While NFTs arguably go beyond digital ownership, they've already become a sought-after asset class.
Whether you're a collector, investor, or just curious about Web3, you're going to need a comprehensive understanding of the world of NFTs
, and what's causing their rise into mainstream interest.
However, the reasons aren't a monolith, and often subvert expectations in surprisingly pleasant ways, so let's break down five of the most intriguing reasons people are buying NFTs.
Why do people buy NFTs?
While often mentioned in the same breath as cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), NFTs are fundamentally different due to their unique and groundbreaking nature. Unlike fungible tokens, NFTs are digital representations of assets that are not interchangeable with one another. These assets can encompass a wide range of items, including exclusive pieces of art, collectibles, video game items, domain names (like our Amazon-like Web3 platforms at NFT.com
), and even real estate.
NFTs have revolutionized the art world. They provide a new platform for collecting, buying, and selling digital art
. Blockchain technology verifies and secures digital pieces. This provides authenticity and ownership. The ease of buying, selling, and owning digital art through a wallet has made them a popular choice for art collectors in 2023.
One example of a company using NFTs in the art world is KnownOrigin
, an NFT marketplace for artists and collectors. They provide a platform for artists to sell and showcase their work, and for collectors to purchase and trade unique pieces from a diverse range of artists. Of course, the prime example is SuperRare
, a curated NFT marketplace that offers limited edition, high-quality digital artworks from leading artists. Any artist brought onto this marketplace has reason to celebrate.
NFTs have also hit the gaming industry. There, they allow players to collect and trade unique and secure in-game items, providing a new type of gaming experience. NFTs have become a popular choice for players looking to own a piece of their favorite games, providing a new level of ownership and value to in-game items.
One leading example of NFT use in gaming called Decentraland
is impossible to ignore. It's a virtual reality platform where players can create, experience, and monetize content powered by Ethereum. Axie Infinity
is another example. Here players can buy, breed, and battle creatures called Axies, with each Axie represented as a unique NFT. This not only adds a new layer of ownership to in-game assets, but also opens up new opportunities for players to earn and trade their assets outside of the game.
Virtual Real Estate
Another use case of NFTs is virtual real estate. NFTs allow individuals to own virtual land, buildings, and spaces. This provides a new kind of investment opportunity and has become a popular choice for people looking to invest in the virtual world. NFTs have given rise to new virtual communities, virtual events, and virtual commerce, providing a new kind of experience for individuals.
utilizes NFTs in this industry. Players can purchase LAND, a unique NFT that represents virtual land, and create their own experiences. Another example is Somnium Space, a virtual world platform that allows players to buy, sell, and explore virtual property.
Events and Ticketing
NFTs play a big role in events and ticketing. They offer unique and secure tickets for organizers to issue and prevent ticket fraud. With the help of NFTs, event organizers can now issue unique, verifiable, and secure tickets for events
. This has provided a new level of authenticity and ownership to event tickets, which was previously not possible. NFTs have become a popular choice for event organizers looking to combat ticket fraud and provide a new level of ownership to their attendees. NFT tickets also provide a new level of access control, allowing organizers to restrict access to the event based on the ownership of the NFT ticket. NFTs have become a popular choice for individuals looking to attend events and own a piece of their experience in 2023.
is a top company that uses NFTs in events and ticketing. the firm provides a platform for event organizers to issue NFT tickets. This not only combats ticket fraud, but also provides a new level of access control, as organizers can restrict access to the event based on the ownership of the NFT ticket. Another example is Blockparty
, a decentralized platform for ticketing events that utilizes NFTs to provide a secure and transparent ticketing experience for both organizers and attendees.
Lastly, NFTs have become an increasingly popular choice for individuals looking to take control of their digital identity in 2023. They enable individuals to own and control their digital identity, including personal information, social media, and other assets. This provides levels of control and ownership over one's digital identity that simply weren't possible before.
For example, Origin
uses NFTs to securely store and manage digital identity information, providing people with control and ownership. The decentralized platform Civic
also uses NFTs to verify and manage digital identity securely.
Why should you buy NFTs?
NFTs have provided a new level of ownership, authenticity, and value to digital assets, making them a popular choice for individuals in a wide range of use cases in 2023. Whether for art collecting, blockchain gaming, virtual real estate, events, and ticketing, or digital identity, NFTs serve to enable both visionaries and pragmatists who are ready to own a piece
of the digital world. Ultimately, the final choice is yours