The Future of NFTs — Predicting Likely Use Cases for Non-Fungible Tokens
As it stands, the impact of NFTs is more than noteworthy, having made waves in the areas of artistry, design, gaming and decentralized finance and completely shifted the idea and implementation of royalties and how we as a species reward others for their work. So what is next for NFTs and where will we take this novel invention known as non-fungible tokens?
One key area which will undoubtedly develop over the next 5–10 years is the way awards are distributed and how funds are allocated and managed. We will see newer, faster, highly secure and easier-to-use Layer-1 blockchains develop, providing avenues for millions to enter the NFT space. These Layer-1s will be designed around specific use-cases and allow NFTs to be put to use in a variety of sectors, bestowing them even greater importance and instilling their place in society in integral ways, immediately finding beneficial uses such as record-keeping and augmented realities within gaming, medicine and various other areas which are grounded within an information-finality framework.
Some key use cases that could be foreseen include using NFTs for property and copyright law, tax schemes, legal settlements, contracts, major purchases, and even within international agreements. Birthright and citizenship declarations could be based on NFTs, as such so could biological definitions of identity, maternity, paternity and so forth.
NFTs could be (and some already are) used as collateral, creating a new, more egalitarian method for distributing housing on a mass scale; refugees will have the ability to not only carry their identity details with them but also will be able to possess and share what is rightly theirs, irregardless of place or nation. NFTs will allow stronger and more powerful decentralized autonomous organizations (DAOs) to develop and prosper, thus enabling more intimately designed rules and rewards, and stronger foundations, for a multitude of community groups both large and small.
NFTs will enable the idea and actualization of possession to mature and allow higher levels of competition to develop, enhancing how individuals and organizations assert themselves and empowering them to use their assets as they see fit with immediate effect. This key feature of NFTs — that is, the immutable smart-contracts which cannot be erased and which imbue them with royal-distribution abilities — will be the true game-changer, as governments and large organizations will finally be able to coordinate crucial infrastructure projects will less graft, less loss and less liability; thus, the lives of millions will immediately and undeniably be improved as funds and elementary provisions will be distributed equally and justly.
UX and account security will improve, as will general knowledge and education about how NFTs function, how to use them and how best to protect and safeguard one’s assets. Diplomas and certificates, as well as grading, elections and voting will all evolve, as the interconnectedness of things and an individual’s interest and ability to engage in this space progresses (a space currently existing and known to us as the Metaverse).
The programmable award-structure of NFTs, combined with the mass adoption and engagement with DAOs and the mass-adoption of crypto assets, together will lead to the best designers and decision makers rising to the top and leading. Those behaviors which lead to the best good and most prosperous and fruitful actions can now be rewarded by simply using revolutionary blockchain technology to let the computers decide what needs to happen.
NFTs allow everyone — at the same time — to own, trade, retain and profit, from their work and from the positive and profitable activities they engage in; as such, NFTs will lead to mass-scale behavior-change unforeseen in human history and the ripple effects of such motion will assuredly be felt for many decades.
What’s next for NFTs is yet untold, but what is certain is that they will continue to have impact and influence a variety of sectors of our society (apes and all).
Stay tuned because what is next for NFTs is going to be anything but boring.
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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