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Digital assets hold the key to revolutionizing current marketing models, replacing the model of monetizing content on streaming platforms.
NFTs (non-fungible tokens) are a real revolution. The volume of NFTs sold in the last four years exceeded US$ 10 billion. This represents an increase of more than 38,000% over 2020, and attention from major financial players, global brands and large-scale technology investors.
NFTs are outpacing their usefulness as digital art. And in this, the key is the blockchain technology on which these tokens are developed. This represents a fast, incorruptible and decentralized property, which allows an adoption of various uses of NFTs in real life.
In this framework, a second wave of NFT adoption is happening – as has been the boom of collectibles on social networks – which will show us how to adapt this technology in areas of high impact in our lives.
As an example, some of the big brands, including Microsoft, Coca-Cola and Nike, have entered the NFT platform space. Digital assets hold the key to revolutionizing current marketing models, replacing the model of monetizing content on streaming platforms (Youtube, Netflix, etc.) with a model focused on individual creators based on direct influence through personal links in specific communities.
Thus, NFTs of exclusive digital gifts, VIP tickets for events or vouchers have been developed that can be used as platforms for brand exposure or positioning of actions of all kinds. While the platforms are still in an early stage, they resemble an extremely powerful digital "word of mouth." It is also faster in its distribution while reducing transaction costs and ensuring a distribution of all types of NFTs.
NFTs for events and tickets
Another use of NFTs are tickets for events of all kinds. It is estimated that more than $20 billion is lost worldwide annually in fraudulent ticket sales and show resale systems.
One of the causes is the way in which the system is configured, which does not give added value to the entertainment industry nor does the ticket system give any benefit to its buyers.
This is why by creating NFTs of tickets for entertainment, the sale of tickets becomes inviolable as well as the development of content for buyers. Tickets could be sold as collectibles on NFTs platforms after the concerts are over (Who wouldn't like to have a ticket from the Rolling Stones concert at Wembley or the Beatles as a collectible?). With this technology, the entire ecosystem can be valued for the first time in history.
Revolution in the music industry
With the decline of downloading music in physical or digital formats, most artists depend on the concentration of income through streaming platforms such as Spotify and music labels, that is, their income is extremely low. NFTs represent an opportunity for artists to regain control of their music and revenue.
Through NFTs, musicians can tokenize their songs with a predefined income in the resale and can also set royalties of their songs or fractionalize among their fans the ownership of these.
Thus, unprecedented connections can be created between musicians and audiences, something that can also be combined with merchandising, visual arts and all kinds of digital elements that bring fans closer to musicians. All this can be achieved thanks to smart contracts in the different Blockchains.
The description of the NFTs is linked to a bubble that is typical of the revolution that the Blockchain is bringing to the world and that goes from a profound change in marketing systems, through the use in authentication systems and origin of a Picasso painting, to the custody of all digital assets (taking into account that 90% of euros and dollars are digital seats).
The versatility and application of the technology is evident. The massive use in the future of NFTs is inevitable and this further accelerates the exponential revolution of blockchain chains.
*The column was written by Alberto Echegaray Guevara, founder of https://trustlink.io/
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