Industry-Specific NFTs Will Bring Next-Level Growth | HackerNoon

It’s hard to ignore all of the innovations taking place within the world of Non-Fungible Tokens . But it’s also hard to ignore the fact that most of these innovations are limited to 2D digital art, with limited utilitarian value.

NFTs confer ownership to people without having to resort to extremely expensive bureaucratic mechanisms. The blockchain itself will automatically provide these safeguards at a lower cost with increased speed, privacy, and transparency.and numerous others battling a space in this young industry. They are typically purchased using ETH as they are most commonly released on the Ethereum blockchain. But they will soon be widely available on multiple blockchains and ecosystems.

Aside from live concerts, NFT’s have direct applicability to the sale of music. The music can be in the form of an NFT with distinct attributes. Instead of having to get a record deal with an agency, the artist can get a deal with a crypto-focused startup. The ‘record deal’ can be enforced via programmable smart contracts. The artist can get a royalty whenever the music/NFT is sold to another person.

What’s interesting is that developers now have to design not just games but trading ecosystems that will encourage loyalty on a given platform. Parallels might be drawn here to the Proof-of-Stake consensus mechanisms that largely replaced Proof-of-Work Mechanisms on earlier blockchains. It all ties back to loyalty, rewards, and incentives to stay with the system.

This is why NFT projects are lining up with ecosystems built on environmental and conservation campaigns.

Source: News Formal (newsformal.com)

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