Many crypto investors are starting to open their eyes to the world of Non-Fungible Tokens or more familiarly called NFTs.
This is because NFT itself has become more widely adopted than previously only for individuals who understand crypto, until now it has begun to be adopted in general.
This adoption also continues to grow because it has entered several realms that are far from the crypto world or even the financial world.
In this article, we will discuss the developments in the NFT world through the three domains that he has achieved.
NFT Adoption in the Art World
The first area that is also the main area for the development of NFT is the realm of art, especially for the visual arts.
Currently, quite a lot of artists are converting their works of art into NFT form with the aim of working on a higher market and maintaining the authenticity of their work.
With NFT, it is easier for artists to sell their works due to several markets that have provided such easy access.
In addition, with NFT, it is even more difficult for artwork to be illegally duplicated. This is due to the existence of the official address of the art form of the NFT token.
With an official address and information, everyone will know which one is real and which one is fake, making it harder for art to be copied.
This fine art NFT has also been very well sold in the market with sales reaching billions of Rupiah.
One of the biggest examples of NFT sales in the art realm is NFT by an artist named Beeple who sells his work for $69 Million or Rp.997 Billion.
This NFT has also entered the realm of the art of music with several musicians who have adopted NFT to distribute albums and music videos that have been created.
One of the musicians who have succeeded in adopting NFT into their art is Kings of Leon who has succeeded in selling albums in the form of NFT.
It is reported that the album sales of the Kings of Leon band managed to get around $2 million or Rp. 29 billion.
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Adoption of NFT in the World of Sports
In addition to the world of art, now NFT has also entered the world of sports with several sports that have officially adopted NFT.
NFT in the sports world has also been adopted in various ways, ranging from video re-recording of several matches to ticketing for matches.
One of the sports with the largest NFT adoption is basketball through the National Basketball Association (NBA).
The NBA has its own NFT exchange called NBA Top Shot where the NBA sells some interesting re-recordings of some of the games.
In addition, the NBA also sells collectible cards formed in NFT depicting some of the most famous players for collectors to purchase.
The NBA Top Shot exchange itself has been stable generating sales of $1 million or IDR 14.4 billion per day.
Currently several basketball teams are also in the process of forming and have even implemented game ticket sales through NFT, one of which is the Dallas Mavericks.
Not only in basketball, currently Baseball through Major League Baseball (MLB) is also in the plan to distribute collection cards in the form of NFT.
Some well-known Baseball players have also formed their own NFTs which are traded at high values.
In addition, other sports fields such as American Football through the National Football League (NFL), Rugby through the National Rugby League (NRL), and Hockey through the National Hockey League (NHL) also participate.
There are currently plans for the NBA, MLB, NHL, and NFL, America's largest sport, to enter one NFT exchange.
The exchange was formed by a company called Fanatics which was founded by Gary Vaynerchuck and Mike Novogratz.
Finally, the realm of football has also begun to enter the NFT world with several teams starting to publish their own NFT.
Several crypto projects are currently also getting into football NFT like one of them is Zilliqa (ZIL) adopting it.
NFT Adoption in the Gaming World
NFT itself has also entered the world of gaming, which is one of the largest industries in the world today.
For now, it seems that NFT in the gaming world is still being led by two crypto projects. The projects are Decentraland (MANA) and Sandbox Gamet (SAND).
These two projects are crypto projects which are games where users can create their own world.
In this digital world, everything will be in the form of NFT which can be traded by the creator or the user.
NFTs are used from accessories such as character outfits to virtual lands that can be rented or purchased to build their own virtual properties.
One example of virtual land sales in the form of NFT occurred at Decentraland which generated $900 thousand or Rp. 13 billion.
In addition, NFT itself is also used as a medium of exchange to buy and sell some items in the game.
Finally, NFT is also used as a collectible whose value can also continue to rise. Collectibles are obtained from the game.
NFT can be considered as one of the innovations whose adoption will continue to increase in the next few years.
This is due to a cultural shift from the old generation to the new generation which is likely to encourage higher NFT adoption.
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