NFTs (non-fungible tokens) are personalized crypto tokens that carry and contain valuable information. These tokens can be bought, sold, or exchanged, and the value they hold is dictated by market demand. Because the data contained within each NFT is unique, they serve as the perfect means of validating ownership and securely transferring assets. Additionally, they are widely used on metaverse platforms.
In terms of ensuring cybersecurity, NFTs are indispensable:
- They can work in sync with other cybersecurity elements, such as encrypted messaging and data storage, and are capable of integrating with identity providers via authentications without having to involve their owners directly.
- They use a smart encryption and validation method, ensuring that anyone could easily acquire and trade them via the internet.
- NFT tokens are created and stored in the secure, and permissionless blockchain and cannot be tampered with without users’ knowledge and consent.
What opportunities can NFT tokens offer to business?
- Art
The NFT art piece is characterized as unique and collectible. It cannot be copied, however, it can be sold or traded. The transaction that proves ownership of art is recorded in the blockchain. Examples of NFT artworks include digital art pieces, essays, domain names, in-game items, or event tickets. For NFT business, digital artwork is a serious investment, and such items are sold at traded at digital marketplaces such as Binance.
- Gaming
NFT business opportunities include the gaming industry as well. The recent trend lies in creating, trading, and exchanging in-game assets, such as currency, coupons, or items that can be used in a game. Blockchain transactions offer solid evidence about who is the owner of a particular asset.
- Crowdfunding
NFT crowdfunding is an eligible way to attract investments for your business. You may use NFT crowdfunding platforms, such as Kickstarter to sell your products or service as NFTs on a blockchain. Another business opportunity lies in creating and launching your own blockchain platform for trading and exchanging NFTs.
- Marketing
NFT marketing is currently applied in a range of industries, including gaming, entertainment, media, and technology. For marketers, NFTs have become innovative tools for engaging customers, storytelling, and creating unique value.
You can either create NFT coupons in exchange for real merchandise or create virtual products, that customers may purchase, just like, for example, digital tacos from Taco Bell sold in minutes and resold for thousands of dollars. All the transactions are securely recorded in the blockchain, so the ownership rights are easy to prove.
- Music
NFT spells a long-awaited breakthrough for the music industry, since it resolves the problem of authorship and ownership rights. Musicians may record tracks and sell merchandise that their fans will buy directly from their wallets. Because a distributed ledger is a secure environment for doing business, ownership rights can no longer be tampered with.
While the market for NFT tokens is still in its infancy, it is already thriving and is expected to grow by $147,24 billion from 2021 to 2026. The expected growth rate is 35,27%.
Advanced integration capabilities, smart encryption, and validation techniques, along with the integrity of non-fungible tokens are dictating the entirely new standards for security. High adoption curve is also an indication that NFT help resolve long-standing identity-protection issues and generate new business opportunities.
