Let's Talk About The Future Of NFTs

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What is the future of NFTs? What are some use cases for NFTs now? What even is an NFT? Let鈥檚 dive in and answer all of these questions together.

Before we dive into the future of NFTs, let鈥檚 first define what a fungible and non-fungible token is.

The 3 main identifiers for NFTs or non-fungible tokens are:

路聽聽聽聽聽聽聽聽 Not interchangeable

路聽聽聽聽聽聽聽聽 Unique

路聽聽聽聽聽聽聽聽 Non-divisible

The 3 main identifiers for fungible tokens are:

路聽聽聽聽聽聽聽聽 Interchangeable

路聽聽聽聽聽聽聽聽 Uniform aka not unique (they are all the same identifier)

路聽聽聽聽聽聽聽聽 Divisible

Some common examples of NFTs are Cryptokitties or crypto domain like .eth or .crypto. Common examples of fungible tokens are BTC, ETH, or LTC. More common examples of something fungible would be like gold or diamonds in how they would be valued generally the same anywhere you go, at least officially.

You will always find fungible and non-fungible tokens on many other protocols too like ENJ or WAX. Most of the tokens I deal with and NFTs are on Ethereum. Fungible tokens there are listed as ERC20 tokens and NFTs follow the ERC721 standard. What鈥檚 most interesting is the potential use cases we will see in the future. I think a lot of video game assets like skins and other things you can earn will become NFTs and allow you to trade them with other players using smart contracts. We will also see supply chain tracking, copyright, and so many more use cases evolving over the next few years.

The future of NFTs is endless. Let鈥檚 talk about some novel use cases being used today and then some potential future use cases.

Use Cases Today:

路聽聽聽聽聽聽聽聽 Digital art

路聽聽聽聽聽聽聽聽 Tokenizing an asset - painting

路聽聽聽聽聽聽聽聽 Digital rights and monetization - Taylor Bennett song

路聽聽聽聽聽聽聽聽 Collectibles

路聽聽聽聽聽聽聽聽 Real estate

路聽聽聽聽聽聽聽聽 NFT Staking

路聽聽聽聽聽聽聽聽 Domains

Future Use Cases:

路聽聽聽聽聽聽聽聽 Secondary market for gaming with tokenized items

路聽聽聽聽聽聽聽聽 Healthcare records

路聽聽聽聽聽聽聽聽 KYC identity management

路聽聽聽聽聽聽聽聽 And so much more.

This was my original explanation of NFTs if you鈥檙e interested: https://odysee.com/@ScottCBusiness:4/What-Are-NFTs-Fungible-and-NonFungible-Tokens:1

The Blockchains of Ready Player One: https://www.youtube.com/watch?v=_PYKp06wlGY

Check out MarketSquare at https://marketsquare.io

Thanks again to them for sponsoring this video! I鈥檝e also watched all their other videos and highly recommend them.

What NFTs are you investing in? What鈥檚 got you excited about NFTs? Did this help you understand NFTs better? Let me know what you think about this in the comments below and don鈥檛 forget to subscribe!

This is a LBRY first video meaning it shows up on LBRY before it gets published anywhere else. If you鈥檙e not on LBRY, sign up and get started here: https://odysee.com/$/invite/@ScottCBusiness:4

Check this video out on LBRY to support me with monetization and no ads: https://odysee.com/@ScottCBusiness:4/The-Future-Of-Nfts:5

*Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated. What you have just seen, heard, or read is my personal opinion and does not constitution financial advice, investment advice, and may not be the opinions shared by others. Any statements made are based on my views and should not be misconstrued as fact.*

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Comments

Hey,you are doing too good Can you please take a view to my article Its takes onlh 4,5 minutes my dear

$ 0.00
2 years ago

Thank you for ur amazing explanation...itsss now clearrr to me friend...thanks again..

$ 0.00
2 years ago

Thank you for this explanation! I was trying to understand what these things were. Now it is more clear to me. Keep up!

$ 0.00
2 years ago

Aggh. I feel like Noob12345 of Minecraft after reading half of this... wait I am a noob in cryptocurrency. But I read about NFT from a post about Juungle...
Still, I am grateful for the identifiers of the fungible and non-fungible tokens... at least I got that part ... (I think)

$ 0.00
2 years ago

I think NFT will be succesful soon!!

$ 0.00
2 years ago

I saw lot's of picture of you. In many accounts I saw you got sponsor. But I don't know how to take you as a sponsor. Can you please tell me about it something?

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2 years ago