The Future of NFTs: What to Expect in the Coming Years
As the US inflation rate hits 8.52%, panicked crypto podcasters are urging their viewers to Dash (pardon the pun) to exchanges to divert at least 20% of fiat to crypto. The threat is real. But what do NFTs have to do with anything?
Although NFTs currently have limited use cases, their future has been the subject of much speculation in the crypto community. Here’s what we know about where they might go from here.
Ooh, shiny!
Today, many are attracted to buying luxurious virtual goods, and owning and reselling them. This is the point where the public appreciates the new technology more or less like a child. No-one really knows much about them. But! NFTs are funky, cool, and popular. NFTs are the new playing cards.
Going from playing with physical Mortal Kombat chips to virtual reality ones already sounds interesting if you’ve ever transitioned from playing blackjack to Tomb Raider. The virtual world simply has more or less infinite possibilities, NFTs, when they all the way integrate with Metaverses and VR gear and PC games, will be totally irresistible.
To some extent, that’s happening already. Whereas before young people were playing with their toy trains or Barbie dolls, now they can explore the virtual toy world where they can interact with each other and create new digital objects together. To grown-ups, buying NFTs and selling them for millions more is interesting to say the least. Everyone dabbles.
But what happens when people explore NFTs in more detail?
Crypto-items have already opened up a whole new form of retail that doesn't rely on fiat money and lets sellers generate more revenue while retaining more privacy.
In time, these abilities will continue to grow and evolve as we learn what is useful and what isn't. As technology progresses, so too will our understanding of this emerging market and what it has to offer us.
As creators begin to think about how blockchain and crypto can be used outside of just currency, new functions will arise. New forms of communication like photos and audio clips that are tied to an ID on the blockchain will allow users complete control over their data. And others will have even more advanced control functions. Some will disappear off the radar altogether. Some will fade in and out of the world of civilization as we know it. Some will deny technology altogether. That’s what happens when you give people endlessly customizable technology with open source code.
- Will people turn to NFTs as a store of value as the EUR, GBP and other currencies continues to devalue amid panicked warnings about skyrocketing inflation?
- In a world of heart-wrenchingly good fakes (from medicine to diamonds), how valuable would something be that allows ensuring 100% authenticity?
- What if, in a universe of complete surveillance (Chinese Big Brother is already watching you) you could completely conceal your identity from God knows who but still be able to verify you are who you are without compromising your data?
These are just 3 items from a list that is now a few dozen items long and growing faster than we can keep up. Probably worth exploring.
