How NFTs are set to make waves in Web3
The NFT Revolution Is Imminent
According to Bloomberg Finance, the NFT market surpassed $40 Billion in 2021 — This number speaks for itself and signals that this new niche has been adopted by the masses. With thousands of new projects launching everyday, the logical question is; in which direction is this market moving and what is the ultimate outcome? Read below for an in-depth analysis on Nitro Network’s thoughts about the future of NFTs.
NFTs As Art Assets
NFTs are certificates that act as proof of authenticity and ownership of art and collectibles which live on their respective blockchains. By creating transparency through blockchain technology, you eliminate the unwanted situation of art fraud.
Selling art pieces, paintings, or any creative work has always been associated with auctions and events. However, with NFTs, the value of the art is directly dependent on the community. If the majority agree the NFT is worth “X” amount, then it is. This ensures that project leaders stay committed to their work and strive to build the best product possible.
As blockchain utilizes smart contracts, no one has the power to fiddle with the art, and once your art is sold, your ownership documents are passed to the purchaser. It should be noted that while buyers purchase the ownership of the original artwork, the secondary market sales pay “homage” to the creators as well. Every time an NFT is sold on the secondary market, the original creator receives a royalty percentage — A win-win situation.
Play-To-Earn With NFTs
Select companies have started to explore ways to introduce Non-Fungible Tokens and crypto into the gaming industry. The play-to-earn initiative is driving more and more players to this enhanced form of gaming. With the incorporation of NFTs in the gaming industry, players are going to be rewarded with not only NFTs, but also digital assets and cryptocurrencies as a result of participating in playing select video games.
Play-to-earn is a distinct paradigm that is responsible for bringing advancements in the gaming industry. Games such as Axie Infinity are rewarding gamers with AXS tokens, unique digital items, and collectibles that can be purchased, traded, or sold. This incentivizes video game advocates to enjoy a AAA title while earning rewards for doing so.
Developers and companies around the world are making entries and doing experiments in this field with the intention to promote this upgrade in full swing.
Business Opportunities with NFTs
NFTs are advancing in applications through a number of sectors, one of which being business and commerce. Being that NFTs serve as cryptographic assets on the blockchain, technology that involves distinct identification codes and information implies that real-world goods such as real estate can be represented in the form of NFTs. This will potentially allow for users to “virtually” visit their households and finalize all documentation via blockchain, resulting in an expedited and stress-free experience.
Moreover, the inclusion of smart contracts in real estate eliminates the requirement for intermediaries such as agents, bankers and brokers. Ultimately, NFTs contribute significantly in making the process of purchasing real estate a hassle-free and smooth experience. In addition, other businesses are looking at NFTs as an efficient, transparent and innovative way of selling their products and services.
Summing Up
Digital advancements are leading our world for the better. The introduction of NFTs in different sectors is solving a plethora of traditional problems that exist due to the lack of flexibility in day to day operations. NFTs are trending in a lot of sectors, such as fine arts, Twitter communities, the financial sector, Metaverse, and many others.
While there is no denying the fact that this is just the beginning of blockchain technology and NFTs. The rising trends associated with NFTs advocate for the growth of many tokens in the near future.
How Nitro Network NFMs Are Pioneering This Movement
Nitro Network’s core agenda of a community powered & globally private communication network is inspired by the coming together of IoT, people and LoRaWan/WiFi in a hyperconnected world. Introducing Nitro Network’s NFMs (Non-Fungible miners) is a step in this direction. NFMs are an innovative collaboration of IoT and DeFi that are bringing many game changing initiatives into the Nitro ecosystem.
Established upon a location based Tier system, NFMs are the key that unlock mining rewards for digital miners on the network. Through synergies between Nesters (those who host network points on the Nitro network) and the miners, Nitro’s NFM initiative is gaining traction rapidly. Read more about it here!
We have many launches, announcements and community-based programs coming up so rest assured we will keep the conversation going. If you would like to stay up to date with our latest innovations, announcements and giveaways, make sure to follow us on all social platforms.
About Nitro Network
Nitro Network is building a world of private communication networks powered by IoT together with LoRaWAN/3G/4G and 5G. This hyperconnected world is the IoT alternative to cellular networks unlocking a $3 trillion market opportunity. We believe our decentralized private telecom networks is a gamechanger built on a blockchain with our proprietary token NCash at the core that drives utility and value from unlimited use cases. We are creating an inclusive ecosystem incentivizing users to own, operate and earn from the private networks of the future.
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