While some have appointed themselves the harbinger of doom where non-fungible tokens (NFTs) are concerned, the truth is that NFTs aren’t going away anytime soon. And neither is the evolving convention known as the metaverse in which NFTs live.
Not to mention, there are some not-so-obvious ways to cash in on their recent popularity while also reaping the reward of building relationships along the way.
NFTs are non-fungible tokens recorded onto the blockchain that may be mined, bought, and sold. They can include any number of items like art, music, video, and in-game items. And they can require increasingly less time to create while netting a significant profit.
According to NFTMAY, a crypto digital agency, an art piece that took approximately 40 minutes to make can sell for upwards of 1 ether (ETH
And that’s just for the NFTs that have been hyped or publicized. But there is an untapped wealth of less obvious NFTs just waiting to be leveraged. NFTs may be digitally based, but they have aided in bolstering the human connection through a more human-centered approach to buying and selling.
Now more than ever, industries are using NFTs to represent physical goods, making the transfer of commodities that much more straightforward. 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
Real estate agents 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 requires only a few minutes. Enhanced digital security and data integrity is also a plus. Closed real estate deals recorded as NFT bridge the metaverse with real life.
The commercial real estate landscape is undergoing major changes. Because of NFTs, it’s never been easier to move assets around seamlessly. The latest trend is selling part of a property to a small group of investors that collect a rental fee from the owner, thus splitting the capital appreciation and any profit once the property is sold.
Buying and selling fractional ownership in rental properties could also help those looking for housing or needing additional income by eliminating the middleman or rental agent. Borrowing in terms of a mortgage could also soon be available through NFTs.
NFTs are for Nonprofit Organizations Too
Charities benefit from the ease of use provided by NFTs in transferring wealth. A digital artist recently made headlines when they donated $3.5 million in ETH to Doctors Without Borders. Funds are being raised for nonprofit organizations by either selling NFTs for profit and then donating the proceeds or creating an NFT specifically for a project or organization to generate bids or donations.
Ukraine is using NFTs as a significant part of its fundraising strategy to combat the Russian invasion of its country. Ukraine’s 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 nifty thing about NFTs is that they can be linked to building a sense of community, a critical component for a charity or cause. For example, exclusive access to galas and events can easily be handed down through each generation of a family by using NFTs.
In addition, NFTs can be leveraged to attract, convert, and grow key stakeholders for the organization, particularly among early tech adopters like millennials.
Poetry in Motion: NFTs and the Spoken Word
The world of poetry has been slower to embrace NFTs than some other art forms, but that is quickly changing. 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 poetry’s home in the metaverse or a poetry gallery where text is art, poetry is technology, and language is limitless.
Caballero explains that she feels the life of a poem is simply too short, but NFTs are changing their insular nature by making them more readily available to a broader audience. Another benefit, according to Caballero, is not having to focus so much on the publishing aspect and solely concentrate on her creativity and the piece itself
NFTs have opened up a new digital world of publishing opportunities affording authors, also referred to as crypto writers, the opportunity to easily bypass a publisher and sell directly to their readers. While the creative thinkers are still working to reimagine this sphere fully, tech-minded writers are embracing the expansive and inspiring environment and the numerous possibilities to make money doing what they love.
The metaverse is here to stay. It might feel increasingly abstract at the moment, but businesses and consumers will have to adjust or be left behind. As with any evolution, it will take time to become familiar with the transformative change in how commerce is conducted, but small steps can be made to take advantage of the not-so-obvious NFTs.
Make sure also you’re following the right NFT experts and not some random person just trying to make 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.