Non-fungible tokens are still in their infancy. According to Mateo Lorenzo, projects are already beginning to emerge that promise real applications of NFT technology.
Many still believe that cryptocurrencies and non-fungible tokens (NFTs) are just for “geeks”. However, the pandemic, the war and the metaverse have accelerated the transformation of this sector. Now crypto and NFTs give us a better world that we can all benefit from.
Today, NFTs and cryptocurrencies are hitting the most unlikely industries, including entertainment, media, liquor, and even traditional banking. And since NFTs are all the rage right now, everyone wants to have their token. However, many people ask questions like: Why are NFTs valuable? And why are they unique?
Why are NFTs unique?
An NFT or non-fungible token is a digital asset that is very similar to a cryptocurrency. Indeed, these two asset classes are based on blockchains. The main difference is that NFTs cannot be split, divided or eliminated. Therefore, they are unique and valuable assets that retain their originality.
Although the development of NFTs is still in its early stages, projects are already beginning to emerge that promise real applications of this technology.
The music industry was one of the first to show an interest in the cryptographic technology of NFTs. It was followed by digital art, which quickly became the main driver, and then by the streaming industry. The television and film industry in general is already preparing to take advantage of the benefits that the world of crypto offers.
NFT: Authorizing Artists
Non-functioning tokens provide several benefits to players in the entertainment industry, including:
- They allow musicians to tokenize their works by turning them into non-replaceable tokens. Singers, songwriters, artists and producers are beginning to use NFTs to promote their work and gain exclusive economic benefits.
- Content creators can offer special NFT packages that give access to exclusive content. For example: bloopers, backstage, special assignments, etc. The essence of an NFT is indeed its exclusivity. They can also give access rights/permissions and allow their delegation.
- They make it possible to create premium access offers. If the holder wishes to transfer his NFT, access will be revoked and granted to the new owner. This is how you link a Netflix or Disney Plus account to an NFT.
- They provide nominative and secure access to the sale of tickets for public shows, which solves the problem of resale or overpriced tickets.
No one can deny the benefits and changes that NFTs have brought to easy trading and trading. Obviously, the era of NFTs and crypto-assets is just beginning.
Moreover, I have no doubt that anyone reading this article or trying to understand what this industry is all about is already thinking about the changes and benefits it can bring to their fields of business.
One thing is certain, nothing is left out. The world of crypto is not a fad, it was born more than 14 years ago for a specific need and today all the applications it can achieve in the short term are being defined.
What some call a “fad” or simply “a trend” is indeed a mechanism that gives us greater security for our possessions, possessions and valuables.
The world of entertainment now goes hand in hand with NFTs. So it is becoming an increasingly safe sector. Other industries will eventually join us to ensure the safety of their consumers and enjoy additional benefits.
About the author
Matthew Lorenzo is the Marketing Director of Cadena MKT, a digital marketing agency specializing in Blockchain industry projects. He entered the crypto world in 2013 while still in college. Matthew has invested all his savings to ensure the trustworthiness of the crypto ecosystem. He graduated in Media and Entertainment Management and teaches at the Universidad Argentina de la Empresa. Throughout his career, he has specialized in digital marketing, events and political communication.
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