Jordan Lintz is the owner and Co-Founder of HighKey Enterprises LLC.
Two years ago, before the world was swept up in the pandemic, not a lot of people had heard about non-fungible tokens (NFTs). Traded through blockchain technology, just like cryptocurrencies, these digital assets slowly saw an influx of interest and activity from gamers, influencers and artists who learned to maximize the technology to their advantage.
With guaranteed ownership and authenticity, along with its purely digital nature, NFTs have become valuable for content creators in the digital space. Since creators can now put out something they truly own and get recurring revenue every time they’re sold, creators now have more control over their digital art. Further, each sale of an NFT is recorded on the blockchain, creating a digital provenance that can’t be altered by just anyone.
In sum, I believe a golden opportunity is here for digital entertainers.
Use Cases For NFTs
According to application tracking firm DappRadar, people were buying and selling more than 85,000 NFTs in May, amounting to a total trade value of $5.8 million in a single day. That said, in my opinion, mass adoption is almost out of the question.
Rather, I submit that NFTs will eventually — sooner, rather than later — displace industries that love to take ownership of other people’s hard work. Think record labels. By then, NFTs will become somewhat of a status symbol for the future of decentralized social media, just like a checkmark on Instagram.
However, there’s more to NFTs than trading Bored Apes for millions of dollars. In my experience, the digital asset can be more widely used, including for practical uses in business. Since the trading of digital certificates happens online and through decentralized blockchain technology, business transactions can potentially happen more quickly and safely.
Personally, I like DESO for NFTs because there are no minting costs. And, I can tell my brand’s story because it’s on a social media platform. Given these benefits, my company is looking to make and sell NFTs on DESO exclusively.
Additionally, NFTs can include functionalities and rewards with the actual asset. Depending on who’s selling it, an experience or a physical component can be sold behind each NFT. For example, creator coin NFTs can give exclusive rewards for top coin holders. If an athlete or an artist has a big enough fanbase that’s passionate enough about them, I believe they will likely buy whatever NFT that person sells.
The Mission To Decentralize
Creators can take advantage of the decentralized social media component to speak about their NFTs to an audience. After all, decentralization as a concept is very much in line with what NFTs are trying to do, which is to bring the possibility of owning art — a privilege that’s been reserved for the wealthy for years — to the masses. Even the valuation of art, which has always been a task for a relatively small group of connoisseurs, has now become a democratic process.
But keep in mind that this unregulated character of NFTs is creating skepticism among some creators as much as it is harboring optimism for the likes of me. I have to admit, the future of NFTs remains largely to be seen, but the opportunity to get in now is something my company isn’t going to miss out on.
Look alive, content creators. The future of digital entertainment burns bright.