Chop Coding
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What future holds for NFT's

What future holds for NFT's

A rough scratch pad thoughts from a full-stack dev

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Chop Coding
ยทFeb 4, 2022ยท

2 min read

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The only problem that I personally feel about NFT is that it's still hard to adapt to the masses. There is so much happening behind the scene or inside the blockchain which is a little complicated for any layman to learn and understand.

Managing the user experience is very critical in this ecosystem and over time I believe that more and more NFT projects will shift towards Direct-To-Customer(DTC) marketplaces just how larva labs are doing right now.

  1. When we talk about NFT's our first idea is how we can make any digital entity transferrable though this is a very good use case we can't neglect the practical part where there might be cases where transfer of NFT ownership wouldn't be a good idea, for example, Driving License, Certifications, Degrees, etc.

  2. NFT's are perfect for getting access across physical and as well as digital worlds. NFT's open up whole new possibilities to unlock temporary or permanent access. Imagine you have an NFT to visit some live concert, or an NFT to unlock an entry in some guest lecture or conference.

  3. For all the creators or brands or organizations it is very easy to drop bounties within the communities which will eventually get crazy traffics and easier branding. NFT's can be used for rewarding, for bounties, or for referring members to the community

  4. NFTs in gaming would be an amazing idea where I can buy a game character to play some game and once I am done with the game I can obviously sell that NFT to someone else who is also interested to play the same game. A good use case I recently read was NFT of Mario game where Nintendo can sell Mario NFT instead of a game and only those user who owns Mario NFT can play the game.

  5. Unlock early access using NFTs, brands or creators can exchange NFTs before the launch of the product. This NFT can unlock early access to products, releases, or potential profit sharing

In the end, I would still say that we are still in a very early phase of this ecosystem and there are still things coming up. And whenever there is a launch of any ecosystem there would eventually be things getting built around that ecosystem, there will be lots of trial error around this ecosystem, there will be many failed products around this ecosystem so it a still a bumpy road ahead, and let's see what exactly web3.0 holds for us.

I hope you like my thoughts do follow me on Twitter

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