Most of us hear the beeple every day: the first 5000 days sold for a whopping $ 69.3 million but most of us don’t understand the significance of those astronomical numbers. To put it from a perspective, compared to the perspective theatrical industry, only 100 images have been sold at a higher price per day. All those paintings are never sold! Industrial investors have been around for centuries and NFT investors are just getting started.
There is no doubt that NFTs are changing our thinking about the industry, but this paradigm shift is not limited to GIFs and JPEGs as popular news can be. NFTs mark a turning point for digital transformation, as applications and integration spread across different sectors: from music and gaming to power and supply chains.
Understand the real applications of NFTs
In short, NFTs are the data units of a blockchain, where each NFT represents a unique digital item such as art, audio, video, video game items and other creative work.
Transactions in which the ownership of something changes hands usually depend on the level of intermediaries to believe in the transaction, exchange contracts and ensure the transfer of money. None of this will be needed for the future. The transactions recorded in the blockchain are reliable because the data cannot be changed. Smart contracts can be used in place of attorneys and escrow accounts to automatically ensure that money and assets change hands and both parties respect their contracts. NFT converts resources into tokens so that they can wander through this ecosystem.
Any NFT is just a part of digital memory, nothing more, nothing less. It can act like any other speculative asset, where investors buy in the hope of a price increase, so they can make a profit.
NFT outside the industrial world
Technically, any digital can be an NFT. They give musicians the possibility to provide advanced media and special benefits to their supporters. King of Leon and Grimes is one of the prime examples of the music industry. 50% to 80% of items, including sports memorabilia, are considered counterfeit. Leaving these items in the NFT and returning a clear transaction history to the creator can overcome the problem of widespread fraud in the industry.
The potential for NFTs goes a long way. San Marino, a small country surrounded by Italy, for example, is reported to have brought an NFT-based vaccine passport. Although not yet used, many believe that NFTs provide the perfect opportunity to secure important documents and help prevent any identity theft.
Pass the NFT
Content creators of all kinds can be the biggest beneficiaries of NFT. It is now possible to escape the centralized control of platforms like Facebook where platforms monetize the work of content creators. Lepasa is one such platform that is creator-centric. Lepasa is a mythical virtual life conceived by a team of artists and created with the vision of establishing an ecosystem by blockchain enthusiasts that allow users to create, experience and monetize their content and applications.
They provide a social experience with land distribution and economy driven by unique animal ownership with content distribution. Although NFTs are at the heart of this project, these NFTs are not limited to GIFss and JPEG. App and game developers have a value proposition so they can fully capitalize and monetize the economic interactions between their applications and users. The NFT scripting language allows NFTs to manage a wide range of capabilities, including applications, games, gambling, dynamic 3D scenes, and more. These NFTs go beyond the field of gaming, adding something to advertisers, elements of social media and e-commerce.
In many ways, Lepasa is currently at the center of most uses of NFTs that have now evolved.