Ellen Britt for CNT #NFT
Every day there are dire predictions on the imminent downfall of NFTs. Well, they have their ups and downs, just like everything else in the market. But utility NFTs are sticking around!
In fact, the blockchain technology behind NFTs is set to revolutionize our lives. Sure, we all heard (and envied no doubt!) the stories of wild amounts of money being made by selling fuzzy jpegs of various primates, but this sort of hype is obscuring the real story here.
Take the charitable giving world for example. Many people are understandably wary of donating to “good causes” as they are just not sure their money is really going to land in the hands of those to whom they are donating. With a “Smart NFT” that has a smart contract behind it, every transaction goes exactly to where the details on the blockchain specify.
Artists, musicians and other creators can now get paid directly for their expressive work without third party vultures swooping in to take a good portion of the bounty from their work.
Real Estate From Start To Finish
Real estate transactions are already benefiting from NFT technology and with Smart NFTs, the entire process of building a custom home can be handled from getting the land and the drafting of the architectural plans. Even furniture design and the display of art collections can benefit from this technology.
NFTs Are Just Getting Started!
So when someone tries to convince you that NFTs are “old hat” just because their fuzzy jpeg isn’t fetching a million bucks, you know better than to fall for it. Behind the scenes, utility NFTs are just getting started!