In 2021, the world saw Non-Fungal Tokens (NFTs) as a potential short-term investment opportunity and a way to make a quick profit.
Coupled with a burgeoning bull market and a host of investors interested in the tech sector, blockchain and its derivative assets, such as NFTs, have become an investment magnet, attracting billions of dollars. Fortunes are made and lost in the NFT craze; CryptoPunk #9998, NFT sold for 124,457.0675 ether
– Worth over $533 million in October 2021, embodying the astounding valuation booms for NFT projects at the time.
Despite the large amounts, critics have questioned the true value of these digital holdings. Yes, of course, the technology has exciting implications for verifiable ownership of digital items on the blockchain, but can a half-billion dollar valuation on a piece of digital art really be justified?
As a result, the conversation around NFTs is now focused on the usefulness of the technology. What does the future hold for the future value of NFTs, and how will entrepreneurs, investors, and customers use them in their personal and professional circles?
Evolution of NFT utility
NFT has come a long way since 2021.
During the latest race of the crypto revolution, the main benefit of digital collectibles has been their ability to link digital content to the owner through publicly verifiable blockchain data — amplified by the ability to parade a group’s notoriety across social media as a profile picture. However, critics have underestimated the supposed usefulness of NFTs, as anyone can technically access the collectible content due to the public nature of smart contracts that manage property rights.
With the emergence of new trends in blockchain technology, most notably the metaverse and Web3, the usefulness of NFTs has seen an evolution. For example, the classic use case for NFTs in the metaverse is establishing ownership of one’s items and being able to access membership-only communities. High-end retail brands like Nike and Adidas have already started experimenting with NFT versions and accessing different metaverses.
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Moreover, NFT technology has made progress with regard to real world assets as well by democratizing investment opportunities and making them accessible to a wide range of investors. For example, NFTs have been used for property segmentation in high-end real estate and physical artwork. By purchasing NFTs tied to retail physical commodities, retail investors have the opportunity to become part owners of luxury assets that were previously out of reach.
In a similar vein, artists in music and entertainment have paired NFTs with rights that give their owners exclusive access to high-value redeemable items. In this space, purchasing NFTs may give collectors the opportunity to claim free tickets to metaverse or in-person concerts and events, access exclusive content such as a new song or video and even participate in encounters with these popular artists.
Hard Working Man NFT Collection
Their claim as part of the evolution of NFTs in music entertainment are The Avila Brothers, Billy Ray Cyrus, and Snoop Dogg.
In collaboration with Animal Concerts and crypto-media experts Cointelegraph, world-famous music artists are bringing their latest hit single “Hard Working Man” to Web3 via an exclusive NFT collection that depicts artists in a wide range of hard-working professions.
The “Hard Working Man” NFT Collection will be another step forward for the NFT gadget, as these digital collectibles combine the artistic offerings of Cyrus and Snoop Dogg with exclusive real-world, redeemable rewards. The collection will consist of over 12,000 digital combinations in three different levels for all the hardworking people who keep grinding everyday.
The trio hopes to inspire the future of music entertainment – joining the forces of music, art, and technology – so for more information, one can check out the hard-working man’s official website for the latest information.