The mainstream idea on NFTs is that they are a vehicle for buying and selling what can be extremely profitable digital art images. However, that is the absolute tip of the iceberg where NFTs are concerned. In a not so distant future it will be hard to think of areas where NFTs won’t be used for proving absolute ownership of absolutely everything.
One area that will lend itself to the most gargantuan opportunity for those who get in early and set up the infrastructure is fractionalised ownership. Already in the world of art, it is becoming possible to own a part share in a real world piece of art that hitherto would have been impossible.
This has been a playground only for the super rich. Who else would have the millions sitting on the sidelines to be able to invest in a painting and buy it outright?
Now even the smallest investor can own the tiniest piece of a work of art. The NFT tied to this purchase would grant complete and absolute ownership beyond a shadow of a doubt, and would also enable the investor to sell their piece of the art on to another investor whenever they desired to do so.
In the world of gaming NFTs allow users to finally own all the inventory that pertains to all the games they play, instead of it being the ownership of the gaming platform like it is today. When the user grows tired of the game they can sell all their assets on to others and cash out the value into the real world, or use it to buy assets in new games.
Venture capitalist Bill Tai was quoted in an article on CNBC today. He is bullish on NFTs being used for stocks and real estate. He said:
“Web 1.0 was read-only, Web 2.0 is read-write. Web 3.0 is the instantiation of a wrapper around everything that’s coming in and out of that screen so that it can move around. So it’s an internet of assets.”
“You can put land titles on there, real estate, art, drawings, anything,” he added, explaining that everything can have an address that allows people to find it through a marketplace. “It’s the most efficient way over time to assign ownership of really any asset.”
Just like the fractionalisation of high worth items such as pieces of art, doing the same for real estate with NFTs will completely revolutionise how properties are bought and sold.
That NFTs are ushering in a new and exciting future for all things that have value, there is no doubt. However, this opportunity just isn’t perceived by the vast majority as yet. When it is, stand by for the gold rush.