The emergence of non-fungible tokens (NFTs) has been nothing short of sensational and rapid. NFTs have become a core part of the crypto industry and are touted to be the next technology for the new digital world. But it has not been rosy for both creators and holders of some NFTs.
Critics have called NFTs a mere fluke and have pointed out that NFT prices can be manipulated for criminal transfer of money (laundering) and unnatural prices. This has led to calls for NFT marketplaces to be regulated and subject to government laws. Where critics have not taken to the above arguments, they have repeatedly said that NFTs have no real use case.
But that is an error in judgment because NFTs are becoming increasingly useful in our world today. More sports and entertainment companies are minting their native NFTs for their fans. Individuals are not left out; actors, singers, athletes, etc. are joining the race to mint their NFTs and make history with them. Analysts have predicted that in the near future, NFTs will be even more valuable than they are right now.
NFTs Brings The Power of Blockchain to Collectibles
NFTs are minted and launched on blockchains. They offer the owners unique ownership that cannot be duplicated on the public ledger. Because of this, blockchain-based NFTs are receiving increased attention from the entertainment industry. Entertainers are discovering that they can cut out the middle people and get their art directly across to their fans.
The immutable and indelible nature of NFTs makes it possible for owners to hold, save, sell, buy, or trade them on a public marketplace and yet retain anonymity. But the true power of NFTs has not been unleashed; analysts say that the metaverse will bring out the true potential of NFTs. Still, NFTs are finding increasing use cases today.
NFTs are becoming ubiquitous because creators and investors are finding more use for them and the core values increase as the use cases increase. NFTs are redefining what true ownership means and the best part is that the digital world is the first beneficiary of this public-ledger technology. The big guns in the technology space are investing and spearheading efforts to grow the NFT technology.
More Use Cases Will Strengthen NFTs
In the sports betting industry, Azuro, a new protocol that was developed for the online betting industry, is gaining ground as a great solution to some of the problems that severely impact online betting. Some of these problems are latency of payments, limits on bettors’ accounts, and high transaction costs.
Azuro is a DAO protocol and is created to enhance the user experience by removing the challenges to online betting using the power of blockchain. The process is simple; bets will be converted into NFTs and entered. Further features may see bettors being able to trade the betting NFTs.
Since there is always the chance of NFTs being misused or criminally deployed, certain government regulations may help the NFT industry to grow and become stable. But these regulations will target users and holders who engage in nefarious activities.
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