry has been slower to embrace NFTs than some other art forms, but that is changing fast. Ana Maria Caballero, whose book “A Petit Mal” won the Beverly International Prize for Literature, co-founded theVERSEverse with poets Sasha Stiles and Kalen Iwamoto, which is described as the home of poetry in the metaverse or a poetry gallery where text is art, poetry is technology, and language is limitless.
Caballero explains that she thinks the life of a poem is just too short, but NFTs change their insular nature by making them more easily accessible to a wider audience. Another advantage, according to Caballero, is not having to focus so much on the editorial aspect and just focusing on his creativity and the piece itself.
NFTs have opened up a new digital world of publishing opportunities giving authors, also known as crypto writers, the ability to easily bypass a publisher and sell directly to their readers. While creative thinkers are still working to fully reinvent this sphere, tech-savvy writers are embracing the expansive and inspiring environment and the many opportunities to earn money doing what they love.
The metaverse is here to stay. It may seem increasingly abstract at the moment, but businesses and consumers will have to adapt or be left behind. As with any evolution, it will take time to become familiar with the transformative change in the way trading is conducted, but small steps can be taken to take advantage of not-so-obvious NFTs.
Also make sure you are following the right NFT experts and not some random person just trying to earn a few bucks. This new immersive and decentralized environment will impact how goods and services are bought and sold, charities raise funds, and art is shared with the world.